Consumer Credit, Digitalisation and Behavioural Economics: Are new protection rules needed?

Abstract:

In 2008, the Consumer Credit Directive (CCD) was significantly changed by adopting a targeted harmonisation approach that aimed at standardising information disclosure duties and imposing similar rights all around the EU. Ten years later, this new version of the CCD has increased consumer protection in some EU countries. At the same time, however, it has had limited impact on the emergence of a single market for consumer credit, as the volume of cross-border sales remains marginal. In this context, the European Commission recently launched an evaluation of the CCD to assess its interplay with other rules and whether its current provisions are still fit for purpose.

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