Industry News

Realtors urge FDIC to keep Home Depot out of banking

NAR opposes store's purchase of federally insured bank

Home Depot's proposed purchase of a federally insured bank could create potential conflicts of interest, pose risk to the nation's financial system and discourage competition in financial services, the National Association of Realtors told the Federal Insurance Deposit Corp. today. NAR President Thomas Stevens and other trade group representatives in a letter to John Carter, San Francisco regional director of the FDIC, reiterated concern over the potential dangers of mixing banking and commerce that would result from the acquisition of EnerBank by Home Depot. In February, Stevens raised similar objections to Wal-Mart's application to the FDIC for federal deposit insurance for a Utah-chartered industrial bank. "NAR and its 1.3 million members are extremely concerned about the inevitable conflicts of interest, the harm to the competitive landscape, and the risks to the U.S. financial system. Banks must be honest brokers of financial services and not be swayed into making credi...