Recent regulatory developments of interest to financial institutions with focus on consumer finance. See also our Related Materials links for updates with broader application.
The European Commission has adopted a proposed Directive on consumer credits to revise and replace the Consumer Credit Directive (CCD). The Commission has also published on its webpage on the review of the rules relating to consumer credit agreements, the Annexes to the proposed Directive, an impact assessment report, an executive summary of the impact assessment report, a Regulatory Scrutiny Board Opinion on the impact assessment and a factsheet.
The Commission explains that, in the light of market, technological and behavioural developments since the adoption of the CCD, consumers taking out loans face detriment that could be avoided. Moreover, businesses face burdens and costs from unclear obligations, lowering the competitiveness in the EU market for consumer credit.
The proposed revisions to the CCD include:
The European Parliament and the Council of the EU will now consider the proposed Directive.
Authored by Yvonne Clapham
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