Emanuel also introduced a second ordinance that would use new zoning regulations to limit the proliferation of payday lenders, auto-title loan stores and other financial services.
His third ordinance would give the city’s Department of Business Affairs and Consumer Protection the “teeth” Emanuel said it needs to take action against businesses convicted of violating state and federal consumer protection acts.
On the same day that he unveiled the legislative crackdown, the mayor announced that Chicago would become the nation’s first major city to forge an information-sharing agreement with the U.S. Consumer Financial Protection Bureau. The partnership will allow the feds to move in quickly when patterns of financial fraud arise.
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