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Community Reinvestment / Responsible Credit

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27/07/15 Bank disclosure and the Euro Crisis - a message from John Taylor, NCRC Washington D.C.

The European Crisis on Greek government bonds has puzzled the big audiences especially in Northern Europe. Many citizens bombarded by irresponsible tabloids assumed that their governments have lent enormous amount of money to Greece which these people are not willing to repay because they are either too lazy or too corrupt or just showing a mentality of irresponsible... [more...]

17/07/15 UN conference on Trade and Development Drafts new Principles on Consumer Protection especially in Financial Services

The UNCTAD has revised its consumer protection guidelines especially with regard to financial services that until now had been omitted. The USA has called this premature since OECD and G20 are working on the same issues. The Draft is based on a survey in 2014 of UNCTAD with member countries in which only a few have participated.   The new draft of the principles is in... [more...]

08/07/15 Recent research for Asian Development Bank shows gaps in financial inclusion, regulation, and education in Germany

iff Director of economics, Prof Doris Neuberger, has published a paper on financial inclusion in Germany. It should serve to give other countries examples of better practice, alternative policies and lessons for regulation of financial services. Below are the findings and reccomendations from the paper: Germany’s bank-based financial system provides a high level of... [more...]

02/02/15 Why the election of Syriza offers hope for Europe’s indebted households

The election of Syriza in Greece has sent shock waves through the international establishment as a consequence of the new Government’s determined position to write off a significant proportion of the country’s debts and reschedule the remainder for payment according to the rate at which the economy grows. It is understandable that this challenge to the troika of the... [more...]

13/10/14 Bank supervisors get interested in responsible credit – FinCoNet publishes its report on responsible lending

A worldwide association of bank supervisors have published a report on responsible lending. The report covers European countries like Germany and France but not the UK and most of the other EU states. But it also covers also China, Japan, Singapore, South Africa, Australia and Uganda. The USA and South America do not show up. Although this is a quite arbitrary selection... [more...]

23/05/14 BRAZIL - Brazilian consumers win claim against banks - iff support on interest rate claims successful.

Brazilian consumer organisations have filed a multitude of claims against banks who withheld the contractually convened interest payments with the primary argument that that keeping to their contractual obligations towards Brazilian small savers would have caused them to have to file for bankruptcy. At the eights financial services conference in Hamburg the participants... [more...]

12/04/13 Realizada 7ª Reunião da Comissão Temporária de Atualização do CDC - 08 de abril de 2013

Prezado Associado e Amigo do Brasilcon, Foi realizada, no último dia 08 de abril,  no Senado Federal, a 7ª Reunião da Comissão Temporária de Atualização do Código de Defesa do Consumidor (CDC), cujo tema específico do debate foi a “Atuação e o fortalecimento dos Procons no âmbito do direito consumerista (Req. 008/12)”. Participaram da audiência, sob a presidência dos... [more...]

01/02/13 Projeto Consumidor Vencedor - Ministério Público do Estado do Rio de Janeiro (MPRJ)

Prezado Associado e Amigo do Brasilcon, Criado pelo Ministério Público do Estado do Rio de Janeiro (MPRJ) em dezembro de 2012, informo que já se encontra disponível no link o site do Projeto Consumidor Vencedor. O site contém o resumo das decisões judiciais definitivas obtidas nas ações levadas à Justiça pelo MPRJ em benefício dos... [more...]

21/01/13 The European Commission's Financial Service User Group, largely made up of consumer advocates has published a report on avenues for regulation to consider.

In September last year the FSUG produced an interesting report with suggestions on how the interests of users of financial servcies can best be protected through new regulation. This collective report from the group adds to the work done by ECRC coalition partners to provide ideas and new ways of thinking to better regulation and outcomes for consumers (e.g. see the work... [more...]

24/10/11 Sustainable finance: ECRC supporter Bank Track publishes a report warning of the shortcomings of the existing revisions being made to the new version of the Equator Principles.

BankTrack to Equator Principles banks; ‘get the Outside Job done’ Equator Principles update must lead to new Principles focused on people and planet Washington, October 23rd 2011 , for immediate release BankTrack, the global NGO network monitoring private sector bank operations, calls upon the Equator Principles Financial Institutions (EPFIs) to ensure that the next... [more...]

21/07/11 Dati insufficienti e distorti sul debito dei consumatori in Europa-l’ esempio della Germania.

Una comparazione internazionale dei dati sull’indebitamento dei consumatori è più facile di quanto si possa credere. The European Consumer Credit Research Istitute (ECRI) , un istituto di ricerca, finanziato dalle più grandi banche, fra le pressioni politiche e la ricerca fornisce l’ unica statistica annuale sull’ indebitamento delle famiglie e sul credito al consumo(vedi... [more...]

21/07/11 Insufficient and biased Data on Consumer Debt in Europe - the Example of Germany.

A cross national comparision of data on consumer indebtedness is less easy than one can assume. The European Consumer Credit Research Institute (ECRI) a research institution between lobbying and research financed by major banks provides the only annual statistics on houshehold borrowing and consumer credit (see Since its basis are... [more...]

07/06/11 Brasilcon - Cadastro Positivo

Prezado associado e amigo do BRASILCON, Comunico que, infelizmente, não mais será realizado o Debate sobre a Reforma do CDC: Superendividamento e Cadastro Positivo, na data inicialmente prevista, em virtude da solenidade no Senado  da Comissão de Reforma do CDC marcada para o dia 14 de junho de 2011. Atenciosamente, Héctor Valverde Santana Presidente do... [more...]

11/05/11 US Mortgage Market Myth - Short analysis explains why state influence on Fannie Mae and Freddy Mac (the GSEs) is the wrong culprit in explaining the subprime disaster.

