Israeli cabinet approves new non-bank financial regulator

March 13, 2016 1:33 PM

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JERUSALEM, March 13 Israeli cabinet ministers on Sunday unanimously approved a plan to revamp the Finance Ministry's regulation of the lending industry by creating a new body that will supervise all non-bank lenders, including new credit card issuers.

Under the plan, the ministry would set up a new independent authority that would answer to the finance minister. The commissioner's term would be for five years.

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