Industry News

NAR asks Supreme Court to overturn national bank decision

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The National Association of Realtors trade group has filed a "friend-of-the-court" brief with the U.S. Supreme Court urging the court to overturn a decision by the Office of the Comptroller of the Currency that relates to the operations of national bank operating subsidiaries. NAR expressed worries in the announcement that the OCC decision allows bank subsidiaries to operate in violation of some state laws, "including licensing or registration obligations and some state consumer protection statutes." The brief states that if the OCC decision stands, these subsidiaries would be given an unfair advantage over competing firms not owned by national banks. The Realtor association and the attorneys general for all 50 states, Washington, D.C., and Puerto Rico "contend that the OCC decision tilts the competitive balance steeply in favor of national bank operating subsidiaries," according to the announcement. While Congress limited the bank regulatory agency's authority to national banks, the ...