Yet because of its status as a religious organization, BFA’s product offerings were subject to the same regulatory scrutiny as a bank’s products. That is, although BFA underwrote its own securities offerings and used its staff to sell the investment instruments (like a bank), it was able to claim a religious exemption from Arizona statutes that regulate such activities. BFA also claimed exemption from Arizona banking regulation on the basis that its investment products did not constitute deposits as by Arizona banking laws.