Skip to comments.Democrats Vote To Give ACORN Regulatory Authority Over Financial Institutions
Posted on 10/23/2009 3:39:08 PM PDT by OpusatFR
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 amendment passed on a vote to 35-33. Click here to view the vote.
ACORN/SEIU using CRA lawsuits that Hussein started with Fannie & Freddie wiped out our financial system. This is an outrage.
Is this true? Please say it’s not true.
Is this a Hoax?
FReep mail me if you want on/off the list.
Criminals from bottom to top.
Geez, everyday with these fools is like reading The Onion, except it’s not funny.
This is hell.
This should be a prelude to war.
Where is the GOP leadership? Why are they not shouting “foul?”
Where are the conservative lawyers to challenge this?
I keep asking. I never get satisfactory answers.
This article reminded me of something I heard on the radio today. I was running a quick errand and I think it was Michael Graham on the radio. A caller called to say “You think you’ve heard the most stupidest thing and wake up the next day to hear something stupider.” Michael Graham replied “The sea of stupidity has an endless bottom. You think you’ve hit bottom and it’s just a ledge and you roll off and fall further.” I think he’s called it right. Stupid runs deep. Lol or else cry, I’m not sure which to do half the time.
Every day I think the news couldn’t get any worse, but it does. Please tell me this isn’t true.
...these are just another form of reparations to colored people.
Medical reefer sold at the front desk next to the Viagra and condoms.
If this is true, patriots will start shueting.
and you can use your ACORN credit card!
Stop the installation of COMMUNISM in America!
“This should be a prelude to war.”
The time is coming - 2010
A hooker and ACORN verbiage savvy to make it legal in a gray sort of way for ALL CEO's who comply?
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