Senate approves to give ACORN authority over financial institutions

Senate approves to give ACORN authority over financial institutions

www.tradingmarkets.com

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 communit

(visit the link for the full news article)

Yep, that vote to originally cut off fundings (temporarily) to ACORN was just a farse and smoke screen. They had no intentions of backing off of allowing ACORN to rule.

I'm just stunned that Congress would give those who have falsified registrations, records and shown to help prostitutes child prostitution rings. Shouldn't be surprised, but I am none the less.

(And I did search for this already posted and didn't find. If it is please remove this post.)

www.tradingmarkets.com
(visit the link for the full news article)

reply to post by willow1d


I'll not protect acorn here but....They are required by law to turn in all voter registrations. Even ones they suspect of being false.

Also they did not help a child prostitution ring, some of their workers theoretically would have helped a hypothetical child prostitution ring.


That being said I see nothing in the law itself that names acorn. Is there a possibility that acorn might become involved? yes. But as they work with consumers on many housing projects this is not to say that only acorn will benefit from this bill. Therefore i can only conclude this is not an acorn bill.

house bill text here

::::::SCREAMS AS LOUD AS I POSSIBLY CAN WITHOUT WAKING UP THE NEIGHBORS!!!!::::::::!!!!!!!!:::::

WTF?!?

ACORN?...AUTHORITY?...FINANCIAL INSTITUTION?...ACK!!!

I think its time to put my jungleboots back on and stomp the streets of DC to let them know I am sick and tired of their BS games! BS! BS! BS!
WTF IS THESE PEOPLES PROBLEMS!?!?!?!?

IM SICK OF HEARING ABOUT ACORN!! IM SICK OF ALL THEM PIECES OF ****! EVERY LAST ONE OF THEM!! MAY THEY FALL IN THE SHOWER!!

sorry for my rant, but God, I cant take anymore of this. Someone wake me up. Please.

reply to post by Common Good


Feel better now? Well, you might want to read the actual bill. Like seiko, I'm not here to defend ACORN. But the whole ACORN legend is simply being used as a blunt object with which to beat Democtrats. Did SOME ACORN employees do unethical things? Apparently so. Were their actions part of some ACORN-wide policy or did ACORN endorse what they were doing? There is no evidence to suggest that is true.

Also, ACORN is not granted any 'authority' over anyone in this legislation. They, along with other consumer advocate organizations, will be empowered to provide input and recommendations. Hardly authority.

So, in the spirit of denying ignorance, let's tell it like it is.

reply to post by jtma508


Why read the bill? Democrats dont even read their own bills.
And that is a BIG BILL...Im suprised you "read" it so quickly.
You must be a speed reader.

Here is a snip-it from the story which I think is very important.

"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. "

They get to have an advisory role on the financial institutions which THEY RECIEVE MONEY FROM!???

GOOD GOD!

Can things get anymore corrupt? This is DIRRRTY.




[edit on 26-10-2009 by Common Good]

Originally posted by Seiko
I'll not protect acorn here but....They are required by law to turn in all voter registrations. Even ones they suspect of being false.

No so in all states and since ACORN fired some who did this, makes you know that they knew. And the law suits would not have happened if there was nothing illegal about what they did. How many suits were filed in how many states? See just how many times they've been charged and plead guilty to this voter registration fraud and other charges still pending. Read about how one worker had 21 duplicate registration forms.

Coincidence? How many times does it have to happen before one realizes it's an actual unwritten policy? And how come ACORN seems to be the only community organizer that has gotten into SO much trouble?

Acorn knows about this...

ACORN has said the "vast majority" of its workers are conscientious, but some might have turned in duplicate applications or provided fake information to pad their pay. Workers caught submitting false information have been fired, ACORN officials say.

ACORN says laws in a number of states require it to submit all registration cards it collects even dubious ones, so its workers segregate applications with missing, suspicious or false information and flag them so state election officials can quickly check them further.

Source

And the workers of each state would know if that state required it or not. Again, no lawsuits would have been filed and people found guilty if they didn't do something illegal.

Also they did not help a child prostitution ring, some of their workers theoretically would have helped a hypothetical child prostitution ring.

But they did help the "actual" child prostitution ring who were sitting there in their offices at the time. They did so by giving advice on how to skirt the law and the IRS which is part of their job. They didn't know that these people weren't real at the time.

