According to NAR spokesman Steve Cook, a subcommittee of the House Financial Services Committee will hold a hearing on the matter Apr. 5. Deadline for commenting on the proposal, which has drawn heated opposition from the real estate industry but, perhaps not surprisingly, has the support of the banking industry, is due by May 1.
Cook says the NAR has deep concerns about the regulation. "On a scale of 1 to 10, we're at about 15," says Cook.
At issue is the intent of the Graham-Leach-Bliley Act passed by Congress in 1999 to reform the banking industry. The bottom-line question being asked of the Federal Reserve Board is whether real estate activities are either financial in nature or incidental to financial services.
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