This book explores the political, economic and regulatory context in which credit regulation is taking place following the global financial crisis. It suggests that current neoliberal economic policies favour multi-national corporations rather than consumers and examines regulatory responses to the internationalization of consumer finance protection. Detailing how EU consumers have been affected by national economic conditions, the book also analyses the lending regimes of Europe, Australia, the US and South Africa and offers suggestions for responsible lending to avoid over-indebtedness and corrupt mortgage-lending. Finally, new approaches and directions for consumer credit regulations are outlined, such as protection for small businesses, protection against risky credit products, reorganization of mortgage securitization and the possibility of a partnership model to address financial exclusion.
The book includes contributions from leading names in the field of consumer law and will be invaluable to those interested in banking, business and commercial law.
Part I Introduction: Credit and over-indebtedness: current context, regulatory responses and future possibilities, Therese Wilson. Part II International Context: Continuity not rupture: the persistence of neoliberalism in the internationalization of consumer finance regulation, Toni Williams; Access to, and exclusion of, European consumers from financial markets after the global financial crisis, Hans-W. Micklitz. Part III Current Responses: Culture or politics? Models of consumer credit regulation in France and the UK, Iain Ramsay; The responsible lending response, Therese Wilson. Part IV Possible Future Initiatives: Extending responsible lending to small business: a 'consumer categorization?, Eileen Webb; Innovating for 'safe consumer credit: drawing on product safety regulation to protect consumers of credit, Luke Nottage; Bank-community development finance institution partnerships as a means for addressing financial vulnerability, Justin Malbon; Mortgage racketeering: the American home mortgage foreclosure crisis and the UN Convention against corruption, Christopher L. Peterson; Index..