Regulatory Alerts2015-04-01 | JB-2015-3323Added · Updated
Resolution No. JB-2015-3323 of the Banking Board
The Banking Board of Ecuador issued Resolution No. JB-2015-3323 to reject the administrative review appeal filed by Antonio Acosta Espinosa, Adjunct President of Banco Pichincha C.A. The Board confirmed a US$ 250.00 fine imposed by the Guayaquil Regional Intendancy for the bank's failure to provide a clear and documented response to a consumer complaint within the statutory fifteen-day period. This decision upholds the regulatory authority's power to sanction financial institutions and their officials for non-compliance with procedural requirements under the General Law of Financial System Institutions.
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