Consumer Credit Directive II: Consumer Credit Legislation For The Digital Age

A 2020 review of the Consumer Credit Directive (2008/48/EC) ("CCDI") by the European Commission (EC) found that CCDI has been only partially effective in ensuring a high level of consumer protection.

This stem partly from the CCDI itself. The wording of certain provisions is imprecise, so Member States adopted diverging provisions resulting in a highly fragmented regulatory framework across the EU and a limited field of application. There are also several external factors that have contributed to CCDI not (or no longer) meeting its objective of ensuring high standards of consumer protection, such as market developments linked to digitalisation that were not foreseen when CCDI was adopted. In fact, rapid technological developments have profoundly changed the consumer credit market. Consumer behaviour and preferences have evolved with the emergence of new consumer credit products and new market players.