The question now is if the measure will be enforced. Or if the lending industry will challenge the bill in court. Councilman David Cohen said Street's lack of support indicates the bill will not receive top priority in the administration. Councilwoman Jannie Blackwell said Street was trying to straddle the political fence dividing voters and big banks. But as mayor, he needs to enforce the law.
Critics charge that high-cost predatory lending can result in home foreclosures, leading to blight.
Tasco said that spending millions to fight blight is a waste without an aggressive crackdown on unscrupulous lenders. Street did not see a conflict between his blight plan and his concerns with the predatory lending bill. I'm trying to do the best I can. I didn't want to veto the bill. But I have a number of concerns with this bill.