Welcome!




Expand Your Education with These Courses from
Bundle 3: CIPS Institute (US Version).
Bundle 2: CIPS Elective Courses (US Version).
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Customer Relationship Building: Skills for Sales Success: Part Seven.
ACE: Purchase Reverse Mortgage Course.

Realtors Commend House Financial Services Committee for Passage of ILC Bill

Have a comment on this article? Share on Facebook!

RISMEDIA, May 4, 2007-The National Association of Realtors(R) congratulated the House Financial Services Committee for passing H.R. 698, the Industrial Bank Holding Company Act of 2007, which provides enhanced regulation of parent companies of industrial loan companies (ILCs) and reinforces the national policy separating banking and commerce.

NAR has consistently opposed large commercial entities entering the business of banking, as well as national banking conglomerates engaging in the business of real estate or other commercial activities.

"Realtors have long supported the national policy against mixing banking and commerce. We oppose any efforts that weaken this policy, either by allowing commercial firms to engage in banking, or by permitting large national banks to engage in commercial activities, such as real estate brokerage and management," said NAR President Pat Vredevoogd Combs. "Today's actions by the full House Financial Services Committee are a big step towards keeping this important separation and safety measure in
place."

"We see H.R. 698 as a critical component to the continued stability of our nation's financial system, and we thank Chairman Barney Frank (D-Mass.) and Rep. Paul Gillmor (R-Ohio) for enforcing the prohibition against commercial firms controlling an ILC, directly or indirectly. Closing the ILC loophole and permanently stopping commercially owned ILCs are important steps," said Combs.

Because banks play a unique role in our financial system, Congress established a national policy against mixing banking and commerce. "This policy is meant to keep banks focused on the business of banking," said Combs. "When commercial activities and banking activities mix, it creates risks to the security and vitality of our financial system, and can also have a negative impact on competition on many fronts."

NAR, while applauding today's passage of H.R. 698, also encouraged the committee to consider additional legislation such as the Community Choice in Real Estate Act, H.R. 111, which like H.R. 698, would clarify and prohibit the mixing of banking and commerce. "H.R. 111 clarifies congressional intent that real estate brokerage and management are not banking activities, but are commercial activities," Combs said.

NAR commended Congressmen Frank and Gillmor for their unyielding efforts to protect the nation's long-term financial system by strengthening the laws that prohibit the mixing of banking and commerce.

For more information, visit http://www.realtor.org.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com