The financial crisis which now cost us billions of Euros to support States like Ireland, Portugal and Greece is also triggering rightist parties like the "True Finnish" Party to block the further development of Europe. What they ignore is that this help for such States is in fact help for the big bank monopolies in Europe who provided insane credit to such states because... [more...]

11/05/11 US Mortgage Market Myth - Short analysis explains why state influence on Fannie Mae and Freddy Mac (the GSEs) is the wrong culprit in explaining the subprime disaster.

The financial crisis which now cost us billions of Euros to support States like Ireland, Portugal and Greece is also triggering rightist parties like the "True Finnish" Party to block the further development of Europe. What they ignore is that this help for such States is in fact help for the big bank monopolies in Europe who provided insane credit to such states because... [more...]

05/05/11 Payment Protection Insurance - the late fruits of Bank Lobbying: 100.000 Complaints in the UK and mass lawsuits elsewhere

Why too much Lobbying in Brussels may have hurt the Banking Industry In 1998 the EU mandated a study from iff on Payment Protection Insurance with regard to consumer credit. The findings were alarming: up to 50% of credit cost were hidden in such factually linked contracts. Most of this money consisted out of hidden interest since it flew back to the banks in the form of... [more...]

03/05/11 Divide et Impera: Is the new European Banking Authority and its Stakeholder Group another Bank Lobbying institution in Brussels?

New Approach to Bank Lobbyism in Brussels? The European Union has generated billions from Member States for the rescue of banks. The European Union is also largely responsible for the deregulation of bank supervision and capital markets in the last 15 years. An important group of deputies from all parties in the European Parliament find that bank lobby is far too strong in... [more...]

17/03/11 World Consumer Rights Day - Consumers International calls for stronger consumer financial protection and the ECRC will support its efforts within the G20.

The international association of consumer organisations from both advanced and emerging economies calls for: A new permanent international organisation to support work on financial consumer protection; Mandatory financial consumer protection bodies; Clearer contracts, charges and practices; Effective redress and dispute resolution; Measures to promote stability and safety... [more...]

17/03/11 US CFPB - Update on the new Consumer Financial Protection Bureau and the work organised by Prof. Warren so far

While Prof Warren has been subject to Congressional Republicans attempting to portray her as the "unaccountable" head of a bureaucracy immune from oversight from Congress or federal agencies (with aims to cut CFPB funding and weigh down its rulemaking procedures by replacing its single director with a five-member board of directors), she has presented lawmakers with 34... [more...]

06/12/10 Brazil - Handbook on over-indebtedness launched and draft bill for revision of the Brazilian Consumer Protection Code planned, focusing on the consumer credit markets and over-indebtedness.

Below is a translation of Brasilcon’s news update, our Brazilian partner of the Global Coalition for Responsible Credit. Dear friend and associate of Brasilcon, We inform you with satisfaction on the launch of the Handbook about overindebtedness, the result of a partnership between the Department of Consumer Protection and Defense (DPDC) and experts: Claudia Lima Marques,... [more...]

08/11/10 Banker remuneration – When will bonuses become more reasonable? In a context of belt tightening, will Europe’s financial centre lead the way to moderation?

UK: Cable announces review of bankers' pay Vince Cable announced that the Coalition government is planning an investigation into the way the City operates, including executive pay and bankers’ bonuses. The review is set to be conducted against the news that FTSE 100 boardroom pay has increased by 55% and banks have begun buying out the bonuses of rivals’ staff to lure them... [more...]

29/10/10 Redesigning Consumer Financial Protection –Details of the US Consumer Financial Protection Bureau are provided by UK Coalition Partner CfRC alongside details of the Dodd-Frank Act

The UK CfRC looks at the details of the US reform and compares it to the promises made so far in the UK in the Issue of its Responsible Credit Journal (Vol1 No2 - Oct 2010) Redesigning Consumer Financial Protection: how will the UK compare with the US? The US is establishing a Consumer Financial Protection Bureau, with explicit duties to both improve consumer protection... [more...]

29/10/10 Consumer Financial Protection Bureau – Prof. Warren gives an update on her blog.

While lawyers are still working on the scope of its authority, the new agency is already hiring and initiating research and is already causing providers to change their behaviour. Focussed on clarity, it will be deeply reliant on outreach and collecting data about how consumer markets are working. Can Europeans learn from the US direction and ensure that funds are also... [more...]

08/10/10 Consumers International launches G20 financial services campaign

CI launches G20 financial services campaign 08 Oct 2010 Demanding more from our leaders on financial consumer protection. Consumers everywhere need access to stable, fair and competitive financial services. They have had to put up with abusive practices for too long and... [more...]

18/08/10 UK national stakeholder Responsible credit conference – 19/20 October 2010 in London. Speakers are key policy decision makers and stakeholders including a guest appearance from Reverend...

Responsible Credit UK Convention, London, 19th & 20th October 2010 The regulation of the UK’s credit markets is being radically redesigned. Government is currently consulting on its plans to create a new Consumer Protection and Markets Agency and the Financial Services Authority has set out its proposals to create a more responsible lending mortgage market. A longer term... [more...]

26/07/10 BRAZIL – Promoting Responsible Credit - Lançamento da cartilha eletrônica "Crédito responsável"

Prezado associado e amigo do Brasilcon, Tenho a satisfação de informar o lançamento da cartilha eletrônica "Crédito Responsável", que procura explicar, de modo claro e objetivo, sobre os riscos do superendividamento. O documento, que será encaminhado para todos os PROCONS e entidades civis de defesa do consumidor, pode ser incluído em páginas da internet pelos... [more...]

09/07/10 Centre for Responsible Credit, London: UK help of Interest Subsidies for Mortgage Borrowers against Foreclosure is threatened

Both Shelter and the Council of Mortgage Lenders (CML) are calling for the Government not to reduce the rate at which Support for Mortgage Interest (SMI) payments are made. SMI is currently paid to people in receipt of Income Support or Income based Jobseekers Allowance at a rate of 6.08%, but the Budget announced that Government plans to reduce this to a market average... [more...]

