Romania:
Financial Inclusion – New Powers For The National Bank Of Romania?
14 March 2023
Schoenherr Attorneys at Law
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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 providers. Moreover, payment services providers
will be obliged to report to the NBR any changes they intend to
make to their fee structure for payment services. The bill was
criticised by the NBR, which expressed its opposition to the
envisaged changes.
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