Banks Answer Back
February 19, 2002
Bankers Association Accuses Realtors Group Of Attempt To ?Steamroll? Congress
Inman News Features
The American Bankers Association last week accused the National Association of Realtors of attempting to "steamroll" Congress in an effort to protect Realtors from competition.
The charge came in an ABA statement responding to NAR?s announcement of an advertising campaign to spur Federal legislation that would ban commercial banking institutions from entering the real estate brokerage business.
"NAR is desperately trying to undermine the process Congress created in 1999 with the passage of the Gramm-Leach-Bliley Act. This spare-no-expense spending spree is a heavy-handed effort to have Congress block the Federal Reserve and U.S. Treasury from doing what was specifically authorized in the bill," ABA Executive Director Edward Yingling said in the statement.
NAR?s campaign aims to encourage members of Congress to cosponsor the Community Choice in Real Estate Act. The campaign opened with advertisements in The New York Times, Omaha World Herald, Orange County Register, San Antonio Express-News, The Oregonian and other newspapers. The ads urge constituents to call members of Congress and ask them cosponsor the legislation.
ABA?s membership includes community, regional and money center banks and holding companies, savings associations, trust companies and savings banks.
Copyright: Inman News Service