Regulatory Alerts2015-04-22 | JB-2015-3369Resolution No. JB-2015-3369 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3369 to reject the administrative review appeal filed by Banco Pichincha C.A. regarding a previous ruling that found the bank had incorrectly charged excess collection management fees and late interest. The Board confirmed the original administrative act, which required the bank to refund US$36.82 to the complainant, Marco Germánico Pila Lema, due to the bank's failure to substantiate collection efforts and its improper calculation of penalties on partial payments. This decision reinforces the authority of the Superintendency of Banks and Insurance to order the restitution of funds when financial institutions engage in incorrect procedures against consumers.
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