The contribution is a follow-up on the overview published in ERCL 2010, 467 and covers the latest developments in 2011 through the first half of 2012. Whereas the report in 2010 predominantly focused on developments in consumer protection in the financial sector, the latest developments revolve around the management of the recent and ongoing financial and sovereign debt crises (illustrated at A). Most of the developments concern measures that seek to stabilize the financial markets and to reform financial supervision. Above all, the EU tries to strengthen the shaken trust in the stability of the banking sector by enacting a regime for the restructuring and resolution of financial institutions (at B I). Similar efforts apply to sovereign debt where the Euro zone seeks to re-establish market confidence with standardized Collective Action Clauses (at B II). The reputation of Credit Rating Agencies has suffered during the financial crisis, and especially the Euro zone is concerned about their power over the financial markets. As a result, the EU is planning reforms of the regulatory regime (see at B III). Naked short-sales and trades in uncovered Credit Default Swaps are eyed suspiciously for their potentially destabilizing effects and have therefore also been subject to regulation (at B IV). In comparison, consumer protection has not been the focus of recent financial services reforms. However, developments have occurred, and we will focus on the proposal for a directive on consumer credit for residential property (at C).