New Mandatory Schedules for Savings and Credit Cooperatives, Mutual Associations, and Savings Banks

The Superintendency of Popular and Solidarity Economy issued new regulations regarding public service hours. The regulation is set out below:

CONTROL REGULATION ON PUBLIC SERVICE HOURS AND DAYS FOR SAVINGS AND CREDIT COOPERATIVES, MUTUAL SAVINGS AND CREDIT ASSOCIATIONS FOR HOUSING, AND CENTRAL FUNDS

Article 1. Savings and credit cooperatives, mutual savings and credit associations for housing, and central funds, hereinafter referred to as “entities,” must inform their members and the general public of the service points, days, and hours in which they provide their services, including Saturdays, Sundays, and mandatory rest days established by law.

The entities must provide service to their members and the general public for at least 30 hours per week. Service through electronic channels shall be provided according to the schedule established by the entities, with a minimum of 30 hours per week.

Article 2. The entities may not suspend or terminate service to their members and the general public without prior authorization from the Superintendency of Popular and Solidarity Economy and without notifying the general public at least 5 working days in advance.

The Superintendency of Popular and Solidarity Economy may order or authorize the temporary suspension of activities in one or several offices of the entities, upon a justified request from such entities.

In the case of national and local holidays, pursuant to the Executive Decree containing the schedule of mandatory rest days, including transferred holidays and/or holiday bridges, the entities must inform their members and clients, through visual or audio media, about the branches, agencies, service windows, ATMs, and other electronic channels that will be operating, specifying the respective adjusted schedules on the corresponding dates.

Article 3. The entities are required to comply with the provisions set forth in this Resolution, except in cases of fortuitous event or force majeure that make compliance impossible, such as:

Strikes or work stoppages, whether local or national in nature;

Acts and consequences of vandalism, terrorism, demonstrations, or civil unrest; and

Earthquakes, fires, floods, or other similar events.

Once the fortuitous event or force majeure has ended, the entities must immediately resume service to their members and the general public.

Article 4. The suspension of activities due to force majeure or fortuitous event shall be reported to the Superintendency of Popular and Solidarity Economy, as well as to the members and the general public.

FINAL PROVISION

This Resolution shall enter into force as of this date, without prejudice to its publication in the Official Register. It shall be published on the website of the Superintendency of Popular and Solidarity Economy.

LET IT BE COMMUNICATED AND PUBLISHED. Given and signed in the city of San Francisco de Quito, Metropolitan District, on November 23, 2017.

Signed: Klever Mejía Caguasango, Acting Superintendent of Popular and Solidarity Economy.