Which of the following is not a non-depository institution?

In the context of financial institutions, non-depository institutions are entities that do not accept deposits from the public but provide various financial services. The correct answer indicates that credit unions are not categorized as non-depository institutions because they are, in fact, depository institutions. Credit unions collect deposits from their members and provide loans, functioning similarly to banks but often aiming to serve a specific community or group.

In contrast, securities firms facilitate the buying and selling of stocks and bonds, finance companies provide loans primarily to consumers and businesses without accepting deposits, and insurance companies collect premiums and provide risk management services but do not take deposits like banks or credit unions do. Thus, the essential characteristic delineating depository from non-depository institutions is the ability to accept deposits, which credit unions do, making them a depository institution.