Jeff Hutchens/Getty Images

The U.S. Treasury Department wants international financial regulators to stop using the term "shadow banking" when referring to non-bank lenders, according to a report released Thursday. Instead, it wants such activities to be referred to as "market based finance." Per the report:

"Applying the term 'shadow banking' to registered investment companies is particularly inappropriate as the word 'shadow' could be interpreted as implying insufficient regulatory oversight, or disclosure. Registered investment companies, as described in this report, are regulated by the SEC and provide extensive public and regulatory transparency of fund portfolio holdings on a quarterly, monthly and, in some cases, daily basis."

Etymology: The term "shadow banking" was coined by former bond fund manager Paul McCulley in 2007, and soon became ubiquitous as such lending helped spark the following year's financial crisis. Today the term is used fairly broadly, particularly as the securitization mania of 2007 has given way to new lending booms like private credit funds.

Bottom line: While "shadow banking" may be a pejorative term — which seems to be Treasury's gripe — it hasn't stopped the industry's rapid growth. Nor has that growth sparked increased oversight, as non-bank lenders continue to operate under much less oversight than can their banking peers.

Go deeper

4 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: U.S. hits highest daily COVID-19 case count since pandemic began —AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.