09/07/10 Centre for Responsible Credit London: IMF publishes final proposals for bank taxes

The International Monetary Fund has set out further details of its preferred mechanisms to ensure the financial sector makes a ‘fair and substantial contribution’ to cover the likely costs of any future crises and to general tax revenues. In its final report on the issue, which will now go forward for decision by the G-20, the IMF highlights that the as yet unrecovered... [more...]

28/06/10 USA - The new financial reform bill has been passed and made public (all 2,000 plus pages)

ECRC global partner NCRC has released its comments on the new Financial Regulatory Reform Bill which the Conference Committee has passed today. Below are the press releases. Financial Regulatory Reform Bill Passed by the Conference Committee Washington, DC- Early this morning, 28th June 2010, the Conference Committee passed the Financial Regulatory Reform Bill. John... [more...]

28/06/10 AUSTRALIA - New law aims to put clamp on mortgage exit fees and new guides on the new National Consumer Credit regime published by the regulator.

New law aims to put clamp on mortgage exit fees The Age The new consumer credit law in place from Thursday will give the Securities Commission will be given teeth to declare void so-called "unfair" or "unconscionable" exit fees that do not relate to the costs banks actually incur in closing accounts. ---- ASIC updates credit licence guidance International Business Times... [more...]

24/06/10 Deputies in the European Parliament from all Parties form an Alliance on tougher Bank Regulation and Supervision

The Declaration We, as European elected officials in charge of regulating financial markets and banks, can see every day the pressure exerted by the financial and banking industry to influence the laws governing it. There is nothing extraordinary if these companies make their point of view known and have discussions on a regular basis with legislators. But it seems to us... [more...]

09/04/10 Banks favour new EU-Regulation in Consumer Credit - to stop Natinoal consumer protection efforts? ECRI Initiatives in Brussels.

Have Banks gone too far with their 2008 Directive? ECRC has accompanied the battle around the new Consumer Credit Directive 2008/48/EC. There is no question that consumer protection in general lost this battle when the 2002 draft was totally withdrawn and replaced by the neo-liberal information Directive which instead of bread and butter for debtors in consumer credit... [more...]

31/03/10 International conference - ECRC partner ZPS is organising a stakeholder conference on financial services in Slovenia on 20 May 2010. Sign up.

Finforum 2010 ZPS Financial Forum: "Consumers in the Financial Crisis: Lessons Learned and Ways Forward" Thursday, 20th of May 2010, Ljubljana, Slovenia Draft Programme Wednesday, 19 May 18.30 Welcome drinks reception Thursday, 20 May 08.00 Registration opens. Tea and coffee 09.00 to 10.00 Welcome and introductory session 10.00 to 11.10 Plenary I: Financial Crisis... [more...]

31/03/10 Australia: Credit providers face a new licencing regime Article from the Sydney Morning Herald on regulatory changes in Australia Lenders given reform choices March 30, 2010 AAP The federal government has flagged measures to weed out dodgy lenders before new consumer credit laws come into force. Credit providers will have to be licensed if... [more...]

23/03/10 From Welfare State to Welfare Society - The Greek answer to the financial crisis should be copied elsewhere.

Greece has introduced a new consumer bankruptcy code modelled after the German insolvency procedure but with a significant shorter good will period of 4 years (6 in Germany). Its outstanding innovation lies in the development of a network of debt advice offices in Greece. In its inauguration conference the Greek socialist ministry of economics had invited a representative... [more...]

08/12/09 "Emerging Evidence" - UK Office of Fair Trading publishes new Findings on Usurious Credit in the World

Another „Research“ from the UK to defend its usurious Credit Practices – Stop it. Since a couple of years we observe so-called research in the UK, the EU Member State with the highest usurious credit rates in Europe, the most problematic banking community. The studies are designed to show that UK usury serves the poor. While the simple ideology that less regulation lets... [more...]

08/12/09 A Report on Poverty, Debt and Legal Aid in Japan by ECRC partner Saya Oyama (Associate Professor, Kinjo Gakuin University, Japan)

2009 International Forum on Legal Aid Taipei Taiwan Panel Discussion III Day 2 [14:00-15:10, 1/11/09] Poverty, Debt and Legal Aid in Japan Saya Oyama (Associate Professor, Kinjo Gakuin University Japan) ________________________________________________________________________________ Preface As an introduction to the issues of “Poverty, Debt, and Legal Aid in Japan”, I... [more...]

23/11/09 Microfinance in China: Real opportunities still do not exist for those largely forgotten by the country's economic development?

As the Grameen Trust enters China, this article tries to explain why microloans are still relatively underdeveloped – the reasons include: inadequate or overly restrictive government regulations (e.g. requirement that a formal bank must be the controlling shareholder in any village bank and that fact neither organization can operate outside its registered county), complex... [more...]

11/11/09 The Stiglitz/Sen/Fitoussi Report on Sustainable Development 2009: Consumer Perspective and vital needs

The two Nobel Prize winners Stiglitz and Sen together with Fitoussi have delivered their "Report by the Commission on the Measurement of Economic Performance and Social Progress" to the French President Sarkozy, 2009 ( Professor Joseph E. STIGLITZ, Chair, Columbia University; Professor Amartya SEN, Chair Adviser, Harvard University; Professor... [more...]

09/11/09 Australia is moving in Consumer Credit

From the latest newsletter of the International Association of Consumer Law  November 2009, Vol. 2, issue 2 ( edited by Christine Riefa, Brunel Law School, UK we learn about the efforts made in Australia to harmonise consumer credit law and introduce more effective elements, amove which follows the centralisation of consumer credit law in the US through the... [more...]

