Nar Takes Challenge to the Supreme Court: Office of the Comptroller of the Currency Decision Would Preempt State Laws

Summary

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WASHINGTON, Sept. 6 /U.S. Newswire/ -- The National Association of Realtors 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 allows national bank operating subsidiaries to operate without having to comply with certain state laws, including licensing or registration obligations and even some state consumer protection statutes.

The brief states that bank operating subsidiaries would be given an unfair advantage over competing firms not owned by national banks if the OCC decision is allowed to stand. NAR and the attorneys general of all 50 states and the District of Columbia and Puerto Rico contend that the OCC decision tilts the competitive balance steeply in favor of national bank operating subsidiaries.

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Extract

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Nar Takes Challenge to the Supreme Court: Office of the Comptroller of the Currency Decision Would Preempt State Laws

"Realtors believe in fair and balanced competition, and the benefits that competition provides to the consumer," said Thomas M. Stevens, president of NAR. "T...

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