New York City passes Predatory Lending Bill. (Business Alert).(Brief Article)

THE NEW YORK CITY COMMITTEE ON CONsumer Affairs voted unanimously to pass the New York City Predatory Lending Bill on Sept. 4. The vote came after a month of actions, letter writing and lobbying by the Association of Community Organizations for Reform Now (ACORN), Washington, D.C. The New York office of ACORN worked closely with the city council in drafting the bill, according to ACORN.

The New York City Predatory Lending Bill would prohibit the city from doing business with companies (or affiliates) that are designated as predatory lenders by the city. It would also cover Wall Street firms and banking institutions that originate, purchase or underwrite subprime …