28/09/09 G20 - Welcome step taken to stop banks fuelling corruption

The Global Witness sees some good news in what the G20 have agreed do. Concerned with corruption, banks have a role to play in combating this, especially in developing countries. The previous report, Undue Diligence: How banks do business with corrupt regimes, detailed how major banks including Barclays, HSBC, Deutsche Bank and Citibank were facilitating corruption through... [more...]

28/09/09 INTEREST RATE CAPS – The ECRC partners will need to discuss the arguments of this subject at their next international conference in July 2010. Differences between partners still exist.

"Capping interest rates is not the way to stop irresponsible lending to people who can't afford the loan" microcredit activist Faisal Rahman tells the Guardian. In an Interview to the Guardian Faisal Rahman argues that continental anti-usury legislation is no way to cope with predatory lending. Instead he favours penal sanctions. This kind of interview is in line with... [more...]

24/09/09 G20 - Global Coalition renews its call for banks ‘worth saving’ / Rappel vers les leaders du G20 à créer un système financier qui mérite d’être sauvé

At the occasion of the G20 summit in Pittsburgh, the ECRC renews its call for banks ‘worth saving’ (which it issued at the previous London G20 Summit in April 2009) and reminds coalition partners of its critique of the more recent G20 Declaration “12 measures for a socially useful financial system” led by alternative banks. ----- [en français, voir ci-dessous] Global... [more...]

18/09/09 A new Pittsburgh G20 Declaration in the Making by some coalition partners - ECRC prefers to concentrate on its Principles of responsible credit and will reissue its previous April...

G20 Summit on Incentives, Investments and Institutions There has been an extensive discussion among members of the Coalition for Responsible Credit and Community Reinvestment concerning a paper promoted especially by INAISE, the organisation of alternative and ethical banks in Europe for the upcoming G20 summit. A number of Coalition members have already signed this... [more...]

04/09/09 A Swedish Seminar "Towards a more effective control of financial crimes and the financial interests of the EU" will be held in Stockholm, 13-14 October 2009

Strengthening cooperation between judicial and police authorities in the EU The seminar is free of charge (no registration fee). Financial crimes are serious and growing threats in all EU Member States. For the past decades the European Union has given high priority to detecting, investigating and tackling this problem and to bringing offenders to justice. The... [more...]

28/08/09 Responsible Lending or Responsible Borrowing - Who is to blame for the financial crisis? In their response to the hearing ECRC censures the idea of solving the crisis at the expense of...

Public Consultation on Responsible Lending and Borrowing in the EU August 10, 2009 1. Question 3 In your view, are there certain (categories of) credit products that are inherently unsuitable for sale to retail borrowers? In our Subprime Declaration from 30 June 2008 ECRC supported by many signatures from its coalition partners had already pointed to a number of... [more...]

13/08/09 GlobalCRC. Since Our last conferences our partner in Japan is the National Coalition for Fair Consumer Credit (CREST) which together with NCRC and ECRC form the Global Coaltion for...

CREDIT & SALAKIN TAIKYO, JAPAN National Coalition for Fair Consumer Credit Fighting for ending undue and unjust sufferings of debtors in Japan since 1978 6th fl. Nihon Bunka Kaikan, 2-chome 1-23 Kitahama, Chuo-ku, Osaka 541-0041 JAPAN WELCOME to CREST JAPAN CREDIT & SALAKIN TAIKYO JAPAN (CREST JAPAN) is a national coalition for fair consumer... [more...]

04/08/09 CONSUMER BANKRUPTCY – New report on regimes in the US and Europe and link to new book “Consumer Credit, Debt and Bankruptcy".

Consumer Bankruptcy Regimes in the US and Europe - Further effects and implications of the crisis (CEPS Working Document No. 318/July 2009 by Maria Gerhardt) ABSTRACT Consumer insolvency is a topic that has gained much prominence in the context of the financial crisis on both sides of the Atlantic. In countries such as the US and the UK, the number of bankruptcy filings... [more...]

03/08/09 UK lending 'extortionate' - Barnardo's 'Breadline Britain' report is further evidence that some providers continue preying on some of Britain's poorest families with +500% APR loans.

Press release from DOOD blog website BARNARDO'S SLAMS PROVIDENT RATES OF 545% Wednesday, 29 July 2009 at 14:04 Barnardo's 'Breadline Britain' report, published yesterday, rightly slams Provident's 545% APR loans to some of Britain's poorest families as 'extortionate'. The report comes on the same day that Provident announced a rise in pre-tax profits in the first six... [more...]

28/07/09 PAYDAY LOANS – Why do borrowers pay over 400% APRs?

A recent study by economists at the University of Chicago examined the effects of payday lenders being required to better explain the long-term financial cost of their loans. However, although providing a clear and tangible description of a loan's cost reduced the number of applicants choosing to take payday loans, this only applied to 10 percent of borrowers. This means... [more...]

25/07/09 NEW BOOK – A new publication entitled “Consumer Credit, Debt and Bankruptcy” provides details on comparative and international perspectives

The discount order form for this book is on the second page of the flyer attached below. CONSUMER CREDIT, DEBT AND BANKRUPTCY - COMPARATIVE AND INTERNATIONAL PERSPECTIVES Edited by Johanna Niemi, Iain Ramsay and William C Whitford After a long period of prosperity and steady economic growth, the world's leading economies are now in crisis, and although there will be... [more...]

20/07/09 US Partner NCRC shares details of recent dialogue with the Obama Administration and a forthcoming paper explaining what happened and the response the US is taking.

NEWS FROM THE STATES: The current global financial meltdown began with the collapse of the U.S. Subprime Mortgage Market, which continues to wreak havoc throughout that nation and the world. What really happened, and what is being done in response – by lawmakers and the Obama Administration, by bank regulators, and by civic leaders and hard-hit communities? More... [more...]

