Regulatory Alerts2014-11-23
Added
Amendments to Proper Conduct of Banking Business Directives 311 and 319
The Bank of Israel updates Principle 14 of Proper Conduct of Banking Business Directive 311 to shift credit control emphasis from quantitative-technical dimensions to qualitative requirements and outputs, while clarifying that the credit control function may report to the Chief Risk Officer without constituting credit approval. The circular simultaneously cancels Proper Conduct of Banking Business Directive 319. These changes apply to banking corporations and credit card companies and take effect on April 1, 2015.
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