For several years the National Association of Realtors® has been lobbying to oppose banks gaining access into the residential and commercial real estate industry. What maintains the status quo is the current trades rule prohibiting mixing banking and commerce.
In late March of 2006, J.P. Morgan Chase withdrew its application with the U.S. Comptroller of the Currency to retain royalty streams from oil and natural gas reserves, in part due to pressure by the NAR. Why would the NAR care about banks and fuel supplies? It behooves the NAR to focus a spotlight on any banking activity which breaches the commerce rule in order to keep banks from entering the real estate industry.
Representatives from the NAR won a spot to testify at hearings this spring by the Federal Deposit Insurance Corporation to weigh the application of Wal-Mart seeking to launch an industrial loan company. NAR opposes approval on the grounds that it would mix banking and commerce.
In late March of 2006, J.P. Morgan Chase withdrew its application with the U.S. Comptroller of the Currency to retain royalty streams from oil and natural gas reserves, in part due to pressure by the NAR. Why would the NAR care about banks and fuel supplies? It behooves the NAR to focus a spotlight on any banking activity which breaches the commerce rule in order to keep banks from entering the real estate industry.
Representatives from the NAR won a spot to testify at hearings this spring by the Federal Deposit Insurance Corporation to weigh the application of Wal-Mart seeking to launch an industrial loan company. NAR opposes approval on the grounds that it would mix banking and commerce.
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