Peering Forward, 10 Years After: International Policy and Consumer Credit Regulation

A key change since the financial crisis of 2008 is the internationalization of interest in consumer finance. International institutions monitor household credit because of its impact on financial stability and market expansion. Macroprudential concerns drove this interest, resulting in a sea change in approaches to consumer credit regulation in many jurisdictions. This article critically analyses the emerging international policy paradigm, contrasting pre-and post-crisis regulatory approaches and highlighting continuing tensions about key policy choices. It then uses two recent sites of contestation, debt adjustment and the regulation of high-cost credit to demostrate the persistence of conflict over the positioning of consumers within an emergent stability focused paradigm of financial consumer protection.