Circular No. 3522 — Prohibition on Financial Institutions Entering Agreements That Prevent Clients from Accessing Credit Operations Offered by Other Institutions

CIRCULAR NO. 003522

Prohibition on Financial Institutions Entering into Agreements, Contracts, or Arrangements That Prevent Clients from Accessing Credit Operations Offered by Other Institutions.

The Collegiate Board of the Central Bank of Brazil, in a session held on January 12, 2011, based on Articles 10, item VI, and 18, paragraph 2, of Law No. 4,595, of December 31, 1964,

D E C I D E D:

Art. 1. Financial institutions are prohibited, in the provision of services and in the contracting of operations, from entering into agreements, contracts, or arrangements that prevent or restrict clients' access to credit operations offered by other institutions, including those with payroll deduction.

Art. 2. This circular enters into force on the date of its publication.

Brasília, January 14, 2011.

Luiz Awazu Pereira da Silva
Director