Regulatory Alerts2018-11-01
Bank of Israel Circular C-06-2552: Amendment to Proper Conduct of Banking Business Directive no. 470 on Payment Cards
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 470 to implement transition period limitations from the Enhancing Competition and Reducing Concentration in the Banking Sector in Israel Law, 5777-2017. The amendment introduces new sections requiring banks to document contact regarding material changes in a customer's economic situation and to notify customers in writing before reducing credit facilities. Additionally, the directive updates the mechanism for payment card activation to prevent unauthorized fees and transfers merchant acquirer provisions to a separate directive.
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