The banking industry strongly supports the proposed rule. Here are the facts . Increasing the number of providers in the market raises the bar for all participants, forcing improvements in efficiency, pricing and service levels all to the benefit of homebuyers. NAR members want to stop competition, while engaging in lending and brokerage themselves. That's disingenuous - and wrong.
More competition is good.
New entrants add price competition, greater convenience and market innovation. As financial service providers, banks should be able to compete. If it is wrong for banks to offer a compbination of services, it must be wrong for integrated real estate companies and they should be required to cease offering financial services. Credit unions, state-chartered banks, and savings institutions are allowed to engage in real estate brokerage. This has been done without market disruption and benefits customers.