6 Amendments of Andrea COZZOLINO related to 2018/0063(COD)
Amendment 253 #
Proposal for a directive
Recital 32
Recital 32
(32) As part of the Council's Action Plan, credit institutions' data infrastructure would be strengthened by having uniform and standardised data for non-performing credit agreements. The European Banking Authority has developed data templates that provide information about credit exposures in the banking book and allow potential buyers to evaluate the value of the credit agreements and carry out their due diligence. Applying such templates to credit agreements would reduce information asymmetries between potential buyers and sellers of credit agreements and, thus, contribute to the development of a functioning secondary market in the Union. The EBA should therefore develop the data templates into implementing technical standards andguidelines that credit institutions shcould use those standards in order to facilitate the valuation of credit agreements for sale.
Amendment 387 #
Proposal for a directive
Article 14 – paragraph 1
Article 14 – paragraph 1
1. EBA shall develop draft implementing technical standardguidelines that specify the formats tohat may be used by creditors who are credit institutions for the provision of information as set out in Article 13(1), in order to provide detailed information on their credit exposures in the banking book to credit purchasers for the screening, financial due diligence and valuation of the credit agreement.
Amendment 454 #
Proposal for a directive
Article 22 a (new)
Article 22 a (new)
Article 22 a Forbearance measures and foreclosure 1. Creditors shall make every effort to avoid transferring consumer non- performing loans to third parties. Notably, Member States shall ensure that creditors exercise reasonable forbearance towards the distressed borrowers, in accordance with Article 28 of Directive 2014/17/EU and the EBA Guidelines on arrears and foreclosure EBA/GL/2015/12. 2. Forbearance measures may include the following concessions to the consumer: a) a total or partial refinancing of a credit agreement; b) a modification of the previous terms and conditions of a credit agreement, which may include among others: i. extending the term of the mortgage; ii. changing the type of the mortgage (such as, changing the type of mortgage from a capital and interest mortgage to an interest only mortgage); iii. deferring payment of all or part of the instalment repayment for a period; iv. changing the interest rate up to a certain cap; v. offering a payment holiday. 3. Definition of non-performing loans adopted by the Commission Implementing Regulation (EU) 2015/227 shall be without prejudice to the creditors’ forbearance obligations. 4. In case of foreclosure, when the credit is secured by the consumer’s primary residence, return or transfer to the creditor or a third-party of the security or proceeds from the sale of the security shall be sufficient to repay the credit. Article 28(4) of Directive 2014/17/EU shall be amended accordingly.
Amendment 455 #
Proposal for a directive
Article 22 b (new)
Article 22 b (new)
Article 22 b Debt buy-back 1. When a credit institution intends to transfer a credit agreement to a credit purchaser at a specified price, before the transfer the credit institution shall allow the debtors concerned who are consumers to buy-back their debt at the same price or with a small mark-up, which would be specified by the relevant competent authorities. For that purpose, credit institutions shall be required to disclose to the relevant competent authorities the necessary details of expected deals with credit purchasers. 2. Member States shall ensure that the buy-back option can be exercised in instalments.
Amendment 456 #
Proposal for a directive
Article 22 c (new)
Article 22 c (new)
Article 22 c Right to legal representation 1. In any court hearing involving a distressed borrower there shall be consideration of the equality of representation status to ensure a full and fair hearing and full and complete understanding of all of the parameters and legal contentions being addressed. 2. This demands that there be an equivalent of legal representation provided and available to all distressed borrowers and, in sufficient advance, to ensure comprehensive preparation of all relevant facts and detail for appropriate court representation of the case in dispute. 3. Where necessary, this service shall be provided at the cost of the Member State through free legal aid or its equivalent.
Amendment 457 #
Proposal for a directive
Article 22 d (new)
Article 22 d (new)
Article 22 d Rules of conduct for credit servicers and credit purchasers 1. Credit servicers and credit purchasers shall act in good faith, treat consumers fairly and respect their privacy. The following practices shall be forbidden: a) Provision of misleading information to consumers; b) Harassment of consumers, including communication of information about the consumers’ debt to their employer, family, friends and neighbours; c) Charging fees and penalties to consumers that exceed the costs directly related to the management of the debt. Member States shall place a cap on those fees and penalties according to principles of fairness, rationality and proportionality. Paragraph 1 shall also apply to outsourcing service providers stipulated in Article 10 of this directive. 2. Member States shall be able to maintain the existing national measures aimed at protecting distressed borrowers, as well to adopt stricter measures, such as personal insolvency measures, restriction of the activity of credit servicers and credit purchasers.