It is. But since it’s issued by a bank it’s largely exempted from the Securities Act[1] along with many other types of securities. For example, a lot of life in

It is. But since it’s issued by a bank it’s largely exempted from the Securities Act[1] along with many other types of securities. For example, a lot of life insurance policies are technically securities, too. [1]https://www.law.cornell.edu/uscode/text/15/77c https://www.law.cornell.edu/uscode/text/15/77c