CMN Resolution No. 4150 — Establishes the minimum requirements and characteristics of the credit guarantee fund for singular credit cooperatives and cooperative banks in the National System of Cooperative Credit

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on October 25, 2012, based on Articles 3, item VI, and 4, item VIII, of said Law, and on Article 12, item IV, of Complementary Law No. 130 of April 17, 2009, and taking into account the provisions of Article 28, § 1º, of Complementary Law No. 101 of May 4, 2000,

R E S O L V E D:

Art. 1º Singular credit cooperatives shall associate themselves with a credit guarantee fund, which must possess the following minimum requirements and characteristics:

I - have as its object guaranteeing credits to institutions associated with it and carrying out assistance and financial support operations with said institutions;

II - assume the form of a private entity of national scope, without profit motives;

III - include among its set of associated institutions all singular credit cooperatives that receive deposits from their members;

IV - possess statutes providing, at a minimum, on the following aspects:

a) the form of representation of associated institutions in voting and decisions of the fund's assemblies, especially on matters requiring some form of qualified voting or decision;

b) the description of the fund's governance structure and the duties and responsibilities of the fund administrator, highlighting items related to the policy for application and use of administered resources, as well as rules for contracting and using independent audit services;

c) the calculation criteria and periodicity of ordinary and extraordinary contributions by members; and

d) the individual and total limit of commitment of the fund's net equity in assistance or financial support operations carried out with institutions associated with it, directly or through legal entities indicated by them;

V - possess regulations providing, at a minimum, on the following aspects:

a) situations capable of triggering the credit guarantee mechanism;

b) institutions whose creditors will have their credits guaranteed;

c) the credits that will be guaranteed and respective limits;

d) the form, deadline, and other conditions for payment of guaranteed credits;

e) the policy for application of the fund's financial resources, including criteria for composition and diversification of risks;

f) the conditions for carrying out assistance and financial support operations, meeting the requirements of current legislation.

§ 1º The statutes of the guarantee fund shall not contain clauses that provide for the use of fund resources to:

I - reimburse, even partially, credits of members of institutions not associated with the fund; and

II - carry out assistance and financial support operations with institutions not associated with the fund.

§ 2º Contributions reverted to the fund shall become part of its assets, without any linkage to the associated institutions.

Art. 2º Cooperative banks integrated into the National System of Cooperative Credit (SNCC) shall associate themselves with the guarantee fund referred to in this Resolution, ceasing, from the time of their association, to affiliate with the Credit Guarantee Fund (FGC).

Art. 3º It is the responsibility of the National Monetary Council to verify compliance with the minimum requirements and characteristics of the fund set forth in Art. 1º, through approval of its statutes and regulations.

Art. 4º The values corresponding to the service rate referred to in Article 20 of the Regulation annexed to Resolution No. 1,631 of August 24, 1989, collected directly or indirectly by singular credit cooperatives and cooperative banks, shall be directed to the fund referred to in Art. 1º.

Sole Paragraph. The fund referred to in Art. 1º may, through agreement with the FGC, receive, without financial consideration, the resources corresponding to the service rate mentioned in the caput that have already been collected to the FGC, directly or indirectly, by credit cooperatives.

Art. 5º This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil