Industry News

NAR Congressional blitzkrieg on banks

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The National Association of Realtors has launched a massive grassroots political push to persuade the U.S. Congress to permanently bar big banks from entering real estate brokerage, leasing and property management. NAR has sent out its largest "Call for Action" e-mail alert to 900,000 of its members asking them to get in touch with their Congressional representatives. The Senate Banking Committee Chairman Sen. Richard Shelby (R-Ala.) has included language in the Senate Appropriations Committee's Transportation/Treasury bill that would permanently bar banks from entering the real estate brokerage, leasing and property management businesses. The bill was reported by the full Senate Appropriations Committee last week and is awaiting Senate floor consideration. The House also took action on the banks in real estate issue last week and passed its Appropriations bill that includes a one-year prohibition on banks getting into real estate, which is what the industry successfully pushed thr...