Industry News

NAR president ‘concerned’ over recent OCC rulings

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Expressing concern over three December rulings by the Office of the Comptroller of the Currency, the president of the National Association of Realtors today asked for a meeting with Treasury Secretary John Snow to discuss the rulings. In a letter to Snow sent today, NAR President Thomas Stevens said Realtorsare "extremely concerned" over three December rulings by the OCC allowing three of the largest national banks in the nation to invest in the development of office buildings, hotels, residential condominiums, and even a windmill farm. "The inevitable result of the OCC's actions will be authorization of national banks -- and, through "wild card" statutes, many state banks -- to become actively involved in real estate development and brokerage activities. We believe such authorization would defy the intent of Congress," Stevens said in a statement. NAR's president said the organization has asked the OCC to reconsider its rulings and is urging Congress to conduct hearings and take acti...