Industry News

NAR tries to reverse bank regulator’s power

Court decision gives too much authority to OCC, NAR claims

The National Association of Realtors and New York State Association of Realtors on Monday filed a brief with the U.S. Court of Appeals that relates to state authority over national banks. The Realtors trade group has aggressively fought to block the entry of major national banks into the business of real estate brokerage, and the court brief is in step with the group's desire to check the powers of national banks. The state and national Realtor trade groups support the reversal of an earlier decision in which a U.S. district court in New York concluded that the Office of the Comptroller of the Currency acted within its authority in interpreting federal law to prohibit New York Attorney General Eliot Spitzer from enforcing state anti-discriminatory lending laws against national banks. That decision, in the case of The Clearing House Association LLC and Office of the Comptroller of the Currency v. Spitzer, "would require the OCC to interpret state law, which is well beyond the OCC's man...