Regulatory Alerts2015-07-29 | JB-2015-3522Banking Board Resolution JB-2015-3522
The Banking Board of Ecuador issued Resolution JB-2015-3522 to reject the appeal for reconsideration filed by Banco Pichincha C.A. against Resolution JB-2015-3471, confirming that the Secretary’s prior decision to archive the claim was legally correct because the bank erroneously filed an appeal for review before the collegiate body instead of before the issuing authority. The resolution explicitly upholds the original administrative act requiring Banco Pichincha to refund US$151.00 to claimant Rita Julieta Jima Cabrera from her savings account. By affirming the procedural irregularity, the Banking Board ensures that monetary sanctions and administrative decisions by the Superintendence of Banks and Insurance remain enforceable under the Organic Monetary and Financial Code.