CMN Resolution No. 4659 — Prudential Requirements for Credit Cooperatives Capturing Resources from Municipalities

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 April 26, 2018, based on Articles 3, item VI, and 4, items VIII and XI, of the aforementioned Law and Articles 1, paragraph 1, 2, paragraph 6, and 12, item IV, of Complementary Law No. 130 of April 17, 2009,

R E S O L V E D:

Art. 1 This Resolution sets forth the prudential requirements applicable to the capture, by credit cooperatives, of resources from Municipalities and the corresponding calculation of the guarantee provided by the guarantee funds referred to in Article 12, item IV, of Complementary Law No. 130 of April 17, 2009.

Sole Paragraph. For the purposes of this Resolution, a Municipality is considered the municipal federated entity together with its organs or entities and companies controlled by it.

Art. 2 The capture of resources from Municipalities is admitted exclusively by credit cooperatives classified in the 'plena' or 'clássica' categories, as provided in Resolution No. 4,434 of August 5, 2015.

Sole Paragraph. The capture referred to in the main text may only be carried out through demand deposits or time deposits without the issuance of certificates.

Art. 3 For the purposes of Article 2, paragraph 6, of Complementary Law No. 130 of 2009, the value corresponding to the total balance, calculated at the end of each day, of resources captured from each Municipality that exceeds the coverage limit ensured by the funds mentioned in Article 1 of this Resolution must be invested in free federal public securities, admitted to negotiation in repurchase operations carried out with the Central Bank of Brazil.

§ 1 The federal public securities referred to in the main text must be held in the normal custody account of the credit cooperative in the Special Settlement and Custody System (SELIC).

§ 2 The investment referred to in the main text is optional for the central credit cooperative that has its own policy for providing the service of centralized investment of resources in accordance with Resolution No. 4,434 of 2015, provided that such policy contains specific guidelines for the investment of resources captured from Municipalities.

§ 3 The values invested by the credit cooperative, in the event of using the option provided in § 2, cannot be subject to aval, guarantee, or any other encumbrance.

§ 4 The central credit cooperative, when using the option provided in § 2, must maintain internal controls capable of identifying compliance with the provisions of the main text by the affiliated credit cooperatives.

Art. 4 For the purposes of calculating the guarantee provided by the guarantee funds mentioned in Article 1, each Municipality, together with its organs or entities and companies controlled by it, must be considered as a single person, as mentioned in the sole paragraph of Article 1, regardless of the existence of multiple registrations in the National Registry of Legal Entities (CNPJ).

Art. 5 The capture of resources from each Municipality by a credit cooperative is conditioned on:

I - approval by the general assembly; and

II - compliance with minimum capital requirements and regulatory limits.

§ 1 The decision of the general assembly referred to in item I of the main text must be documented in minutes and kept available to the Central Bank of Brazil for at least five years after the date of closure of the relationship with the respective Municipality.

§ 2 The minutes mentioned in § 1 must identify each Municipality by name and the respective decision of the general assembly.

§ 3 In the event of incorporation, merger, or spin-off of a municipal federated entity with which resources have already been captured in accordance with this Resolution, the credit cooperative must ensure compliance with the provisions of item I of the main text, observing the procedures and deadlines established in Article 8.

Art. 6 It is prohibited for a credit cooperative to capture resources from a Municipality whose mayor, vice-mayor, or municipal secretary is a director or member of its board of directors.

Sole Paragraph. Compliance with the provisions of the main text must be documented by the credit cooperative in an annual declaration kept available to the Central Bank of Brazil for at least five years after the date of closure of the relationship with the respective Municipality.

Art. 7 Credit cooperatives that capture resources from Municipalities must indicate a director responsible for observing the provisions of this Resolution.

Art. 8 Credit cooperatives that began capturing resources from Municipalities prior to the entry into force of this Resolution must adapt within:

I - thirty days, regarding the provisions of Article 5, item I; and

II - ninety days, regarding the other requirements of this Resolution.

§ 1 In the cases referred to in item I of the main text, the board of directors of the credit cooperative may deliberate on the capture of resources from each Municipality within thirty days, provided that it submits any approval decision to the definitive deliberation of the next general assembly.

§ 2 If the capture of resources from the Municipality is not approved by the board of directors or by the general assembly, the credit cooperative must terminate such capture within thirty calendar days counted from the date of the non-approval decision.

Art. 9 Resolution No. 4,434 of 2015 shall enter into force with the following alteration:

“Art. 17. ......................................................

I - capture, exclusively from members, resources and deposits without the issuance of certificates, except for the capture of resources from Municipalities, their organs or entities, and companies controlled by them, in accordance with Article 2 of Complementary Law No. 130 of 2009;

............................................................” (NR)

Art. 10 Resolution No. 4,150 of October 30, 2012, shall enter into force with the following alterations:

“Art. 1 Single credit cooperatives authorized to capture resources and deposits without the issuance of certificates must associate with a credit guarantee fund, which must have the following minimum requirements and characteristics:

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III - have, among its set of associated institutions, all single credit cooperatives that receive deposits;

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V - ..............................................................

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

g) the method of calculating the guarantee provided for deposits captured from Municipalities, considering the municipal federated entity together with its organs or entities and companies controlled by it as a single person.

............................................................” (NR)

Art. 11 Resolution No. 4,368 of September 11, 2014, shall enter into force with the following alterations:

“Art. 1 Single credit cooperatives must prepare and send to the Central Bank of Brazil the document Information on Cooperative Relationships, containing data relating to relationships with:

I - their members and, if applicable, the respective legal or conventional representatives of these members; and

II - Depositing Municipalities, including their organs or entities and companies controlled by them.” (NR)

Art. 12 Resolution No. 3,454 of May 30, 2007, shall enter into force with the following alteration:

“Art. 2. ........................................................

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II - credit cooperatives, their members, and, in accordance with Article 2, paragraph 1, of Complementary Law No. 130 of April 17, 2009, Municipalities, their organs or entities, and companies controlled by them.” (NR)

Art. 13 This Resolution enters into force on the date of its publication.

                Ilan Goldfajn  
                President of the Central Bank of Brazil