Regulatory Alerts2015-06-10 | JB-2015-3482Resolution JB-2015-3482 of the Banking Board
The Banking Board of Ecuador issued Resolution JB-2015-3482 to reject the appeal filed by Banco Pichincha C.A. and confirm the administrative act ordering the bank to refund USD 3,220.00 to Corprodusa S.A. for unsubstantiated collection fees. The Board determined that the bank failed to provide documentary evidence for the 'GEST. GASTO X MORA' charges, constituting an incorrect procedure under financial transparency regulations. Consequently, the appeal was denied, and the obligation for the bank to reverse the disputed amounts was upheld.
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