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Proposed Regulation Y Amendment Brings Mixed Reviews

WASHINGTON, DC-A March 2 deadline for public comments has been imposed by the Federal Reserve Board for its proposal that, if adopted, would allow national bank subsidiaries to broker real estate transactions.

By Diane Cook | Updated on December 14, 2000

WASHINGTON, DC-The Federal Reserve Board’s proposal to amend the Bank Holding Companies and Change in Bank Control, Regulation Y, is yielding opposing views from real estate and financial services industry. Under the proposal, financial holding companies can act as their own real estate sales agents. If passed, national banks, through their subsidiaries, could find buyers and sellers, negotiate and consummate the deals.

The American Bankers Association approves of the regulation while the National Association of Realtors is opposed, according to information posted on its website. Representatives of the ABA could not be reached for comment.

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