If it had happened at only one office, I would be skeptical. But it happened at 4 (or 5?) offices. Again, this is just more than coincidence here.

That being said I see nothing in the law itself that names acorn. Is there a possibility that acorn might become involved? yes. But as they work with consumers on many housing projects this is not to say that only acorn will benefit from this bill. Therefore i can only conclude this is not an acorn bill.

Another coincidence? Maybe, we'll see. I'm sure we'll hear of it if they do.

But still, another point to be considered here is the conflict of interest mentioned in the article. (Seems this current admin doesn't care at all about any conflict of interest since they are known to forego regulations on appointing their czars with conflicts of interest also.)

What comes of someone who tells someone else to do something, and then receives or doesn't receive financial support from them? Think one doesn't have to do with the other? Try telling your neighbor they have to cut down the tree that hangs over into your yard and then ask them for a donation the next day 'cause you're in financial trouble.

reply to post by willow1d


Then prosecute the workers, which is what has been done legally.

The second point again involves no law being broken, because there was never a real child prostitution ring. Again this is a hypothetical. Are those workers bad? Of course they are I was shocked by the video. The workers in the video should never be put in a position to advise another human being ever again.

But this law does not state it will make acorn anything.....so the title of the thread, and the hit piece you quote from is misleading.

You wanna hate acorn that's your prerogative. But to hold all laws that pass to the "it might in some round about way help acorn" standard is a circular logic I can't support.

As for conflict of interest? Yes this administration is guilty of it on so many levels..but so was the last one, and the one before that, and the one before, and so on. But that does not make this a senate vote to give acorn rule of the banks.

This law is in no way a vote to give acorn authority over banks. I posted a link to the h.r. and I read it. It's just not an acorn bill.

Is it April Fools Day?
No, it's just same old #, different day.

Starred and Flagged.


[edit on 10/26/2009 by sad_eyed_lady]

Originally posted by jtma508
Were their actions part of some ACORN-wide policy or did ACORN endorse what they were doing? There is no evidence to suggest that is true.

See my reply to Seiko. There's just TOO MUCH here for it to be coincidence. And apparently there's enough evidence to point at ACORN as being behind this. See further down for that evidence.

And why just ACORN? Why not pull all community organizers into it? Wouldn't that make for a better "case" against the Democrats?

Okay, here are some of the charges against ACORN. See if you think it's just coincidence, not enough to make it a conspiracy theory in itself?

>4 (or 5?) offices all react the same way to the "prostitute w/a child prostitution ring". Coincidence or unwritten policy?

>WI, Lewis pleads guilty to voter fraud

>FL, many staffers submit multiple & duplicate reg forms, 1 of which had 21 duplicate forms

>MI, Sec of State told newspaper that ACORN had been submitting a sizeable number of duplicate & fraudulent forms

>IN, election officials discover ACORN had submitted many "inaccurate" voter reg forms, including one for a dead person.

>WI, Chief Lawyer says ACORN is "engaged in systematic fraud and attempts to undermine our electoral systems"

>PA, ACORN worker sentenced 23 mos for identity theft and tampering w/records

>PA another worker plead not quilty and is out on $10,000 bail and awaiting trial

>WA, 5 ACORN workers sentenced 5 yrs of jail time.

>WA, ACORN agreed to pay King Co $25,000 for investigative costs (sounds like an innocent organization to me)

>OH, worker indicted on 2 felony charges of illegal voting & false registration

>MO, 4 workers (I think that's 14 now) charged w/identity theft & filing false registration forms

>MO, St. Louis investigated ACORN and found 1,492 fraudulent registration forms.


Okay, okay, the list goes on from there, this is about half I think. And I'm sure there's more than what listed at the site I got these from.

Again, is this just coincidence? How much does one need to see that it's more than just individuals doing this? How did they all seem to just come up with the idea of "stealing identities" and falsifying registrations forms? There's just too much here to be coincidence or single individuals ALL coming up with and acting on the SAME idea spread THROUGHOUT the states.

Also, ACORN is not granted any 'authority' over anyone in this legislation. They, along with other consumer advocate organizations, will be empowered to provide input and recommendations. Hardly authority.

So, in the spirit of denying ignorance, let's tell it like it is.

If they would have no "authority" over the financial institutions, then there's no need for the so-called "Consumer Financial Protection Agency", don't ya think? More waste of our Congress's time then, huh?

Here, it IS just like this....

