Slow Progress on Fast Credit Supervision Reform; PTAC Retains Oversight
The Consumer Rights Protection Centre (PTAC) announced that over one billion euros was issued in distance credits and non-bank loans last year, but discussions on transferring oversight to the Bank of Latvia have stalled as the new government decided to pause.
Last week, the Consumer Rights Protection Centre (PTAC) reported that in 2025, a total of more than one billion euros was disbursed in distance credits, leasing, and other non-bank loans. PTAC currently oversees this sector, in addition to monitoring the quality of toys, clothing, and footwear.
Previously, there had been discussions about transferring the supervision of fast credits to the Bank of Latvia, and the previous government had begun moving toward such a change. However, the new Cabinet of Ministers decided to take a pause in its first weeks of work, halting the reform. As a result, PTAC continues to perform supervisory duties, although it is emphasized that the process is moving slowly. Discussions about whether this business area should be handed over to the Bank of Latvia are still ongoing.
