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"The regulatory and supervisory frameworks for consumer credit" [2019] ELECD 2502; in Brown, Sarah (ed), "The Regulation of Consumer Credit" (Edward Elgar Publishing, 2019) 79

Book Title: The Regulation of Consumer Credit

Editor(s): Brown, Sarah

Publisher: Edward Elgar Publishing

Section: Chapter 4

Section Title: The regulatory and supervisory frameworks for consumer credit

Number of pages: 43

Abstract/Description:

This chapter provides an overview of the regulatory/supervisory systems that control and police the credit markets across the Atlantic, and the conceptual bases of regulation employed in the context of the consumer credit relationship. This includes an overview of the institutional framework, referencing the various regulatory bodies and how these interconnect. The approach to supervision and enforcement is then considered, before moving on to the specifics of regulatory control over consumer provision. Particular issues surrounding the CFPB and its role in supervision and enforcement are discussed. There are a number of regulatory theories and approaches that engage with regulation, and numerous approaches to market regulation. The primary analysis, however, considers the principles versus rules-based dichotomy, as this has dominated recent debate; the analysis compares the basis of regulation across the Atlantic, and what informs the approach of the regulators in this regard.