Regulatory Alerts2020-04-07
Additional Adjustments to Proper Conduct of Banking Business Directives for Dealing with the Coronavirus (Temporary Provision)
The Bank of Israel issued Circular no. C-06-2615 to grant banking corporations and credit card companies operational flexibility during the coronavirus crisis by easing various regulatory requirements. The directive modifies board governance rules, extends timelines for account closures and housing loan procedures, and relaxes identification standards for small transactions and specific professional accounts. Additionally, the regulator lowered the senior citizen priority age to 70 and allowed alternative consent methods for debt arrangements to accommodate workforce shortages and health guidelines.
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