Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis.
Such lenders, widely seen as part of the “shadow banking” system, have expanded rapidly on the back of investors’ clamouring for the higher returns from financing riskier lending.
Regulators fear many of these lenders could over-borrow or make increasingly dicey loans as they rush to take advantage of historically low rates, exuberant markets and the retreat of traditional banks from certain businesses in response to tougher regulation.
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