Consumer Finance Protection with Particular Focus on Credit
At the request of the G20, the Financial Stability Board (FSB) in cooperation with the Organisation for Economic Co-operation and Development (OECD) has taken forward work on consumer finance protection. This FSB report focuses on issues related to consumer credit, including mortgages, credit cards, and secured and unsecured loans. Within this ambit, the report: (i) provides a global overview of policy initiatives completed or planned to strengthen consumer protection frameworks (section 2); (ii) presents a comprehensive picture of existing and evolving institutional arrangements (section 3); and (iii) reviews the work of regulators and prudential supervisors in various areas of consumer protection, including responsible lending practices, disclosure guidelines, product intervention, and complaints and dispute resolution (section 4). Drawing from the findings of a stock-taking exercise, the report presents internationally applicable lessons and identifies gaps where additional international work could help to advance consumer finance protection and financial stability (section 5).