CFPA Oversight Board [consists of] 5 representatives...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.

Emphasis mine. Quoted from article I cited in OP.

But sounds like to me they have a lot to say to the Director since he's the one who allows the banks to give these representatives money.

To put it simply, if they told the Director to do something he didn't like, he would simply not allow banks to give these community organizers financial support in any way.

I can't put it simpler than that. Have I overcome the ignorance yet?

Acorn's not mentioned in the bill. Anywhere. It's a proposal to put some consumer advocates on the consumer financial protection agency. A good thing don't you think? Or has the right become so easily brainwashed that they'll leave the oversight board stacked in favor of the predatory lenders because someone shouts "ACORN"?

Originally posted by Seiko
Then prosecute the workers, which is what has been done legally.

Agreed. But as in my replies, once again. There's just TOO much to point that ACORN has orchestrated this. There are so many individuals who came up with the same idea and acted upon it spread throughout the US. Wow, talk about mental telepathy!!

The second point again involves no law being broken, because there was never a real child prostitution ring. Again this is a hypothetical.

But I didn't say it was illegal. Immoral absolutely. And again, how are there so many "immoral" people employed by ACORN? Oh, I know, it's that mental telepathy again. Silly me.

But this law does not state it will make acorn anything.....so the title of the thread, and the hit piece you quote from is misleading.

I just used their headline for my title.

As for conflict of interest? Yes this administration is guilty of it on so many levels..but so was the last one, and the one before that, and the one before, and so on. But that does not make this a senate vote to give acorn rule of the banks.

It does so by making ACORN-like institutions, if you will, to bend to the Federal banking regulator Director's will. Here again, I'll put it as simply as I can. If they did something that the Director didn't like, then the Director would simply make sure that the banks didn't give any financial support to the ACORN-like institutions.

That means that these ACORN-like institutions will never advise something against the Director (they are an "oversight board"). And if this panel, the Consumer Financial Protection Agency had no "authority" whatsoever, then it would not have been created.

Originally posted by mythatsabigprobe
Acorn's not mentioned in the bill. Anywhere. It's a proposal to put some consumer advocates on the consumer financial protection agency. A good thing don't you think? Or has the right become so easily brainwashed that they'll leave the oversight board stacked in favor of the predatory lenders because someone shouts "ACORN"?

Again, if the board did something the Federal banking regulators director didn't like, then the director would simply not allow these ACORN-like institutions to receive any financial support from the banks from which they currently receive millions.

Therefore, these ACORN-like institutions are being slanted to not advise anything real to protect the consumers from the bank heads.

They would lose their millions of dollars they currently receive from these people they're supposed to advise if they did!

So how does this help the consumer? It just seems to me to be more smoke screens to "show" the consumers just how much they care, when they really don't.

[edit on 10/26/2009 by willow1d]

reply to post by Common Good


I'll take issue with the 'pressured banks into making subprime loans' statement. That is wholly untrue. There are lawsuits pending now against banks (mostly 'private-label' mortgage companies') that steered otherwise qualified people AWAY from conventional loans and into the subprime loans because of the significantly higfher profitability of those loans. There is an enormous amount of disinformation about the whole subprime debacle.

The people who had the legal repsonsibility of regulating and overseeing what was going on have a vested interest in convincing the masses that the whole thing collapsed because a bunch of hicks 'bought homes they knew they couldn't afford'. Whereas every authoritative source will tell you that it was driven BY Wall Street seeking more mortgage product with which to issue MBS's --- especially the lucrative subprime ones. The very organizations that have the responsibility to QUALIFY applicants were the ones skirting the rules, pressuring appraisers and falsifying applications in order to get 'liar loans' approved. And the VAST majority of these subprime loans originated OUTSIDE the realm of CRA.

I would like to remind everyone why anyone here cares about ACORN in the first place. The reason is that a snotty rich college boy, by his own admission, wanted to discredit an organization that motivates low-income neighborhoods to get out & vote on election days. Why? Because low-income neighborhoods vote Democrat.

James O’Keefe, one of the two filmmakers, said he went after ACORN because it registers minorities likely to vote against Republicans: ”Politicians are getting elected single-handedly due to this organization,” O’Keefe told The Washington Post. ”No one was holding this organization accountable.”

Also keep in mind that his methods included illegally videotaping his meetings.

Don't let yourself get suckered onto HIS bandwagon. Think of how appalled you would all be if he was in a position of authority or power and used those methods and reasons.