16/07/09 Imprisonment for debt, Insolvency procedure without participation of the debtor - Irish ECRC partner reports on the latest move to reform the Irish credit system after the credit crisis

RECENT DEVELOPMENTS IN IRELAND Introduction Despite sustained economic growth and a consumer credit boom over fifteen odd years, successive Irish governments have failed to update and modernise the debt enforcement infrastructure in line with the more progressive systems in operation across most of the European Union. The focus instead has been to gradually increase the... [more...]

11/06/09 European Elections and the Financial Crisis: Will the Power of the "Financial" Commission be tamed? Who are the new Candidates - Fox and Merz the Business Candidates or are there others?

Less than half of the European Citizens have felt it necessary to vote. The new Parliament will if Eurosceptics from the UK, Bavaria, Austria and other states within the conservative parites are also counted, have an enormous amount of members which do not want a better Europe but no Europe at all.  To those who want a socially responsible Europe where different cultures... [more...]

11/05/09 CONFERENCE - Nos partenaires brésiliens de Brasilcon organisent une conférence sur le crédit responsable cette semaine (les 14-15 mai!). Benoit Granger et John Taylor nous représenteront.

Les efforts de l’ECRC font partie d'une coalition mondiale pour le crédit responsable. Benoit Granger et John Taylor prendront la parole lors de la conférence et mettrons en avant les points de vues de notre coalition. Dans quelques jours, se déroulera la conférence sur le crédit responsable, soutenue par la Banque centrale du Brésil ainsi que par les autorités du pays.... [more...]

11/05/09 KONFERENZ – Der brasilianische Partner des ECRC, Brasilcon organisiert diese Woche, am 14./15. Mai eine Konferenz. Benoit Granger und John Taylor werden uns dabei als Referenten vertreten.

Die Bemühung der ECRC ist Teil einer globalen Koalition für verantwortliche Kreditvergabe. Benoit Granger und John Taylor werden in Brasilia im Namen unserer Koalition sprechen. In ein paar Tagen, am 14. und 15. Mai 2009 wird die Konferenz in Brasilia stattfinden und trägt den Titel "Verbraucherschutz und verantwortliche Kreditvergabe". Unterstützt wird die Konferenz von... [more...]

11/05/09 DIREITO DO CONSUMIDOR E CRÉDITO RESPONSÁVEL - CONFERENZA - I nostri partner brasiliani Brasilcon stanno organizzando una conferenza, il 14-15 maggio! Benoit Granger e John Taylor...

Prezado associado e amigo do BRASILCON, Segue abaixo programação do Congresso Jurídico Direito do Consumidor e Crédito Responsável, a ser realizado pelo Instituto Brasileiro de Política e Direito do Consumidor – BRASILCON, em Brasília (DF), no auditório do Banco Central, nos dias 14 e 15 de maio de 2009. O evento discutirá os efeitos da crise mundial para o... [more...]

11/05/09 CONFERENCE – Our Brazilian partners Brasilcon are organising a conference this week on 14-15 May! Benoit Granger and John Taylor will be attending.

The efforts of ECRC are part of a global coalition for responsible credit. Benoit Granger and John Taylor will be speaking on behalf of our coalition. In a few days, BRASILCON will be holding its conference on responsible credit. With the support of the Central Bank of Brazil it has thus received the support of the authorities that the issues we are dealing with within... [more...]

07/05/09 ANTI-USURY: The coalition has promoted discussions on the issues of interest rate ceilings for many years. A desire by 100+ US community leaders to see rates capped at 36%, not only...

100 + DIVERSE NATIONAL AND STATE GROUPS SUPPORT DURBIN’S S. 500 BILL March 2, 2009 Dear Senator Durbin: We applaud you for introducing S.500 that would stop a wide range of lending abuses by capping interest rates for consumer credit at 36 percent annually. Cleaning up the finance industry is essential to a sustainable economic recovery. The “Protecting Consumers from... [more...]

31/03/09 Global Coalition for Responsible Credit calls on G20 leaders to create a financial system "worth saving"

The National Community Reinvestment Coalition/NCRC &ndash; in alliance with the Global Coalition for Responsible Credit/GCRC, including partner organizations and citizen leaders in the UK, Europe, Asia, Latin America and Africa &ndash; today issued a call for the forthcoming meeting of the G20 to commit itself to the creation of a financial system that is &ldquo;worth... [more...]

04/03/09 BRAZIL – A law on collection of positive debt data is being rushed without due time and discussion. Member of the global coalition for responsible credit, Brasilcon, reminds us that...

The arguments to let positive data enter are more negative ones since allowing only negative data the picture will get wrong. A customer who defaults in a small credit will have this information available while the fact that he serviced a big loan for years without problems may not be considered. This is certainly a big disadvantage. On the other hand removing all barriers... [more...]

10/02/09 Vietnam – Central bank removes interest rate ceilings.

Door to consumer credit open wide 08:08' 10/02/2009 (GMT+7) VietNamNet Bridge – Right after the State Bank of Vietnam removed the ceiling interest rate on consumer credit, commercial banks rushed to launch several thousand billion VND of new consumer credit programmes onto the market. However, the interest rates of the loans are ‘unnattractive’ to many borrowers. The... [more...]

02/02/09 ECRC Partner IACL holds a Conference on Poverty and Consumer Law in India 12th International Conference on Consumer Law Organised by NALSAR in association with the International...

12th International Conference on Consumer Law Organised by NALSAR in association with the International Association of Consumer Law Hyderabad , 25-27 February 2009 PROVISIONAL PROGRAMME Wednesday 25th February 2008 Excerpt of topics regarding financial services and consumer credit Vasundhra Ravi & Geetanjali Dhankhar, Post-Graduate students, NALSAR (India), Development... [more...]

01/12/08 As UK buys 50% of RBS, Who Might Buy Its US subsidiaries & with what bailout funds?

