WHY THE BANK OF AMERICA was funding ACORN for years. “In this sordid tale, the unsympathetic banks are more victims than villains. The Community Reinvestment Act gives groups like ACORN considerable power over the institutions. It can accuse them of economic discrimination against minorities, forcing them to defend their business practices and reputations against de facto charges of racism. The penalties can be hefty fines and even blocked mergers. ACORN perfected this ‘pay for protection’ business model in the 1990s. And it is a business.”