Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set

Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access in retail financial markets by reducing information asymmetries and power imbalances between providers and users of financial services. Financial consumer protection has gained significance in policy debates, especially since the onset of the financial crisis in 2008. This paper presents the results of a survey on consumer protection regulations in 142 countries. The findings indicate that although consumer protection legislation is in place in the majority of countries, these do not necessarily address the issues specific to financial services. There is some evidence that enforcement powers and monitoring capacity are limited in many countries, obstructing the effective implementation of the existing regulations. Furthermore, independent third party dispute resolution mechanisms are not widespread. The paper also compiles comprehensive information on laws and regulations relevant for consumer protection and discusses a number of challenges related to empirical analyses of financial consumer protection to enable cross-country comparison.

Bibliographic Details

Main Authors:	Ardic, Oya Pinar, Ibrahim, Joyce A., Mylenko, Nataliya
Language:	English
Published:	2011-01-01
Subjects:	ACCESS TO CREDIT, ACCESS TO FINANCE, ACCESS TO FINANCIAL SERVICES, ACCESSIBILITY, ADVERTISEMENT, ADVERTISEMENTS, ANNUAL PERCENTAGE RATE, ANTI-MONEY LAUNDERING, APR, ARREARS, ASYMMETRIC INFORMATION, ATM, ATMS, AVERAGE BALANCE, BANK ACCOUNTS, BANK CHARGES, BANK DEPOSIT, BANK DEPOSITS, BANK PRODUCT, BANKING ACCOUNT, BANKING SERVICES, BANKING SUPERVISION, BANKS, BASIC BANKING, BEHAVIORAL ECONOMICS, BIASES, BORROWER, BORROWING, BUSINESS LENDING, BUYERS, CALCULATION, CALCULATIONS, CAPITAL MARKET, CASH WITHDRAWALS, CHECKS, COLLECTIVE INVESTMENT SCHEMES, COMMERCIAL BANK, COMMERCIAL BANKS, COMMERCIAL TRANSACTIONS, CONSUMER, CONSUMER ACCESS, CONSUMER BEHAVIOR, CONSUMER COMPLAINTS, CONSUMER CREDIT, CONSUMER CREDIT PRODUCTS, CONSUMER FINANCE, CONSUMER LENDING, CONSUMER LOAN, CONSUMER LOANS, CONSUMER PROTECTION, CONSUMER PROTECTION LAW, CONSUMER PROTECTION LAWS, CONSUMER PROTECTION MEASURES, CONSUMER PROTECTIONS, CONSUMER RIGHTS, CONSUMERS, CONTRIBUTION, COST OF CREDIT, CREDIT ALLOCATIONS, CREDIT BUREAUS, CREDIT CARD, CREDIT CARD ISSUERS, CREDIT CARDS, CREDIT FACILITIES, CREDIT INFORMATION, CREDIT INFORMATION BUREAUS, CREDIT INSTITUTIONS, CREDIT LINE, CREDIT MARKET, CREDIT MARKETS, CREDIT PRODUCTS, CREDIT REPORTING, CREDIT TRANSACTIONS, CREDITOR, CREDITS, CURRENT ACCOUNTS, CUSTOMER SERVICE, DEBT, DEBT COLLECTION, DEBTORS, DEBTS, DEPOSIT, DEPOSIT ACCOUNT, DEPOSIT ACCOUNTS, DEPOSIT INSURANCE, DEPOSITOR, DEPOSITORS, DEPOSITS, DEVELOPING FINANCIAL MARKET, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENT, DISCLOSURE REQUIREMENTS, EARNINGS, ECONOMIC DEVELOPMENT, ELECTRONIC BANKING, ELECTRONIC PAYMENTS, ENFORCEMENT MECHANISM, ENFORCEMENT MECHANISMS, EQUAL ACCESS, EXCESSIVE INTEREST RATES, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCES, FINANCIAL ACCESS, FINANCIAL ACTIVITY, FINANCIAL ADVISERS, FINANCIAL COMPANIES, FINANCIAL CONCEPTS, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL EDUCATION, FINANCIAL EXPERIENCES, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL LITERACY, FINANCIAL LITERACY PROGRAMS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL MATTERS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL REGULATOR, FINANCIAL REGULATORS, FINANCIAL SECTOR, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES INDUSTRY, FINANCIAL SERVICES REGULATION, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL TRANSACTIONS, FOREIGN CURRENCY, GENERAL PUBLIC, GOVERNMENT INTERVENTION, GREATER ACCESS, GUARANTORS, HOUSEHOLD FINANCE, HOUSEHOLDS, ID, ILLITERACY, INCOME, INCOME GROUP, INCOME LEVELS, INDEBTEDNESS, INEQUALITY, INFORMATION ASYMMETRIES, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE COMPANIES, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INVESTING, INVESTMENT COMPANIES, KEY CHALLENGE, LENDERS, LIABILITY, LIFE INSURANCE, LOAN, LOAN CONTRACT, LOAN REPAYMENT, LOAN TERMS, LOW INCOME, LOW-INCOME, LOW-INCOME INDIVIDUALS, MARKETING, MEDIUM ENTERPRISES, MICROFINANCE, MICROFINANCE INSTITUTIONS, MINIMUM BALANCE, MONEY LENDING, MORTGAGE, MORTGAGE CREDIT, MORTGAGE MARKET, MORTGAGES, NATIONAL BANK, OFFICE OF FAIR TRADING, OUTSTANDING BALANCE, OVERDRAFT, PAYMENT SERVICE, PAYMENT SERVICES, PENSION, PENSIONS, PROTECTION OF CONSUMER, PROTECTION OF CONSUMERS, PUBLIC POLICY, PUBLIC-PRIVATE PARTNERSHIPS, REMITTANCE, REPAYMENT, RESEARCH ASSISTANCE, RESERVE BANK, RETAIL CREDIT, RETAIL FINANCIAL MARKETS, RETAIL FINANCIAL SERVICES, RETIREMENT, RETIREMENT SAVINGS, RETIREMENT SAVINGS ACCOUNTS, SALARIES, SALE, SALES, SAVINGS, SAVINGS ACCOUNTS, SCAM, SECURITIES, SOLVENCY, STATE BANK, TOTAL COST, TRANSPARENCY OF INFORMATION, TYPES OF CONSUMER, UNEMPLOYMENT, UNION, UNREGULATED FINANCIAL INSTITUTIONS, URBAN DEVELOPMENT, USURY, UTILITY BILLS, WAGES, WEB SITE, WITHDRAWAL, WITHDRAWAL FEES, WORTH,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110118134022 https://hdl.handle.net/10986/3308
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