Regulatory Alerts2015-07-09 | JB-2015-3516Ecuador Banking Board Resolution No. JB-2015-3516
The Ecuador Banking Board issued Resolution JB-2015-3516 to accept a consumer's appeal and order Banco Pichincha C.A. to fully refund credit card values that were incorrectly transferred without proper documentary backing, while simultaneously upholding a $1,000 monetary sanction against the bank's Deputy President for procedural non-compliance with financial user rights regulations. The resolution revokes a prior administrative letter, mandates the complete reimbursement of disputed charges to the cardholder's Visa World Card, and confirms that charging unbacked transactions violates applicable financial system norms. By affirming the control body's legal reasoning, the ruling establishes that documented cause is required for valid debt transfers between credit cards and validates the application of Article 134 of the General Law of Financial System Institutions for imposing administrative fines.