Newspaper article THE JOURNAL RECORD

No Need for Oklahoma Bankers Association in Real Estate, Realtor Says

Newspaper article THE JOURNAL RECORD

No Need for Oklahoma Bankers Association in Real Estate, Realtor Says

Article excerpt

Customers already have a number of choices regarding how to handle their real estate transactions, a Tulsa Realtor said Tuesday in response to the Oklahoma Bankers Association's push to allow banks to do more in the real estate field.

OBA President Roger Beverage had told the Oklahoma Banking Board last week that the OBA is working with legislators to allow banks to offer more services.

You ought to be able to have more than one choice when you either choose to buy, sell, finance or insure property, Beverage said. We're trying to expand choices for Oklahoma consumers so that we are not limited when they go shopping for products and services.

The change would bring more capital into Oklahoma, Beverage said.

But commercial Realtor Patrick Coates said customers already have a number of choices regarding real estate transactions. They may buy or sell real estate on their own, with the assistance of an attorney or with the help of a real estate agent, broker or Realtor.

This legislative session, Oklahoma is one of several states nationwide to consider whether banks should be allowed to offer real estate services, even as the federal government grapples with the same question. Twenty-five other states and the District of Columbia already permit banks to offer real estate brokerage services, and the Federal Reserve and Treasury Department have promulgated a rule to allow federally chartered banks to engage in real estate brokerage and property management. On the other hand, almost 300 members of Congress support the Community Choice of Real Estate Act, which would prohibit federally chartered banks from entering the real estate business.

The American Bankers Association says it's only fair that banks offer real estate services, because some integrated real estate firms offer financial services, like Century 21 and Coldwell Banker. …

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