Regulatory Alerts2015-05-13 | JB-2015-3415Banking Board Resolution JB-2015-3415
The Banking Board of Ecuador issued Resolution JB-2015-3415 to reject the administrative review appeal filed by Banco Nacional de Fomento regarding a consumer complaint. The Board confirmed the lower authority's decision requiring the bank to refund $160.00 to customer Oswaldo Xavier Huacon Morán for unauthorized ATM withdrawals. The ruling established that the bank failed to provide adequate security measures and monitor alerts, thereby breaching its custodial duty and justifying the restitution of funds.
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