ECON publishes draft opinion on consumer credits proposal

On 1 February 2022, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a draft opinion on the European Commission’s legislative proposal for a Directive on consumer credits to revise and replace the Consumer Credit Directive (2008/48/EC) (CCD II).

The draft opinion highlights additional measures to enhance further consumer protection while maintaining a balance with credit providers’ duties. Such measures include:
  • Preventing household over-indebtedness. ECON suggests tightening the conditions under which credit can be granted, in particular, when a consumer’s creditworthiness is assessed as negative. ECON further suggests introducing caps on charges such as the annual percentage rate of charge and expects consumers to benefit from better financial education and information on products so they are able to understand and compare offers.
  • Digitialisation. ECON suggests that the type of consumers’ data used to define personalised offers and creditworthiness assessments should not include sensitive data.
  • Green finance. ECON proposes more favourable credit conditions regarding socially and environmentally sustainable products.
ECON calls on the European Parliament’s Internal Market and Consumer Protection Committee to take into account its suggested amendments.


FIN. Team