City OKs ‘Challenge-Proof’ Anti-Predatory Ordinance
September 24, 2001
Atlanta has adopted an anti-predatory lending measure modeled after Philadelphia’s ill-fated ordinance but which advocates say is impervious to preemption and regulatory challenges. The city council approved the measure on a 14 to 1 vote on Sept. 17, setting the stage for a showdown with state bankers. Authored by council members Derek Boazman and Michael Julian Bond, the ordinance specifically prohibits the city from contracting with or investing city funds in banks or any affiliate