For immediate release

The Federal Reserve Board today voted to seek 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 proposed rule 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 is developing a proposal that would allow financial subsidiaries of national banks to act as real estate brokers and managers. The Board and the Secretary intend to jointly publish their proposed rule in the Federal Register.

2000 Banking and consumer regulatory policy