NAR president Cathy Whatley points out some of the potential damages of allowing banks into the industry. "Housing continues to be the leading sector of our economy," she notes. "Approximately 68% of new growth in our gross domestic product last year was housing-related. We're thrilled that a majority of the House and close to 20 Senators agree that America simply cannot afford to allow big banks to take over the real estate business, which continues to be the leading pillar of our economy." The House version of the bill is still in the hands of the Subcommittee on Financial Institutions and Consumer Credit.

While NAR is continuing to press for passage, members of the America's Community Bankers are pushing the other way. "Large real estate firms such as ERA, Long and Foster and Century 21 are already doing what the bill would prohibit national banks and financial holding companies from doing--offering one-stop shopping that combines real estate brokerage, mortgage lending and other financial services," the members say in an April letter to House members. "It is indeed ironic that HR 111 is titled the 'Community Choice in Real Estate Act,' because what the bill clearly seeks to do is reduce the real estate choices available to consumers in our communities."