Realtors Eye Credit Union, CUs See Ally

American Banker (03/20/08) P. 1; Kaper, Stacy
If the National Association of Realtors' application for an independent federal credit union charter is approved, it will become one of the biggest credit unions in the United States--serving the group's 1.3 million members as well as their families and employees. The credit union would provide mortgages, deposit accounts and other financial services online. The link between NAR and the credit unions is causing some concerns in the banking industry, as it would create a substantial lobbying force on issues opposed by bankers--such as regulatory relief that would allow credit unions with any type of charter to conduct business in underserved areas. When Congress' recess is over, House Financial Services Committee Chairman Barney Frank, D-Mass., says lawmakers will look at regulatory relief legislation.