Regulatory Alerts2015-03-25 | JB-2015-3321Resolution JB-2015-3321 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution JB-2015-3321 to reject the administrative review appeal filed by Banco Pichincha C.A. regarding a US$ 1,000 fine imposed for non-compliance with a prior directive to refund a customer. The Board confirmed the previous resolution, ruling that while the bank eventually paid the US$ 5,000 claim, it did so fourteen months late, thereby violating the requirement for timely adherence to regulatory orders. Consequently, the fine remains in effect as the bank's arguments regarding constitutional legality and the suspension of administrative acts were deemed unfounded.
Share