Regulatory Alerts2015-08-13 | JB-2015-3525Resolution JB-2015-3525 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution JB-2015-3525 to reject the administrative appeal filed by Banco Pichincha C.A. regarding a previous order to refund US$ 8,078.88 to claimant Wesley Leonardo Merchán Reyes. The Board confirmed that the bank illegally charged loan installments after the vehicle was returned and rejected the bank's argument that it lacked the legal authority to order such restitution. Consequently, the resolution upholds the original decision requiring the bank to reimburse the disputed amount to the customer.
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