The Commission release a revised proposal on the Consumer Credit Directive. This new unconsolidated version incorporates several amendments called for by the European Parliament when it voted on the draft law in April this year.
A number of types of credit agreements are no longer covered by the law and the detailed rules stipulating how Member States should register and regulate credit intermediaries have been removed.
The Council now awaits the consolidated version examining the proposal.
Mr. Würmeling, rapporteur of the European Parliament, favoured the revised proposal as it incorporates a number of amendments proposed. However, Parliament will not accept the Commission proposal as long as it intends to stick to the concept of “full harmonisation”.
In a first response the European Association of Public Banks (EAPB) that the Commission has not or has insufficiently taken fundamental demands of the banking industry into consideration. “We strictly reject the principle of responsible lending if there are no adequate duties for consumers” said EAPB Secretary-General Henning Schoppmann.
Proposal
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Press release Würmeling (DE)
Press release EAPB
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