1,721,625 research outputs found
A European Perspective on Consumer Loans and the Role of Credit Registries: the Need toReconcile Data Protection, Risk Management, Efficiency, Over-indebtedness, and a Better Prudential Supervision of the Financial System
Full text linkConsumer credit, Credit data, Institutions, Data protection, Over-indebtedness,
The 'credit scoring pandemic' and the European vaccine: Making sense of EU data protection legislation
Full text linkCopyright @ 2010 The Author. This article is available open access through the publisher’s website at the link below.This article explores credit scoring systems as a tool used by the credit industry to evaluate consumers’ credit applications and creditworthiness within the context of the EU. After an analysis of the technologies and techniques behind the scoring of individuals, it investigates the most relevant issues behind the reporting of consumer financial information, i.e. the prejudicial side of sharing people's reputation exacerbated by ever-advancing information technologies and the disrespect of the privacy of consumers. This is put in context with an analysis of the values that the right of informational privacy protects and the dangers that data protection legislation aims to prevent. Ultimately, this article aims at showing that a correct application of the existing EU data protection legislation should prevent, or at least repair, the flaws of the uses of credit scoring and concerns over the respect of established privacy rights
Consumer credit information systems: A critical review of the literature. Too little attention paid by lawyers?
No full textThis paper reviews the existing literature on consumer credit reporting, the most extensively used instrument to overcome information asymmetry and adverse selection problems in credit markets. Despite the copious literature in economics and some research in regulatory policy, the legal community has paid almost no attention to the legal framework of consumer credit information systems, especially within the context of the European Union. Studies on the topic, however, seem particularly relevant in view of the establishment of a single market for consumer credit. This article ultimately calls for further legal research to address consumer protection concerns and inform future legislation
The consumer interest and data protection under EU competition law: the case of the retail financial services sector
Full text linkThe legitimacy or illegitimacy of information exchanges among competitors remains a contemporary debate under EU competition law and policy. This article revisits the issue in the retail financial services sector for the peculiar problems that it may pose for consumers. It analyses and reflects on the relevant case law and guidance offered by the competent authorities, providing a new perspective on the inevitable interaction between EU competition law, the interest of consumers and their protection, and personal data protection. It suggests that the current state under competition law is unsatisfactory for being short-sighted and that the EU judiciary and policymakers should take a holistic approach encompassing consumer protection and fundamental rights
The regulation of consumer credit information systems: A lesson from Italy?
No full textThe regulation of Consumer Credit information in Italy, the European context, and privacy protection. Could Italy's legislative approach provide an example for a legislative model to other EC member states
The over-indebted European consumers: quo vadis personal insolvency law?
Full text linkIn the wake of the financial turmoil that has characterised recent years, this paper examines the state and adequacy of EU law in dealing with the large scale of over-indebted consumers and their insolvency. Legal responses taken within the context of the overall goal of the integration of the EU retail financial market will be examined, whilst the potential for EU personal insolvency law to stem the ‘dark side’ of such a market in the future will be evaluated. At EU level, the policy and legal measures adopted so far, concentrate on the prevention of behavioural causes of over-indebtedness, but the intertwined situation of consumer defaults and insolvencies has been left to the uncoordinated competence of national legislators. The fragmented EU legal framework, insofar as it attempts to deal with over-indebtedness and personal insolvency legislation, is addressed in the context of the legal instrument of mutual recognition that aims to promote clarity of the procedural and jurisdictional rules in cross-border matters. The most recent case law of the European Courts and its limitations are considered, together with the increasing drive towards further integration of EU markets and the economy that creates a mounting pressure for substantive harmonisation. In the promotion of consumer protection, the challenge will lie in addressing the current and profound diversity of national laws and the impact that harmonisation may have on exclusive national competences over social policies
The Never Ending European Credit Data Mess
Full text linkBEUC (the European Consumer Organisation) Report. This report explores the role of consumer credit data and their sharing in the retail financial markets of the EU Member States, and it analyses their functions within the EU policy and legal framework. The main aim is to provide some clarity and disentangle the many difficulties that characterise an area of the single market that can pose more than one concern for the detriment of European consumers. It purports to show the ongoing state of disorder within the EU single market and the reasons why the urgent and careful attention of the EU legislator is required. Besides, policy and regulatory questions for the EU financial services market become increasingly important in view of the new challenges presented by emerging technologies that avail themselves of new generations of personal data processing, as well as new business models that are capable of transforming the retail financial sector (‘FinTech’). This report includes some recommendations to policymakers
The regulation of consumer credit information systems: Is the EU missing a chance?
No full textThis article examines the legal framework of consumer credit information systems in the EU in view of a single retail credit market. It puts forward the proposition that positive law is inadequate to strike a balance between legitimate concerns over consumers' civil liberties, institutional guarantees, and the needs of the credit industry. It suggests that the EU should enact industry-specific legislation, and the new consumer credit directive should represent the appropriate forum for its regulation. So far, however, the proposed directive maintains the status quo and is far from satisfactory, leading to the conclusion that the EU is missing a chance to re-think a regulatory model to support a healthy single consumer credit market in which consumers receive adequate protection
The foundations of EU data protection law
No full textAs we all are aware, data protection is a complex and multifaceted concept both from a legal and a social point of view, and there is now a considerable body of literature that contributes to the moral, social, political, economic, and jurisprudential debates over its concept. These perspectives are often influenced by national viewpoints and discussions, reflecting local values, traditions, and legal thinking
Data protection and the legitimate interest of data controllers: much ado about nothing or the winter of rights?
Full text linkEU data protection law is in a process of reform to meet the challenges of the modern economy and rapid technological developments. This study analyses the legitimate interest of data controllers as a legal basis for
processing personal data under both the current data protection legislation and its proposed reform. The relevant provision expands the scope of lawful processing, but is formulated ambiguously, creating legal
uncertainty and loopholes in the law. The new proposed regime does not resolve the problem.Taking a“rights” perspective, the paper aims to show that the provision should be narrowly interpreted in light of the ECJ case
law, and to give effect to the Charter of Fundamental Rights; a rephrasing of the norm is desirable. The provision on the legitimate interest of data controllers weakens the legal protection of data subjects
- …
