After putting in years of relationship building with the retiree down the street, I wouldn't be too happy to suddenly find myself in competition with the bank on the corner and their own long-standing relationships with my very same prospects. We all remember the S and L crisis of not too many years ago. Now they're trying to circumvent the will of Congress - that is simply wrong. Several large financial service holding companies would quickly dominate our industry by buying brokerages and driving others out of business. This would reduce consumer choice - harming the consumer.
Banks have a poor track record when it comes to fees for service.
Today, many charge for speaking to a teller. There would be nothing to stop the prospective homebuyer and seller from facing similarly rising fees and hidden costs. The current commission structure of compensation is certain and fully disclosed. Jennifer J. Johnson, Secretary Board of Governors, Fed. St. and Constitution Ave.