CCD Review: Making consumer credit rules digital proof
Consumer credit markets in the EU have undergone a transformation in the past decade. New players have entered the market and new forms of credit have appeared such as “buy now, pay later”. Consumers expect smoother and faster processing of credit applications and more often use digital means to apply. New technologies further provide the possibility to disclose information to consumers in new ways as well as fully automat the credit-worthiness assessment.
The Consumer Credit Directive (CCD) introduced in 2008, does not yet address all the developments in the recent years in the consumer credit market. The European Commission has therefore proposed a revision of the CCD to expand its scope by introducing pricing rules, clarifying information requirements and adapting them to the digital world, revising the creditworthiness assessment and including debt advice.
During this CEPS-ECRI webinar, key stakeholders will discuss the Commission proposal and whether it is fit for purpose. Is the expansion of the scope appropriate? Are the proposed pricing rules adequate to overcome the different practices by member states? Does the proposal find the right balance between data-sharing demands for creditworthiness assessments and data protection? And do the proposed changes to the creditworthiness assessment sufficiently protect consumers against over-indebtedness?
Panel discussion
- Benedicte van Ormelingen, DG Just
- Caroline Emch, American Express
- Martijn Vliegenthart, Klarna
- Pui-Sze Chartier Woo, BNP Paribas Personal Finance
- Agustín Reyna, BEUC
- Ole Schröder, Schufa
