The Federal Reserve Board and the Treasury Department have extended the deadline from March 2nd to May 1, 2001 regarding a proposal which would allow banks to offer real estate brokerage and management services. The public is being asked to comment on whether real estate brokerage and real estate management are activities that are "financial in nature" or "incidental to a financial activity." If yes, then financial holding companies and financial subsidiaries of national banks will be allowed to offer such services.

The proposal is generally opposed by the real estate community and largely supported by the banking industry.

Published: February 22, 2001

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