Heath's Blog

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ACORN Could Be Regulating National Banks Soon. What?

There is a bill in Congress that appears to be intended to create more extensive power for the president. It would establish a new Consumer Financial Protection Agency under the executive branch, with the authority to oversee, review, and police consumer protection laws for financial products and institutions.

The agency's jurisdiction for reviewing financial matters would include mortgages, credit cards, student loans, auto loans, payday loans, and more. It is sponsored by, Mr. Fixit, Barney Frank. There's an interesting kicker in the amendments.

Some who keep a watch on bills in Congress have concluded that a recent ammendment would provide for the appointment of board members from groups like ACORN. The bill doesn't name the controversial group specifically, but this most recent amendment includes language that makes it easy for ACORN like groups to qualify as board members.

The bill is HR 3126 Consumer Financial Protection Agency Act of 2009. It can be read in a number of places, in its entirety, on the Internet. One site that Intrigued me is the Open Congress Site. The bill is linked, referenced, and discussed. Extra information is provided about those who support it and who oppose it.

Proponents comment that something needs to be done. They argue that toasters have to pass more scrutiny than financial products. Financial products can have more impact on families than toasters can. We probably could use more protection in the financial industry, but we already have a few agencies in place don't we?

Heath Coker, Associate Broker
Robert Paul Properties
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Comments

obama owes them big time for all the voter fraud. Not to mention he taught them while working for them. If not for the fraud in MN Franken would not have been elected. He won by 312 votes and there are 43,000 questionable voters brought by acorn. Without him obama would not have the majority of minions in the senate. obama owes acorn and cares ot how they are repaid or at what costs to taxpayers or the Constituton.

Posted by John Rakoci, North Myrtle Beach Coastal Carolinas (Eagle Realty) over 10 years ago

It is not the executive branch that should do anything other than the Constitution allows.  That is not regulating the financial aspect of the country.  The executive has the Comander and Chief and the spokeman for the Country.  Those plus many other duties.  If we could get the President to just do his job it would be a good thing. 

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) over 10 years ago

Heath:  My God !  Such inflammatory silliness !  Yeah... we could even have Martians appointed to the group.  Worse yet, maybe you could get some former board members from Halliburton, or even Glenn Beck appointed, maybe, huh ?  All these scare tactics being used... they just make the inventors of this stuff look sillier and sillier. 

And... Barney Frank just isn't anywhere near the goof that you seem to imply.  He would not have remained in office all this long if he wasn't doing a good job for his constituents.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 10 years ago

@ John:  So you're on this band-wagon, too... huh ?  Al Franken is going to be a GREAT Senator for the good people of Minnesota.  Much better than the Republican do-nothing who was there before him.  Now... when Minnesotans get rid of Governor Tim Pawlenty, maybe things will improve in their state.

You mention voter fraud.  How about the wide-spread voter fraud in Florida in November of 2000.  It led to the deaths of thousands and thousands of of American service personnel... men and women whose families will NEVER be the same.  Ya wanna talk about "voter fraud?"  Florida would be a great place to start.

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 10 years ago

Thanx for the comments. I don't often see one commenter go after another, though. It is interesting that so much venom is so available. To those who kept the topic on executive powers and creation of more bureaucracy, thanks.

Posted by Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) over 10 years ago

Heath:  Many, many writers of blog posts encourage a sort of conversation between both the commentor and the writer of the post, and between one commentor and another... just as long as the back-and-forth between the two folks who commented does not kind of "overtake" the post... and become something like just between the two of them.  So... it is not, absolutely not unusual for one commentor to comment back to another.

I have been on Active Rain for almost two and one half years... and have ALWAYS personally encouraged comments between those who comment... as well as comments by the reader to the writer of the post.

But... the ultimate say... is that of the writer of that post.  If you encourage it, fine.  If it is not something you desire... that is totally fine, too.  It is your post... you set the tone.

Sorry if my comments upset you.  Take care...

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 10 years ago

Dear Ms. Stone. You seem to have the task of "spokesman." This issue must really be a problem for you, because you are ready to "correct" each comment and the post. I hope you are able to detox and think logically about the issues. 

For example, does any real estate company grow management more than they grow their production? It seems that one of the goals of those you speak for, is to have more than one manager for each salesman. And the managers they are willing to put "in charge" have a poor reputation. At some point sales production must become the focus, and quality managers can help grow that.

One of the beauties of America is the freedom to speak. You have been able to speak more than anyone in this blog post. Best wishes.

Posted by Associate Broker Falmouth MA Cape Cod Heath Coker, Heath Coker Robert Paul Properties Falmouth MA (http://www.CapeGroup.com & http://www.REindex.com) over 10 years ago

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