Below is an article analyzing the what-ifs of Royal Bank of Scotland's U.S. subsidiaries Charter One and Citizens Banks being sold off, now that the UK government owns more then half of RBS. While listing the big banks which probably won't make it bid, it hypes Capital One, Morgan Stanley, Suntrust and Regions, saying that the last two might use their US government TARP... [more...]

29/11/08 CONFERENCE – In February 2009, IACL will hold its consumer law conference in India and discuss Globalisation, Poverty, Development including Rights and Responsibilities of financial...

Hosted by NALSAR, the conference held from 25-27 Feb 2009 in Hyderabad, is especially designed for consumer law experts and has an eminent panel of speakers planned. We hope to gather stakeholders from the world over and continue to discuss our Principles of Responsible Credit! ----- 12TH INTERNATIONAL CONFERENCE ON CONSUMER LAW HYDERABAD 25-27 FEBRUARY 2009 The 12th... [more...]

27/11/08 CONFERENCE – ECRC will work with Brasilcon and IDEC in 2009 to make the conversations on responsible credit truly global.

ECRC and US partner NCRC are happy to have the ‘London Declaration’ available in an increasing number of languages. Thanks to BRASILCON, Brazilian Institute of Policy and Consumers Law, these now exist in Portuguese too. We look forward to the reaction that the Brazilian Public Authorities will have when the London Declaration and the ECRC Principles of Responsible Credit... [more...]

27/11/08 INDIA – Banks expect more bad debts as a whirl of revolving credit has replaced historically cash-based transactions in India over the past few years. Credit cards pose a risk to...

IN THESE HARD TIMES, EASY CREDIT COMES BACK TO HAUNT CARD USER (Live Mint Money Matters, Krittivas Mukherjee / Reuters) New Delhi: Credit is a devil that dances in empty pockets,” was the advice P.V. Rajiv’s father gave him when the young salesman swiped his new credit card for the first time to buy an expensive watch he could hardly afford. Swiping debt: A petrol pump... [more...]

25/11/08 Interest Rate Regulation Developments in Japan

In this short piece, we describe the process by which Japan came to regulate interest rates and to require that lenders not lend too much to any borrower. We welcome any comment. [more...]

22/11/08 US UPDATE – Some recent media reports on the situation in the US

SUB-PRIME MORTGAGES - FANNIE, FREDDIE RIDE FORECLOSURE FREEZE TIDE (BY SCOTT SABATINI, Legal News Line) WASHINGTON (Legal Newsline)--As Capitol Hill remains under siege from all sides of America's faltering economy, pressure to stem the tide of foreclosures continued to make inroads as Fannie Mae and Freddie Mac became the latest to join the foreclosure freeze movement. ... [more...]

19/11/08 REGULATION OF BANK LENDING – China offers an approach which regulators worldwide should think about applying in creative ways to improve the sustainability of financial services.

Friends of the Earth and BankTrack show in their report that China’s “Green Credit Policy” will make a difference. In the current economic climate, where banks are themselves relying on external funds from the public purse, is it possible to apply a similar set of regulation to China’s but aimed at controlling the “responsible credit” impact of the bank’s consumer lending... [more...]

19/11/08 CRA - The Community Reinvestment Act is not the cause of the crisis. Such allegations are too simplistic and ignore all undisclosed subprime lending which was not conducted through this...

NEWS RELEASE November 19, 2008, Contact: Robert M. Garsson (202) 874-5770 COMPTROLLER DUGAN SAYS CRA NOT RESPONSIBLE FOR SUBPRIME LENDING ABUSES BALTIMORE — Comptroller of the Currency John C. Dugan said he categorically disagrees with suggestions that the Community Reinvestment Act is partly responsible for the ongoing credit crisis. “CRA is not the culprit behind... [more...]

16/11/08 "Change" – Financial Services and the Credit Crisis Introduction to the 8th International Responsible Credit Conference London 2008: “Global banking in crisis! Now is the time for...

Udo Reifner, Hamburg "Change" &ndash; Financial Services and the Credit Crisis Introduction to the 8th International Responsible Credit Conference London 2008: &ldquo;Global banking in crisis! Now is the time for Responsible Credit&rdquo; 13/14 November 2008 &ndash; New Connaught Rooms, London Two days before the leaders of the worlds' most... [more...]

13/11/08 PROJECT EVALUATIONS – Different savings and credit approaches in the developing world could lead to guidelines for better practice.

ECRC’s South African partner You and Your Money, took part in our international conference in London. General Director, Johann Magerman, is grateful to have attended the conference and says the experience proved to be a rich and rewarding one, as one was able to connect with people from diverse cultures and backgrounds. Johann will be one of several international partners... [more...]

07/11/08 NGO ACTION: "Bank to the Future” by BankTrack has followed ECRC’s example of putting forward some potential solutions to improve the responsibility of financial services.

Madrid, November 6 2008 BankTrack today released "Bank to the Future: El Escorial Statement on Banks and the Financial Crisis" at a press conference in Madrid. The statement was drafted at BankTrack's annual strategy meeting, held in El Escorial de San Lorenzo earlier this week. It contains BankTracks´ current position on what is needed to deal with the unfolding... [more...]

01/11/08 CONFERENCE – ECRC partner Observatoire de la Finance, held its 7th conference on Ethics, Finance and Responsibility in Geneva!

The conference was a success and the report (Franco-Anglo) is available as an attachment below. The 7th Internationale Meeting on Ethics, Finance & Responsibility was hold on the 3rd and 4th of October 2008, in Geneva. WORKSHOPS: Emilio Fontela Lecture: Economics and the Common Good - Protestants, Catholics and Money - Was Hippocrates a Financier? Finance and Medicine -... [more...]

30/10/08 NON-BANKS - Wanting to become banks?

GM'S FINANCE ARM SEEKS TO BECOME BANK CHICAGO: The troubled financial arm of auto giant General Motors is seeking to become a federally regulated bank holding company in a move which wou ld give it access to a share of a 700 billion dollar bailout package, GMAC said Thursday. GMAC said it intends to launch a private offer to "exchange a significant amount of its... [more...]

