How to ensure a balanced EU approach towards credit agreements for the benefit of consumers?

Digitalisation has profoundly changed the lending sector as well as the behaviours of consumers.

The aim of this Directive is to increase consumer protection by improving rules on creditworthiness assessment, presentation of credits adapted to digital devices as well as financial education. For Renew Europe it is essential that the legislative framework, currently under negotiations between the European Parliament and the Council, keeps pace with the digital transformation of our society, the new ways of disclosing information and assessing the creditworthiness, the new players and new products such as Buy Now Pay Later.

In light of the digitalisation and the increased demand for consumer credits, Renew Europe wants to ensure consumer's adequate protection while supporting the competitiveness of legitimate credit providers. Our political group has played a significant role in the negotiations by contributing to a balanced and fair EP position. Renew Europe has introduced a dose of proportionality for the creditworthiness assessment according to the nature, amount and risk of the credit as well as a possibility for a proportionate regime in terms of obligations for some credits. Renew Europe has also introduced the right to be forgotten and a one-year time limit to request the nullity of the contract, in case the customer wants to use the right of withdrawal. Another key priority from Renew Europe is the exclusion from the scope of this directive of deferred debit cards as well as ensuring a level playing field for banking and non-banking institutions providing credits. Therefore, our group will seek to defend our position concerning the proportionality, the exemption, the level playing field, the need for a proportionate regime and adequate pre contractual information during the upcoming negotiations with the Council.

Renew Europe MEP, Stéphanie Yon-Courtin (Liste Renaissance, France), shadow rapporteur on the revision of the Credit Consumer Directive, said:

“The new rules will allow for more consumer protection in light of digital developments that took place in the last few years and the increased demand for consumer credits. This is a key area with disproportionate impact upon our most vulnerable citizens, so ensuring consumers’ adequate protection whilst supporting the competitiveness of legitimate credit providers is a moral as well as political imperative. We hope to reach a balanced position to ensure consumer protection while allowing development of the payment markets with consumer friendly products in the negotiations with the Council.”

Location: ROOM ASP 1G2

17:00-17:10

Welcoming and introductory remarks by MEP Stéphanie Yon-Courtin, Renew IMCO Shadow Rapporteur on the Consumer Credits Directive and Renew Europe ECON Coordinator.

17:10-17:50

Panel discussion with stakeholders, moderated by MEP Stéphanie Yon-Courtin.

Panelists:

- Mr. Peter Norwood; Senior Research and Advocacy officer, Finance Watch

- Mr. Elie Beyrouthy; Vice President, European Government Affairs, American Express

- Mr. Richard Knubben; Director General, Eurofinas-LeaseEurope

- Ms. Cecile Barateau; Director for External Relations, Cdiscount

- Mr. Louis Chatriot; Chairman and co-founder, ALMA

More information on the speakers can be found below

17:50-18:30

Q&A Session including online questions (through the webstreaming service)

18:30-18:40

Concluding remarks by Comissioner for Justice, Mr Didier Reynders.

Press Statement by MEP Yon-Courtin and Commissioner Rynders

18:40- 20:00

Cocktail

Mr. Peter Norwood; Senior Research and Advocacy officer, Finance Watch

Finance Watch is a European NGO created in response to the 2008 financial crisis, defending the public interest in the making of financial regulations.

Mr Norwood has been Senior Research and Advocacy officer at Finance Watch since 2020 and, prior to this, has worked more than ten years for regulators, institutions and associations in the financial services sector such as the German Insurance Association, the UK Financial Conduct Authority and the European Commission as a Seconded Financial Expert.

His main policy topics are : insurance, capital markets, sustainable finance, retail

Mr. Elie Beyrouthy; Vice President, European Government Affairs, American Express.

American Express, a major actor in payment solutions, is the world’s first non-bank payment card issuer and is focused around : payment companies and the facilitation of a network of traders.

Mr. Beyrouthy is specialised in banking law, international law, negotiation, EU institutions and government relations. He also is a member of the Banking Stakeholder Group at the EBA and the Chair of the Executive Board of the European Payment Institutions Federation (EPIF).

Mr. Richard Knubben; Director General, Eurofinas-LeaseEurope

Eurofinas is specialised in consumer credit providers and is the only EU federation that exclusively focuses on all policy and regulatory issues related to consumer credit. LeaseEurope is the Federation of Leasing Associations and represents the leasing and automotive rental industries in 33 European countries.

With a more than 16 years of experience in the corporate and political sector, Mr. Knubben has specialised in public affairs, consumer rights, industry policy, business development and corporate communications.

Ms. Cecile Barateau; Director for External Relations, Cdiscount

Since its creation in 1998, the marketplace Cdiscount has been the leader of French e-commerce and a real digital actor in Europe, relying on its numerous sectors of activity.

Prior to this, Ms. Barateau was Senior Manager of public affairs for group Casino. Also, Ms. Barateau has experience in the public sector, having been advisor to the regional economic, environmental and social council and representative to the vice-president in charge of finance and contracting for the Île-de-France region.

Mr. Louis Chatriot; Chairman and co-founder, ALMA

ALMA is a start-up created almost 5 years ago that permits customers to pay their purchases over time, without worrying about fraud, defaults and collection.

Founder and CEO of ALMA, Louis Chatriot also founded TLDR.IO and is the former General Manager for Italy at STRIPE and former head of Location Motion in Europe.