ISPB Network: Crediting Retail 2024, 16.09.2024: Summary

Behind us:

ISPB Network: Crediting Retail 2024

organized by Institute of Banking Law Training.

During the webinar, Dr Bartosz Wyżykowski discussed the key pieces of legislation that will define the legal framework for retail lending in the coming years:

1. The provisions of the new Consumer Credit Directive (CCD2), including its scope of application, consumer credit advertising requirements, pre-contractual obligations or creditworthiness assessment rules. The provisions implementing CCD2 should be applied by creditors (e.g. banks) and credit intermediaries (e.g. online shops intermediating the offering of credit agreements) from 20 November 2026.
2. The provisions of the Regulation on the Establishment of Harmonised Artificial Intelligence (AI Act) setting out the obligations of providers and adopters related to high-risk AI (HRAI) systems. Annex III of the AI Act identifies, among other things

• AI systems intended for use in assessing the creditworthiness of individuals or determining their credit score, with the exception of AI systems used to detect financial fraud – the various provisions of the AI Act will apply at various intervals between 2 February 2025 and 2 August 2027,
• AI systems for use in risk assessment and pricing in relation to individuals for life and health insurance.

3. DORA provisions governing the obligations of financial entities in relation to third-party ICT service providers (ICT TPSPs), including the obligation to bring contracts with ICT TPSPs into line with the requirements of DORA and complementary acts. The DORA provisions will apply from 17 January 2025.

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