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WASHINGTON – The House Financial Services Subcommittee on Financial Institutions, chaired by Rep. Spencer Bachus (R-Ala.) will hold a legislative hearing July 24 on the Community Choice in Real Estate Act, H.R. 3424. The measure, introduced by Rep. Ken Calvert (R-Calif.) addresses a proposal currently in the rulemaking process. H.R. 3424, as written, would prevent banks from entering into real estate activities by legislating that real estate services are not “financial in nature,” a consideration that’s part of the rulemaking process performed by the Treasury Department. If enacted, the legislation would make the Treasury Department’s rulemaking on the issue unnecessary.

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