Among BIPAR members, certain national associations represent credit intermediaries. The Consumer Credit Directive (CCD) contains rules applicable to credit intermediaries. Over the past years, BIPAR, together with its Working Party on Credit, has been working on the Commission’s review proposal for the CCD (proposal published on 1st July 2021 and the final text published in October 2023 in the Official Journal).  The Commission’s main drivers for the proposed changes were

Member States are now in the implementation phase into national law. The new CCD was published on 30 October in the Official Journal of the EU (it entered into force on 20 November 2023). Member States have to adopt and publish the laws, regulations and administrative provisions necessary to comply with the Directive by 20 November 2025 and apply those measures from 20 November 2026.

The Directive on credit agreements for consumers relating to residential immovable property (“Mortgage Credit Directive” or “MCD”) has applied since 21 March 2016.  It aims to improve consumer protection measures across the EU and establishes principles for the authorisation and registration of credit intermediaries. BIPAR and its Working Party on Credit represented intermediaries’ views during the preparatory phase of the Directive until its adoption, as well as during levels 2 and 3 proceedings.

BIPAR has been involved in the review process of the Directive that was launched by the European Commission in its 2019-2024 mandate.