Assembly begins study of partial veto of bill to defend the rights of financial system customers
20 enero 2022

ECUADOR

On January 18, the Economic Regime Committee began the study of the partial veto of the President, Guillermo Lasso, to the bill to defend the rights of clients of the national financial system and avoid undue charges and unsolicited services. The Executive Branch proposed to add a clause to article 8 in order to promote the use of electronic, telematic or similar means of payment implemented in the national financial system. It is expected that the legislative bureau will continue its study in the next few days. 

In the document, the Executive Branch also argues that conflicts of competence between the Monetary and Financial Boards must be avoided, as well as to safeguard the legal security of the financial system, therefore it proposes to establish the interest rate system, as provided in Article 130 of the Monetary Code, so that the active and passive operations of the national financial system and the other interest rates required by law, promote the development of prudent credit: minimum capital levels, technical equity and risk weights of assets, their composition, form of calculation and modifications.

On the other hand, the Executive Branch proposed alternative wordings to articles 15 and 16 regarding the charges for financial and non-financial services. Meanwhile, in Article 18, it suggested adding that customer services will be provided free of charge, and will be equipped with the human, material, technical, technological and organizational means adequate for the fulfillment of their functions. In addition, they will have personnel with adequate knowledge of the regulations on transparency and protection of personal data.

 

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