There are 9 types of financial institutions:Central Banks- The financial bodies in charge of overseeing and managing all other banks are known as central banks. The country’s central bank is the Federal Reserve Bank of the United States, and it is in charge of monetary policy as well as financial institution supervision and regulation.Retail and Commercial Banks- Retail banks used to cater to individual customers, whilst commercial banks dealt directly with enterprises. Currently, the majority of large banks offer both demographics deposit accounts, lending, and basic financial advising.Internet Banks- Internet banks, which operate similarly to retail banks, are a newer addition to the financial institution industry. Internet banks provide the same products and services as traditional banks but through online platforms rather than physical facilities.Credit Unions- Credit unions cater to a specific demographic, such as teachers or military personnel, depending on their field of membership. While the goods offered are similar to those given by retail banks, credit unions are owned by and operated for the benefit of their members.Savings and Loan Associations- Savings and loan associations are financial institutions that are owned by their members and provide no more than 20% of total lending to businesses. Savings and loan associations are used by individual consumers for deposit accounts, personal loans, and mortgage financing.Investment Banks and Companies- Investment banks do not accept deposits; instead, they assist people, corporations, and governments in raising funds by issuing securities. Investment businesses, often known as mutual fund companies, collect money from individual and institutional investors to give them access to the stock market.Brokerage Firms- Individuals and institutions use brokerage services to acquire and sell securities from a pool of potential buyers. Customers can trade stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other alternative investments through brokerage firms.Insurance Companies- Insurance companies are financial institutions that assist individuals in transferring the risk of loss. Insurance companies safeguard individuals and businesses from financial loss due to death, disability, accidents, property damage, and other catastrophes.Mortgage Companies- The financial institutions that originate or fund mortgage loans are known as mortgage companies. While the majority of mortgage businesses cater to individual consumers, some focus solely on commercial real estate finance.