Author ORCID Identifier

Stephanie Ben-Ishai: 0000-0001-6587-8971

Document Type


Publication Date


Source Publication

Texas International Law Journal, vol. 54, no. 2, Summer 2019, pp. 327-354.


The same millennials who spend all their money on avocado toast might not be looking to traditional banks to obtain mortgages or invest their limited funds because they don't have the requisite credit scores or resources to save money. This generation has also seen too many movies about Wall Street disasters and may have decided they don't want to give Leonardo DiCaprio money to "buy wolves." They've been working any number of jobs that don't offer pensions or benefits; they often live paycheck to paycheck; and the prospect of borrowing money from or depositing money at a mainstream bank when they need to eat lunch today or pay rent right now seems impossible. Non-bank financial institutions fill a big gap for millennials and others without a long and consistent credit history and confidence in capital markets. However, as will be shown in this article, non-bank financial institutions conduct business in Canada with far less oversight relative to their bank counterparts as a result of sweeping and loosely-worded regulation. An ineffective regulatory system leaves the door open to egregious violations slipping through the cracks without prompting formal inquiries into misconduct.