30/10/08 US BANK BAIL-OUT – Potential Misuse

AT UN, STIGLITZ SLAMS CHASE FOR MISUSE OF BAILOUT, FEDERAL RESERVE FOR PREDATORY LENDING (By Matthew Russell Lee of Inner City Press) UNITED NATIONS, October 30 -- The $700 billion bank bailout should not be used for mergers to increase market share, economist Joseph Stiglitz told the Press on Thursday. Following a UN panel discussion about the global financial crisis,... [more...]

14/10/08 Credit Crisis: Leaking Money Systems are Flooded - Is this sustainable?

Money is an irrigation system. If it is distributed in well kept tubes, canals, guided by dams and digs it may create a flourishing landscape und fertile soil. If it is unregulated or if dams have been torn down we call it a flood or even a Tsunami which destroys landscapes. During the neo-liberal move of the 1990ties and beyond, the "new" political waves (neo-cons,... [more...]

10/10/08 Banking crisis, nationalisation of losses and the social sector – analysis by ECRC, NCRC, iff and others on the current banking crisis. An overview and an invitation to come to London...

There is a lack of independent expertise in this credit crisis. There is a lack of long term perspectives in the present debate. iff and ECRC have tried to explain the crisis in many tv appearances in Germany during the last weeks and have provided easy to understand analysis and recommendations for German citizens. ECRC's central contribution is the Declaration on the... [more...]

07/10/08 While all state help is given to the Banks afdter a 40 bio $ US help to overcommitted homeowners now the Netherlands also think about improving the situation of overindebted housholds....

Nadja Jungmann from the Netherlands sent us her report for for the Dutch ministry of Social Affairs on Overindebtedness as well as the letter the minister sent to the parliament. Although the Netherlands has already a sophisticated and well functioning personal bankruptcy schemes which allows for debt relief within four years, the most important result of the report is... [more...]

10/09/08 UK's Channel 4 News Covers Payday Loans Issues

The UK's Channel 4 News programme has featured the growing problem of payday loans, including undercover filming of lenders including The Moneyshop (U.S firm Dollar Financial's trading name in the UK). The coverage, which includes comment from ECRC member, Debt on our Doorstep, reveals that payday loans are offered for up to six months at which point interest charges... [more...]

30/07/08 RESPONSIBLE CREDIT 2008: This November in London! 8th International Conference on Financial Services opens for bookings

Responsible Credit 2008, the 8th International Conference on Financial Services, organised by ECRC, NCRC, and UK partner, Inclusion, is now open for bookings. The conference will take place in London's Covent Garden on 13th and 14th November, and bookings are being taken through Inclusion's website at the link below. A draft programme is also attached below. Please sign up. [more...]

30/07/08 'PAYDAY' LOANS - Not just a US phenomenon. The Office of Fair Trading in the UK will investigate these. ECRC partner DOOD is in contact with OFT which is about to start a year long...

Two articles below show the renewed interest by regulators in responsible credit. CALL FOR ACTION ON PAYDAY LOANS (BBC, live interview with Damon Gibbons on Saturday 26th July) Debt advice groups are calling for urgent action over payday loans that charge extremely high interest rates. They want the market regulator to make lenders behave responsibly, as some... [more...]

29/07/08 New Ideas on Responsible Credit in the UK? The Office of Fair Trading is to launch year long project into 'responsible lending' and is in contact with ECRC. International ECRC...

The Office of Fair Trading in the UK has announced that it is to start a year long project investigating responsibility in lending in response to calls from ECRC member, Debt on our Doorstep. The announcement followed national media attention in the UK concerning payday loans, with the BBC broadcasting a live interview with Damon Gibbons on Saturday 26th July. A link is... [more...]

22/07/08 HSBC and AIG grow in Latin America, credit reporting in Australia

Hi -- even during summer subprime melt-down here in the U.S., big subprimers HSBC (Household) and AIG continue to grow overseas. And in Australia, moves to make credit histories more detailed. One day, the U.S. merger market will revive... Stay cool, -Matthew Matthew Lee, Esq., Executive Director Inner City Press / Fair Finance Watch NCRC Board member - Global - NCRC blog... [more...]

10/07/08 EU-DG Social Policy: Financial Inclusion (- into what?)

WHAT DOES FINANCIAL EXCLUSION MEAN - A CRITICAL ASSESSMENT OF THE UNDERLYING APPROACH The project on financial inclusion which DG Social Policy mandated to a group of people from the debt advice asked the question how exclusion from financial services could be overcome. The summary of their findings as well as the study itself is annexed. The conclusions are summarized... [more...]

03/07/08 AUSTRALIA – Il problema del prestito irresponsabile ha spinto il Governo Federale a prendere il controllo di tutti i prodotti creditizi per i consumatori.

The Age – Melbourne, Victoria, Australia, Annabel Stafford, 4 luglio 2008 ACCORDO SUL CREDITO AL CONSUMO Datori furbi di prestiti pay-day o compagnie senza scrupoli che danno carte di credito in mano a teenagers potrebbero presto affrontare delle regole più severe dopo che i leader di stati e territori riuniti a Canberra si sono messi d’accordo nel centralizzare la... [more...]

03/07/08 AUSTRALIA – Existence of irresponsible lending has led to the Federal Government being set to take control of all consumer credit products.

The Age - Melbourne,Victoria,Australia, Annabel Stafford, July 4, 2008 DEAL ON CONSUMER CREDIT DODGY pay-day lenders and unscrupulous companies that hand credit cards to teenagers may soon face tougher regulation after state and territory leaders agreed to centralise the responsibility for regulating consumer credit in Canberra. The Council of Australian Governments had... [more...]

