Financial Inclusion ' New Powers For The National Bank Of Romania?

• Law Firm: Schoenherr Attorneys at Law
• Subject Matter: Consumer Protection, Dodd-Frank, Consumer Protection Act
• Author: Francesca Buta
• Published date: 14 March 2023

A bill currently under debate in the Romanian parliament aims to change the legal framework of consumer protection by reallocating several powers from the National Authority for Consumer Protection to the National Bank of Romania (NBR). The purpose of the bill is to increase the financial inclusion of vulnerable consumers and the transparency on the financial market. If adopted, the new legislation will assign to the NBR the duty of making available to consumers a website where they can compare the fees charged by payment services...