Oakland Okays First Draft of Predatory Lending Ordinance
July 30, 2001
Oakland’s City Council last week tentatively approved a tough anti-predatory lending ordinance that imposes new restrictions on high-cost loans made to borrowers. By its action, the East Bay metropolis became the first city in California to declare war against deceptive and abusive lending practices. As its last act for the year, the council’s Community and Economic Development Committee voted 4-0 to recommend passage of the draft measure.