30/06/08 Comunicato Stampa del Free Legal Advice Centres Ireland: il FLAC oggi ha appoggiato l’European Coalition for Responsible Credit (ECRC) nella sua “Dichiarazione sulla Crisi del Credito”...

Il FLAC (Free Legal Advice Centres) ha appoggiato la European Coalition for Responsible Credit (ECRC) nella sua “Dichiarazione sulla crisi del credito” per l’Unione Europea e i governi nazionali per ripristinare la fiducia e la stabilità nei mercati finanziari e per proteggere i consumatori dalle conseguenze del prestito irresponsabile. La dichiarazione, elaborata da una... [more...]

30/06/08 Free Legal Advice Centres Ireland Press Release: FLAC (Free Legal Advice Centres) today backed calls by the European Coalition for Responsible Credit (ECRC) in its ‘Declaration on the...

FLAC (Free Legal Advice Centres) today backed calls by the European Coalition for Responsible Credit (ECRC) in its ‘Declaration on the Credit Crisis’ for the EU and national governments to restore confidence and stability in the financial markets and to protect consumers from the consequences of the irresponsible lending. The declaration, from a coalition of... [more...]

05/06/08 DG Mercato interno e George W. Bush - Notevoli somiglianze nell'educazione finanziaria

Vi sono somiglianze notevoli tra le attivitá del direttore generale del mercato della Commissione Europea e Capital Hill relativamente alle reazioni alla crisi "subprime". Mentre molti, incluso il direttore della Federal Reserve, pensano che sia il momento di educare le banche ad essere più caute, a fornire più credito responsabile e ad astenersi dal trarre profitto dalle... [more...]

05/06/08 ECRC-Principles, Prinzipien, Principes, Principi, Principios of Responsible Credit in Different Languages

I sette principi sul credito responsabile dell'ECRC che sono stati sottoscritti da organizzazioni di tutto il mondo sono sempre piú presi in considerazione nelle discussioni pubbliche. Giá nel 2008 il primo Rating del CSR riguardante le banche sará basato su questi principi e sul relativo comportamento delle banche. I principi sono tutti disponibili su questa pagina web... [more...]

05/06/08 DG Market and George W. Bush - Striking Similarities in Financial Education

There are striking similarities between the activities of DG Market of the European Commission and Capital Hill as the reactions to the subprime crisis is concerned. While many including the Head of the Federal Reserve think it is time to educate bankers to be more cautious, provide more responsible credit and refrain from profiting from the needs of poor people an... [more...]

05/06/08 ECRC-Principles, Prinzipien, Principes, Principi, Principios of Responsible Credit in Different Languages

The seven ECRC Principles of Responsible Credit who have been signed by organisations all over the world are more and more taken into account in public discussions. Still in 2008 the first CSR-Rating concerning banks will be based on these principles and the respective bank behaviour. The principles are all availabe on this website at the below mentioned places. They... [more...]

04/06/08 CREDIT REGULATION – The Australian Government is consulting stakeholders with its suggested credit reform programme. This Green Paper tries to adapt certain laws which since 1993, date...

Treasury website: GREEN PAPER ON FINANCIAL SERVICES AND CREDIT REFORM Date: Tuesday, 3 June 2008 ABSTRACT: Green Paper on Financial Services and Credit Reform – Improving, Simplifying and Standardising Financial Services and Credit Regulation The purpose of this Green Paper is to consult stakeholders about the following range of financial services and credit reform... [more...]

03/06/08 German ECRC Conference organised by iff already booked out. 199 stakeholders from banks, debt advice, consumer organisations, science and politics will gather in Hamburg on June 6 and 7...

Financial Sector meets Client Sector - For the third time German stakeholders in financial services will meet in Hamburg and discuss issues like financial education, the international credit crisis, risk management in consumer credit contracts, the future of debt advice, investors' prpotection rules, the implementation of the EU Consumer Credit Directive 2008, protected... [more...]

03/06/08 EU Parliament Hearing on Financial Education - Who should educate whom in financial services? Bob Schmitz from ULC Luxembourg testifies.

Find annexed the paper Bob Schmitz from the Luxembourg Consumer Association a partner of ECRC has presented to the European Parliament with regard to the efforts of the Eu-Commission in Financial Education or as officials and some banks prefer Financial Literacy or even Financial Capability: 1. Consumer empowerment via information and education – serious limits We are... [more...]

25/05/08 NCRC Global: U.S. subprime fall-out even in Africa: fewer loans, but mergers continue, Citi grows in India, lays-off in UK

NOTE: the impacts of the U.S. subprime implosion continue to spread, including in Africa, where as reflected below, lending is decreasing (but unlike in the U.S. right now, mergers continue). Meanwhile, Citigroup for example has re-affirmed its commitment to consumer finance in emerging markets like India, see below, while it has laid off subprime employees in the UK --... [more...]

23/04/08 AUSTRALIA – Mortgage lending shows similarities with the situation in the US and are a cause of concern: Property bubble about to burst, housing affordability low, mortgage stress...

WEATHER THE PERFECT STORM (, Kelsey Munro, April 23, 2008) High interest rates and faltering property values in Australia and recession in the US are creating "the perfect storm" for debt-laden consumers, according to the author of a research paper on mortgage stress. Fujitsu Consulting and JP Morgan's latest data predict that almost 1 million households... [more...]

23/04/08 SOUTH AFRICA – Serious problems in the consumer credit insurance industry is being reported in South Africa too, similarities to the PPI products found in Europe.

CONSUMER INSURANCE SEEN AS SCAM, SAYS JUDGE (Dispatch Online - South Africa) CONSUMER credit insurance in SA has a bad name and is seen by many as a scam or a rip-off, Judge Peet Nienaber noted in a report on an inquiry into the industry released yesterday. However, not all the reasons for this are necessarily valid, and it is always necessary to distinguish between... [more...]


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