In Madsen v. Borthick, 658 P.2d 627, 631 (Utah 1983), the Court applied the uniquely governmental prong of the Standiford test to state regulation of financial institutions. In so doing, the Court held that "Standiford's (Standiford v. Salt Lake City Corp) reference to activities that 'can only be performed by a governmental agency' does not preclude governmental immunity for supervisory functions in some respects similar to those that could be performed by a private association authorized by agreement, such as self-regulation by an industry." Id. Using this reasoning, the Court held that "governmental supervision of financial institutions in the public interest . . . and private oversight by a voluntary association of businesses are qualitatively different." Id.