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Banks and Realtors Continue to Butt Heads

A March 27 letter signed by representatives of major bank trade associations which blasts the National Association of Realtors, was sent to Congress. In it,...
April 4, 2006

A March 27 letter signed by representatives of major bank trade associations which blasts the National Association of Realtors, was sent to Congress. In it, the banking groups urge members of the House and the Senate to reject NAR claims that national bank regulators have unlawfully given new real estate powers to banks. The NAR, which for years has battled efforts by banks to expand into some real estate services, most recently raised objections to three OCC letter rulings. Comptroller John Dugan and other OCC officials say the letter approvals fall within the limited legal authority that national banks already possess to engage in some real estate activities. But the NAR disagrees, saying the OCC has overstepped its bounds.