Thread: ACORN to be allowed to set regulations financial institution

Why do We Need YOUR Voice Against ACORN? Because Gov’t Cannot Be Trusted!

By Warner Todd Huston
Wednesday, October 28, 2009

Not long ago I posted a piece with news that the Service Employees International Union (SEIU) had decided to cut off its association with the Association for Community Activists for Reform Now (ACORN). I also reported that the RIS and several other Federal agencies had stopped their dealings with ACORN, essentially defunding them of federal dollars.

But that was then…

On October 22 Congresswoman Maxine Waters (D, Calif) was sadly successful in getting an amendment passed in the House Financial Services Committee that would allow ACORN to become an official government actor in setting regulations for financial institutions.

You read that right. Rep. Waters thought it would be a great idea to give federal power to an organization that has repeatedly broken multiple state election laws in nearly every state in the union and an organization that has been guilty of covering up the embezzlement nearly five million dollars of its own funds by one of its highest ranking members.

Republican Representative Spencer Bachus (R, Alabama) ranking Republican of the Financial Services Committee reported of Rep. Waters’ amendment to H.. 3126.

The Waters amendment adds to the CFPA Oversight Board 5 representatives from the fields of “consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve underserved communities, or representatives of communities that have been significantly impacted by higher-priced mortgagesâ€

INSANE! ACORN was proven to be the most corrupt organizations in our country. So how can this be? Is the Maxine Waters amendment a done deal? What bill is this attached to?

I think this is an amendment to the Consumer Financial Protection Agency Act of 2009. http://thomas.loc.gov/cgi-bin/query/.../~c1114Uporj::

All the links I have tried to access have been deleted. What is going on here? Do we have a mole?

Originally Posted by butterbean

INSANE! ACORN was proven to be the most corrupt organizations in our country. So how can this be? Is the Maxine Waters amendment a done deal? What bill is this attached to?

Yes Insanity prevails in the TWILIGHT ZONE!!! It just keeps getting crazier!

Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions

WASHINGTON - During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted to pass an amendment offered by Rep. Maxine Waters (D-CA) that will make ACORN eligible to play a role in setting regulations for financial institutions.

The Waters amendment adds to the CFPA Oversight Board 5 representatives from the fields of "consumer protection, fair lending and civil rights, representatives of depository institutions that primarily serve underserved communities, or representatives of communities that have been significantly impacted by higher-priced mortgages" to join Federal banking regulators in advising the Director on the consistency of proposed regulations, and strategies and policies that the Director should undertake to enforce its rules.

By making representatives of ACORN and other consumer activist organizations eligible to serve on the Oversight Board, the amendment creates a potentially enormous government sanctioned conflict of interest. ACORN-type organizations will have an advisory role on regulating the very financial institutions from which they receive millions of dollars annually in direct corporate contributions and benefit from other financial partnerships and arrangements. These are the same organizations that pressured banks to make subprime mortgage loans and thus bear a major responsibility for the collapse of the housing market.

In light of recent evidence linking ACORN to possible criminal activity, Democrats took an unprecedented step today to give ACORN a potential role alongside bank regulators in overseeing financial institutions. This is contrary to recent actions taken by the Senate and House to block federal funds to ACORN.

A recent inquiry into bank funding of ACORN activities by three House Committees found that institutions that would be regulated by the CFPA have provided millions of dollars to the organization in the form of direct donations, lines of credit, cash, and other assets over the last 15 years.

The Waters amendment passed on a vote of 35-33. Click here to view the vote.
http://republicans.financialservices.ho ... &Itemid=43

Link to vote:

http://republicans.financialservices.ho ... ers006.pdf

Link to Petition:

http://saynotoacorn.com/petition

Originally Posted by Paige

All the links I have tried to access have been deleted. What is going on here? Do we have a mole?

I tried the links and they are working. A couple of them took a couple of seconds to load.

Signed petition!!

This is pure madness!! am sending article to Glenn Beck!

Just call me Dorthy , I'm going to take toto for a walk as my blood pressure is rising!!!