Regulatory Alerts2015-05-08 | JB-2015-3406Resolution JB-2015-3406 of the Banking Junta of Ecuador
The Banking Junta of Ecuador rejected the appeal filed by Banco Pichincha C.A. and confirmed the administrative order requiring the bank to refund USD 16,074.61 to client Luis Morejón Morejón. The decision upholds the finding that the bank failed to provide clear information regarding credit life insurance, violating consumer rights and constituting an incorrect procedure. Consequently, the bank is mandated to issue credit notes for the unapplied insurance premiums and apply the maximum legal interest rate until full payment is made.
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