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NAR won’t fight creation of consumer agency

Lines drawn in battle over proposed regulatory reform

The National Association of Realtors will reportedly not join a coalition of industry groups that's lobbying against the creation of a Consumer Financial Protection Agency.The American Financial Services Association is coordinating opposition to the Obama administration's call for a consumer agency that would regulate financial products like mortgages and credit cards, Reuters reports.NAR attended an early brainstorming session, but won't join the effort to derail the agency's creation, a spokeswoman told Reuters. NAR believes that if created, the new agency "needs to move cautiously forward in creating its mission," said NAR spokeswoman Mary Trupo.Nearly 200 labor and consumer organizations have formed their own coalition in support of the plan, and a "direct attack on a key priority for the president makes some trade groups nervous," Reuters said.Assistant Treasury Secretary for Financial Institutions Michael Barr told members of the American Bankers Association t...