Bank lending to nondepository financial institutions (NDFIs) has been the fastest-growing loan segment since the 2008-2009 Global Financial Crisis. From 2010 to 2024, outstanding balances of bank loans to NDFIs, reported quarterly on bank Consolidated Reports of Condition and Income (Call Reports), rose at a compound annual growth rate of 21.9 percent, almost three times as high as the next-fastest-growing segment. Starting in December 2024, bank regulatory agencies added additional fields to the Call Report to disaggregate bank loans to NDFIs and to collect data on unfunded commitments and performance.1 This article discusses the growth of bank lending to NDFIs and bank connections to these lenders, explains recent changes to the Call Report and trends in bank lending to NDFIs gleaned from third quarter 2025 Call Report data, and discusses the growth of NDFIs.
Last Updated: February 17, 2026