Industry News

Realtors’ trade group weighs in on banking issue

Association opposes federal plan to preempt state banking laws
Published on Jul 22, 2005

The National Association of Realtors this week announced support for a Federal Deposit Insurance Corp. decision to delay a proposal for new banking laws relating to the operation of state banks' branches in other states. "The FDIC decided not to proceed at this time with Federal Register publication of an advanced notice of proposed rulemaking after many organizations, including (the association), testified against the preemption petition at the FDIC's public hearing held last May," the association announced this week. The Financial Services Roundtable had asked the FDIC to "preempt state laws and allow state banks to operate nationally under the laws of their home states," the association announced, and "The FDIC is expected to draft a narrower proposed rule that would restate existing law related to the operation of out-of-state branches of state banks later this year and is also expected to revisit the preemption request at a future meeting." Federal agencies publish an advance...

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