Regulatory Alerts2015-05-08 | JB-2015-3398Banking Board Resolution JB-2015-3398
The Banking Board of Ecuador rejected a review appeal filed by the Banco Nacional de Fomento regarding a regional order requiring the bank to refund US$1,990.45 to a customer for unauthorized withdrawals. The Board confirmed the administrative act because the bank filed its appeal for reconsideration outside the statutory eight-day deadline. Consequently, the bank remains obligated to comply with the original order to return the disputed funds and provide proof of compliance.
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