PREEMPTION OF STATE AND LOCAL ANTI-PREDATORY LAWS
WHEREAS, incidences of predatory lending are on the rise in communities all across America;
and
WHEREAS, predatory lending often results in foreclosures causing neighborhood blight and
community destabilizing; and
WHEREAS, predatory lenders target society's most vulnerable populations such as the elderly,
low income individuals, and minorities; and
WHEREAS, predatory lenders, charge more in interest and fees than is required to cover the
added risk of lending to borrowers with credit imperfections; make loans with abusive terms and
conditions that trap borrowers and lead to increased indebtedness; and do not take into account
borrowers abilities to repay the loans; and
WHEREAS, many state and local governments have passed strong anti-predatory lending laws to
protect consumers from predatory lenders; and
WHEREAS, legislation has been introduced in the U.S. Congress that would establish a weaker
Federal standard and would preempt all state and local anti-predatory laws; and
WHEREAS, other legislation has been or will be introduced that would establish a stronger
federal standard, and would not pre-empt state and local laws,
NOW, THEREFORE, BE IT RESOLVED that the U.S. Conference of Mayors opposes the
enactment of any federal legislation which would pre-empt state and local anti-predatory lending
laws. The U.S. Conference of Mayors supports enactment of legislation creating an effective
national standard, while leaving in place stronger state and local laws on predatory lending.
©2003 U.S. Conference of Mayors 
