Regulatory Alerts2017-10-22
Added
Credit Risk Management
The Bank of Israel revises Proper Conduct of Banking Business Directive No. 311 to add Section 32a, requiring banking corporations holding a first lien on an asset to account for the risks of the borrower granting subsequent inferior liens and to exercise caution when refusing additional liens or their realization. This amendment aligns the directive with Section 7h(a) of the Banking (Service to Customer) Law, 5741-1981, which prohibits banks from unreasonably refusing additional pledges. The changes apply to banking corporations and credit card companies and take effect upon the publication of the circular.
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