"Does Congress want the Federal Reserve Board, Treasury Department, and Federal Trade Commission to be the regulators of local land matters?" NAR president Martin Edwards Jr. asked members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. As an example of what could be, Edwards pointed to banks' efforts to bypass consumer protection laws in the insurance industry. "Although they argue that local regulation would of course be followed, the bankers' actions speak louder than their words." Edwards was joined at the hearing by a bevy of supporters, including backers of the popular Community Choice in Real Estate Act, heavily supported legislation that would bar banks from making their entrée into the real estate brokerage and property management business.
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