Among BIPAR members, certain national associations represent credit intermediaries. The Consumer Credit Directive 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 digitalisation, recent other newer EU legislation in fields relevant for consumer credit, Covid-19 and over-indebtedness.

The trilogue agreement on the new CCD was officially signed by the Parliament’s Plenary in September 2023 and by the Council in October 2023. 

The new CCD was published on 30 October in the Official Journal of the EU in all official languages of the EU (it entered into force on 20 November 2023).

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.