Banks Enter Limited Real Estate Activities

OCC Ruling Blurs the Lines between Commercial and Financial Activities

Three federally chartered banks received a nice present from the Office of the Comptroller of the Currency (OCC) when it ruled that Bank of America, PNC Bank and Union Bank could all enter commercial real estate endeavors. This ruling allows federally chartered banks to participate in commercial activities, an area long prohibited by the OCC.

In each case the OCC allows a national bank to develop and own both commercial and/or residential real estate developments. In one case the Bank of America was given approval to build a Ritz Carlton hotel. They were given approval by the OCC stating they needed the hotel because banking customers could not locate adequate accommodations when visiting the bank in Raleigh, North Carolina. PNC Bank was given approval to hold a multi-use project that included offices, a hotel and residential condominiums (that they are selling immediately). In the third case, Union Bank will have a 70% equity stake in a windmill farm.

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Survey Results Help Minnesota REALTORS® Establish Policy

Thank you to the almost 1,000 members who responded to surveys on Continuing Education and Eminent Domain proposals. Each and every time we conduct a survey we're amazed by the number of responses and appreciate the written comments. This week we'll present back to you the overall survey responses about Continuing Education:

See Survey Responses

Minnesota REALTORS® Finance Committee Openings

Are you interested in becoming involved in you State Association? MNAR is seeking qualified applicants who would be interested in serving on the Finance Committee. The main focus of this committee is to set the yearly budget and oversee its implementation. This committee helps determine what programs and services will be funded for the next fiscal year. The budget established by this committee, including the annual state REALTOR® dues, is forwarded to the MNAR Board of Directors for final approval. Members interested in serving on this committee must understand profit and loss statements and have financial knowledge background. There are 7 openings on the committee this year. There is one meeting scheduled on Friday, May 5, 2006 from 10:00 am to 12:00 Noon at the MNAR Conference Room.

If you are interested in being considered to serve on this committee, please submit an application no later than March 6, 2006. Appointments will be made by the Leadership Team from the applications received. Applications are available at www.mnrealtor.com.

Any questions can be addressed to Linda Modlinski at lmodlinski@mnrealtor.com.

Need Some Continuing Education?

Minnesota REALTOR® staff teaches a number of the required programs across the state. In cooperation with most local member associations and numerous companies, Minnesota REALTOR® staff provides you with an affordable CE alternative at a location that is convenient to your primary business location. You can find out where and when we're teaching and the contact person at www.mnrealtor.com.

We also provide you with the course presentation materials so you can review the data, information and content at your convenience. You can find course materials at: www.mnrealtor.com under education.