Regulatory Alerts2015-07-01 | JB-2015-3509Resolution No. JB-2015-3509 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3509 to deny the administrative review appeal filed by Banco Pichincha regarding a previous order to refund USD 770 to a customer. The Board confirmed that the bank failed to verify the cardholder's signature on a transaction voucher, constituting a procedural error that justified the refund order. Consequently, the resolution upholds the requirement for the bank to return the disputed amount to the customer.
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