He noted that European regulation is moving in the same direction, and oversight mechanisms will be aligned to some extent across Europe, so sooner or later this issue will have to be addressed. The relevant package of bills has already been submitted to the parliamentary budget and finance committee. Kučinskis noted that the industry's resistance is quite strong. The Ministry of Economics and the non-bank lenders themselves have presented their arguments against the changes, and according to the minister, some of the arguments are rational and deserve attention, but they are also backed by indirect and unproven claims. "They fear that oversight may become stricter. But it won't be worse with the Bank of Latvia. Moreover, the fee for oversight will decrease," said Kučinskis. The minister emphasized that the Consumer Rights Protection Center (CRPC), which currently oversees non-bank lenders, is essentially a consumer and trade oversight body, not a financial sector regulator. According to Kučinskis, historically, oversight of non-bank lenders was transferred to the CRPC because Ilmārs Rimšēvičs, when he was the head of the Bank of Latvia, did not want to "deal with" this sector. "He was influential enough to convince most politicians that the bank would not take on this oversight. At that time, an institution was found that did not know how to say no. Thus, this oversight ended up with the CRPC," said Kučinskis.