The International Association of Consumer Law, with participants present from six continents, has been meeting at Brunel University in West London the last few days, hearing presentations from regulators, industry representatives, consumer advocates, and academics. http://qwww.brunel.ac.uk/bls/research/events/ne_41734 Not surprisingly, regulation of consumer credit has been a prime focus, giving some perspective on US struggles to achieve more effective consumer financial protection.
Professor Iain Ramsay of the University of Kent in the UK reported on initiatives for international cooperation to enhance consumer financial protection. The G20, World Bank, Financial Stability Board, and Organization for Economic Co-operation and Development are all on board with this goal, seeing it as an essential part of a program to ensure that the international financial system is safe and sound. The OECD is expected to issue draft principles of consumer financial protection soon, and comments will be invited. Given the primarily prudential role of these organizations, balance from other sectors will be important.
Ramsay raised an underlying and overlooked question: what is the economic and social value of consumer credit?