Latvian government ministers from the Green and Farmers' Union expressed skepticism about the Finance Ministry's information report concerning the transfer of non-bank lenders' oversight to the Bank of Latvia. The final decision on this matter will rest with the Saeima, which will review the draft law outlining the proposed changes. Initially proposed to take effect in 2027, it was suggested in the government meeting that these changes might be delayed until 2028.

The aim of the proposed changes is to simplify the supervision system over non-bank lending. Currently, the licensing, oversight, and control of lenders are managed by three different supervisory authorities: the Bank of Latvia, the Consumer Rights Protection Centre (PTAC), and the State Revenue Service. This fragmentation leads to varying oversight standards and involves multiple agencies in handling consumer complaints, which the Finance Ministry argues results in inefficient resource allocation and unnecessary administrative burden.

Through this reorganization, the Finance Ministry hopes to eliminate duplicated functions and streamline the oversight process, ultimately enhancing efficiency. This change could have significant implications for both consumers and the financial sector, potentially leading to more effective regulatory practices and better consumer protection. As this proposal progresses, public and political responses will be key in determining its ultimate fate and implementation timeline.