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...
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| Format: | Policy Research Working Paper |
| Language: | English |
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2012
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| 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 http://hdl.handle.net/10986/3308 |
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okr-10986-3308 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
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 |
| spellingShingle |
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 Ardic, Oya Pinar Ibrahim, Joyce A. Mylenko, Nataliya Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| geographic_facet |
The World Region The World Region |
| relation |
Policy Research working paper ; no. WPS 5536 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Ardic, Oya Pinar Ibrahim, Joyce A. Mylenko, Nataliya |
| author_facet |
Ardic, Oya Pinar Ibrahim, Joyce A. Mylenko, Nataliya |
| author_sort |
Ardic, Oya Pinar |
| title |
Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| title_short |
Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| title_full |
Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| title_fullStr |
Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| title_full_unstemmed |
Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set |
| title_sort |
consumer protection laws and regulations in deposit and loan services : a cross-country analysis with a new data set |
| publishDate |
2012 |
| url |
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 http://hdl.handle.net/10986/3308 |
| _version_ |
1764386770950029312 |
| spelling |
okr-10986-33082021-04-23T14:02:08Z Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set Ardic, Oya Pinar Ibrahim, Joyce A. Mylenko, Nataliya 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 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. 2012-03-19T17:59:58Z 2012-03-19T17:59:58Z 2011-01-01 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 http://hdl.handle.net/10986/3308 English Policy Research working paper ; no. WPS 5536 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region |