Regulatory Alerts2015-06-24 | JB-2015-3504Banking Board Resolution JB-2015-3504
The Banking Board of Ecuador issued Resolution JB-2015-3504 to deny a reconsideration request filed by Banco Pichincha regarding a prior administrative act that ordered the bank to refund US$36.82 to a client for excessive collection and interest charges. The Board confirmed the original decision, finding that the bank failed to provide detailed evidence of collection efforts and incorrectly calculated interest on partial payments. This ruling finalizes the administrative dispute by upholding the Superintendence's determination of incorrect procedures and the resulting obligation to reimburse the consumer.
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