Home » Other » Responsible Lending Changing Regulatory Environment and Industry Practices to 2013–2017 Market Trends, Size, Forecast

Synopsis

The report outlines the changing regulatory environment to practice fair and responsible lending in the retail banking industry:
It provides a global snapshot of the lending dynamics across regions in the lending market.
It provides insights into the key factors driving the stringent implementation of responsible lending and consumer protection regulations across various regions.
It provides analytical insights into global lending markets analyzing their attractiveness and risks involved.

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It provides case examples highlighting the successful implementation of responsible lending practices in key markets.

Executive summary

Governments and regulatory bodies across the world have enforced numerous measures to curb irresponsible lending practices by banks and other credit institutions. These bodies have also taken initiatives to create consumer awareness about prudent borrowing to avoid excess debt. Excessive fees and interest rates on loans, lack of disclosure of products’ terms and conditions, and deceptive debt-collection practices by banks and credit institutions contributed significantly to the financial crisis in the US and other developed economies in 2008–2009. The phenomenon of responsible lending has assumed increased urgency since the global financial crisis, and has become a priority for governments and other regulators in many countries which are increasingly concerned about the consequences of irresponsible practices in the financial sector, particularly in banking.

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The US was the country most affected by the financial crisis, and was at the forefront of enforcing responsible lending practices in the banking industry to restore consumer confidence in, and stability to, the industry. In this regard, the government and regulators have implemented several regulations, including the Credit Card Act 2009, the Dodd-Frank Wall Street Reform (widely known as Dodd-Frank) and the Consumer Protection Act in 2010, as well as the Truth in Lending Act, 2010 Regulation Z for property loans. The European Banking Authority, along with a number of European economies such as the UK, Germany and Poland, have also enforced several regulations. Banks and credit institutions are now required to provide customers with understandable information about the risks and benefits of credit products so they can make informed decisions and protect themselves from illicit practices.

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Scope

This report highlights the key regulations enforced by regulatory authorities across the world to curb the after-effects of the global financial crisis.
The report gives an insight into high-growth lending markets where risk of arrears or default is low.
The report also uses case studies to illustrate the successful implementation of responsible lending practices.