Key insight: Banks have been lending to nondepository financial institutions at a rapid pace, but the Trump administration's approach to regulation could change their incentives.Supporting data: Lending to nonbank financial institutions accounted for about 40% of bank loan growth in 2025, though the category only represents about 13% of total bank loans.What's at stake: A series of credit cracks this fall raised questions about the safety of the sector. Bank executives caution against painting with a broad ...