Regulatory Alerts2015-05-27 | JB-2015-3440Banking Board Resolution JB-2015-3440
The Banking Board of Ecuador annulled a previous administrative act that had ordered Banco del Austro S.A. to correct credit risk registry information based on a consumer complaint. The Board determined that while the executive action against the debtors had prescribed, the underlying obligation remained valid because the debtors never raised the statute of limitations defense regarding the debt itself. Consequently, the bank was not required to report the debt as extinguished in the national credit bureaus.
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