[edit on 26-10-2009 by suicydking]

Originally posted by Seiko
The second point again involves no law being broken, because there was never a real child prostitution ring. Again this is a hypothetical. Are those workers bad? Of course they are I was shocked by the video. The workers in the video should never be put in a position to advise another human being ever again.

Yep, no law has been broken. To me this is the samething as Dateline NBC luring so called pedophiles to a house by having a cop pretending to be a young girl on the Internet. At the point where they are arrested, they have broken no laws.

Originally posted by mythatsabigprobe
Acorn's not mentioned in the bill. Anywhere. It's a proposal to put some consumer advocates on the consumer financial protection agency. A good thing don't you think? Or has the right become so easily brainwashed that they'll leave the oversight board stacked in favor of the predatory lenders because someone shouts "ACORN"?

Look at the citation at the bottom of the article linked at the beginning of the thread. .

Financial Services GOP Press Office 202-226-0471

No mention in the bill. . Hmmm, let's spin this, throw in Maxine Waters and ACORN's name anyways to fire up the base. What? You say election day is in 2 weeks?

Originally posted by Common Good
Why read the bill?

Yes, indeed. Why read the bill when you can read a sensationalized piece of crap filled with assumptions, suspicions and half-truths and get your juice running? Forget that you don't if what you saying is truth or not. Let's not be bothered with actual THINKING and facts when we can run off half-cocked and spread this crap far and wide!

I'm with jtma508. I'm not defending ACORN, but read the damn bill. "ACORN-like institutions" Oh, lord!

Yes this article is making accusations that aren't true.

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.

Bold emphasis added. ACORN would be ELIGIBLE, but is not being made a board member at this time. Typical right wing trick. I thought they would stop misleading the public after Bush left office.



[edit on 10/26/2009 by Hal9000]

Originally posted by Benevolent Heretic

I'm with jtma508. I'm not defending ACORN, but read the damn bill. "ACORN-like institutions" Oh, lord!

Read what I needed to of the bill, here's the applicable part:

(1) 4 members of the Board who shall be appointed by the President, by and with the advice and consent of the Senate--
...(B) who have a strong competencies and experiences related to consumer financial products or services; and....

Sec 114 (c)(2) COMMUNITY AFFAIRS- The Agency shall establish a unit whose functions shall include providing information, guidance, and technical assistance regarding the provision of consumer financial products or services to traditionally underserved consumers and communities.

(3) CONSUMER COMPLAINTS- The Agency shall establish a unit whose functions shall include--

(A) establishing a central database for collecting and tracking information on consumer complaints about consumer financial products or services and resolution of complaints; and

(B) sharing data and coordinating consumer complaints with Federal banking agencies, other Federal agencies, and State regulators.

Sec115(b)b) Membership- In appointing the members of the Consumer Advisory Board, the Agency shall seek to assemble experts in financial services, community development, and consumer financial products or services and seek representation of the interests of covered persons and consumers.

According to ACORN's website:

ACORN is the nation’s largest grassroots community organization of low- and moderate-income people...Since 1970, ACORN has been building community organizations that are committed to social and economic justice, and won victories on thousands of issues of concern to our members, through direct action, negotiation, legislative advocacy and voter participation. ACORN helps those who have historically been locked out become powerful players in our democratic system.

Community organizing...brings neighbors together to work for stronger, safer and more just communities...eliminate predatory financial practices by mortgage lenders, payday lenders, and tax preparation companies; win the development of affordable housing and community benefits agreements;...

through the ACORN Housing Corporation, first time homeowner mortgage counseling and foreclosure prevention assistance, and low income housing development. ...

Mission Statement...ACORN take on issues of relevance to their communities, whether those issues are discrimination, affordable housing, a quality education, or better public services.

Okay, I think that's enough. There's a lot more if you care to look it up. Just connect the dots to see the whole picture. Look at what I put in bold for the bill and look at what ACORN themselves say they are.

The description of whom they want to serve hits ACORN and other "ACORN-like organizations" to a T. (Nothing wrong with saying that, must be from different areas of the country if you don't understand what I'm doing by saying ACORN-like organizations) Not many people understand just what "community organizers" are. But most people have heard of ACORN. So by saying "ACORN-like organizations" help people connect to what one is talking about.

And since there's such a GREAT connection to Obama and many of the czars, don't ya think that they'll be in there?