CMN Resolution No. 5,273 — Amending CMN Resolution No. 5,051 Regarding the Organization and Operation of Credit Cooperatives

Resolution No. 5,273

CMN RESOLUTION NO. 5,273, OF DECEMBER 18, 2025

Amends CMN Resolution No. 5,051, of November 25, 2022, which provides for the organization and operation of credit cooperatives.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on December 18, 2025, based on Article 4, sole paragraph, item VIII, of the aforementioned Law, and on Articles 1, sole paragraph, and 2, sole paragraph, of Complementary Law No. 130, of April 17, 2009,

R E S O L V E D:

Art. 1º CMN Resolution No. 5,051, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following alterations:

"Art. 3º ...................................................................................................................................

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IX - provide payment services in the following modalities:

a) issuer of electronic money, exclusively to its members and to the municipalities where it has an installed branch; and

b) issuer of post-paid payment instruments, exclusively to its members;

......................................................................................................................................." (NR)

"Art. 4º The capture of resources from municipalities may only be carried out through:

I - checking accounts;

II - time deposits without issuance of certificate; or

III - prepaid payment account." (NR)

"Art. 6º The total balance of resources captured from municipalities by credit cooperatives is limited to the higher value between:

I - the sum of balances captured from municipalities with coverage assured by a guarantee fund constituted by credit cooperatives, with mandatory linkage by specific regulation issued by the National Monetary Council; and

II - the amount corresponding to 5% (five percent) of the total balance of checking and time deposits captured by the cooperative, calculated on the last day of the previous month.

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§ 5º The percentage referred to in item II of the sole paragraph may be up to 6% (six percent), in the case of cooperatives affiliated with a cooperative system of two or three levels, which, cumulatively:

I

maintain a reciprocal guarantee mechanism capable of providing liquidity to individual cooperatives in the event of withdrawal of resources by municipalities; and

II - demonstrate to the Central Bank of Brazil, in the manner defined by it, the capacity of the mechanism referred to in item I to provide the necessary guarantees to the cooperatives in the system that capture resources from municipalities, including in stress scenarios.

§ 6º It is optional for the credit cooperative to freely apply the amount of resources captured from municipalities, in the form of checking accounts and time deposits, observing the limit set forth in the sole paragraph .

§ 7º Resources registered in prepaid payment accounts owned by municipalities, maintained in the cooperative itself, shall not be counted towards the limit established in the sole paragraph ." (NR)

"Art. 6º-A The credit cooperative that, as of November 30, 2025, maintains a balance of capture of resources from municipalities in an amount exceeding the limit established in Art. 6º has a deadline until December 31, 2026 for compliance with this limit.

§ 1º While the provision set forth in the sole paragraph is not met, the credit cooperative shall invest in free federal public securities, admitted to negotiation in committed operations carried out with the Central Bank of Brazil, the value of the resources captured from the municipality that exceeds the limit established in Art. 6º.

§ 2º The federal public securities referred to in § 1º shall be maintained in the normal custody account of the credit cooperative itself in the Special Settlement and Custody System – Selic.

§ 3º It is prohibited for the credit cooperative to offer the value referred to in § 1º as aval, guarantee, or any other form of encumbrance.

§ 4º Centralized application of the resources referred to in § 1º is optional, provided that the central credit cooperative responsible for the centralization has a specific policy for providing this service.

§ 5º The central credit cooperative, responsible for the centralization referred to in § 4º, shall establish internal controls to ensure compliance with the sole paragraph by the credit cooperatives affiliated with it." (NR)

Art. 2º The sole paragraphs 1º to 4º of Art. 6º of CMN Resolution No. 5,051, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022 are hereby revoked.

Art. 3º This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO President of the Central Bank of Brazil