Regulatory Alerts2015-04-01 | JB-2015-3326Resolution No. JB-2015-3326 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the administrative review appeal filed by Banco Pichincha C.A. regarding the enforcement of a prior order to refund USD 5,850 to a customer. The Board confirmed that the bank's filing of a contentious administrative lawsuit does not suspend the enforceability of the final administrative resolution requiring the fund return. Consequently, the Board upheld the legal department's directive insisting on the bank's compliance with the refund order.
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