Regulatory Alerts2015-04-22 | JB-2015-3374Resolution No. JB-2015-3374 of the Banking Board of Ecuador
The Banking Board of Ecuador rejected the appeal filed by the Adjunct President of Banco Pichincha C.A. against a $1,000 administrative fine imposed for improperly transferring unauthorized credit card charges to another cardholder's account. The Board confirmed that the fine was legally justified under Article 134 of the General Law of Financial System Institutions because the bank violated user rights by processing payments for products not expressly requested. This decision upheld the previous administrative act that found the bank's procedure incorrect and established that the bank's use of administrative appeals demonstrated reluctance to comply with regulatory directives.
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