| For immediate release |
|
The Federal Reserve Board is seeking public comment on a proposal to permit financial holding companies to act as real estate brokers and managers. Comment is due by March 2, 2001. The rule, proposed by the Board on December 13, would determine that real estate brokerage and management services are financial in nature or incidental to financial activity and are therefore permissible for financial holding companies. Concurrently with the Board, the Secretary of the Treasury developed a proposal that would allow financial subsidiaries of national banks to act as real estate brokers and managers. The Board and the Secretary will jointly publish their proposed rule in the Federal Register. The Board’s notice is attached. |
2000 Banking and consumer regulatory policy