Regulatory Alerts2015-04-30 | JB-2015-3388Banking Board Resolution JB-2015-3388
The Banking Board of Ecuador issued Resolution JB-2015-3388 to reject the appeal filed by the National Bank of Development against a regional order requiring the reimbursement of USD 1,467.50 to a customer. The Board confirmed that the bank's previous request for reconsideration was properly rejected as untimely because it was filed nine days after notification, exceeding the statutory eight-day deadline. The decision establishes that notification at the local branch was legally valid and that the bank's commercial manager was authorized to receive such notifications.
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