Regulatory Alerts2015-04-30 | JB-2015-3385Banking Board Resolution No. JB-2015-3385
The Banking Board of Ecuador accepted a review appeal filed by Banco Pichincha C.A. against an administrative act issued by the Guayaquil Regional Intendancy regarding a consumer complaint by José Luis López Flores. The Board annulled the previous resolution that had ordered the bank to re-amortize the debt at a specific amount, ruling that the prior calculation lacked technical and documentary support. The Board ordered the bank to notify the client of a new re-amortization that accurately details the capital, payments, interest rates, and collection expenses.
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