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Why does the definition use “financial agency” instead of “financial institution”?

April 26, 2017definition financial institution

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Why does the definition use “financial agency” instead of “financial institution”?

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Financial agency is broader than just financial institutions, and includes any entity that is authorized by applicable law to accept deposits or is in the business of issuing money orders or transferring funds, which includes financial institutions and money transmitting businesses.

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Financial agency is broader than just financial institutions and includes any entity that is authorized by applicable law to accept deposits or is in the business of issuing money orders or transferring funds so this includes financial institutions and money transmitting businesses. 5.