CMN Resolution No. 5,255 — Amends Resolution No. 4,676 of July 31, 2018 Regarding the SBPE, SFH, and SFI Systems

CMN RESOLUTION NO. 5,255, OF OCTOBER 10, 2025

Amends Resolution No. 4,676, of July 31, 2018, which provides for the members of the Brazilian Savings and Loan System – SBPE, the Housing Finance System – SFH, and the Real Estate Financing System – SFI, the general conditions and criteria for contracting real estate credit operations by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, and regulates the direction of resources captured in savings deposits.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on October 9, 2025, based on Arts. 4, caput, items VI and VIII, of said Law, 8, caput, item XII, of Law No. 4,380, of August 21, 1964, 7 of Decree-Law No. 2,291, of November 21, 1986, 2 of Law No. 9,514, of November 20, 1997, 10, sole paragraph, of Law No. 10,150, of December 21, 2000, 79, § 2, of Law No. 11,977, of July 7, 2009, and 95 of Law No. 13,097, of January 19, 2015,

RESOLVED:

Art. 1 The summary of Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, shall be in effect with the following changes:

"Provides for the members of the Brazilian Savings and Loan System – SBPE, the Housing Finance System – SFH, and the Real Estate Financing System – SFI, interfinancial real estate deposits, the general conditions and criteria for contracting real estate credit operations by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, and regulates the direction of resources captured in savings deposits and in interfinancial real estate deposits." (NR)

Art. 2 Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, shall be in effect with the following changes:

"Art. 1 This Resolution establishes the members of the Brazilian Savings and Loan System, the Housing Finance System, and the Real Estate Financing System, the conditions for capturing and carrying out interfinancial real estate deposits, the general conditions and criteria for contracting real estate credit operations by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, and regulates the direction of resources captured in savings deposits and in interfinancial real estate deposits." (NR)

"Art. 5
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§ 4 The amortization systems of real estate credit operations with a clause updating the outstanding balance by a price index may include an additional amortization component aimed at minimizing variations in the nominal value of installments.

§ 5 The additional amortization component referred to in § 4 cannot exceed the average value of the price index used, considering the twenty-year period prior to the date of contracting the credit operation.

§ 6 The Central Bank of Brazil will regulate the provisions of §§ 4 and 5 and will monthly publish the maximum value of the additional amortization component based on the Broad Consumer Price Index – IPCA." (NR)

"Art. 6 ...................................................................................................................................

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§ 2 In the event that the same property serves as collateral for more than one credit operation, the ratio between the sum of the nominal value of the new operation and the outstanding balances of the already secured operations, comprising principal and ancillary expenses, and the appraisal value of the property given as collateral, on the date of contracting the new operation, cannot exceed the credit quota limit established in item II of the caput.

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" (NR)

"Art. 12. Operations within the scope of the SFH are financings contracted by the institutions referred to in Art. 3 that observe the granting criteria and the general and specific conditions established in this Chapter and in current legislation and that are destined to:

I - acquisition of residential properties, new, used, or under construction;

II - construction of a residential property, which may include the acquisition of land, for natural persons;

III - renovation or expansion of residential properties;

IV - production of residential properties; and

V - acquisition of materials for the construction, expansion, or renovation of a residential property on a lot owned by the financing applicant or whose regular possession is held by them." (NR)

"Art. 13.
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I - maximum limit of the appraisal value of the financed property of R$2,250,000.00 (two million two hundred and fifty thousand reais); and

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§ 2 ........................................................................................................................................

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II - the value of the fees referred to in Arts. 8-A and 14.

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"CHAPTER III-A
OF INTERFINANCIAL REAL ESTATE DEPOSITS

Art. 14-A. Only institutions that are members of the SBPE may carry out interfinancial real estate deposits." (NR)

"Art. 14-B. Interfinancial real estate deposits may only be received by institutions that are members of the SBPE, multiple banks with commercial portfolios, commercial banks, credit, financing, and investment companies, mortgage companies, and credit cooperatives not authorized to capture savings deposits." (NR)

"Art. 14-C. Interfinancial real estate deposits must have a maturity term equal to or greater than one year, and early redemption or negotiation in the secondary market before this term is prohibited." (NR)

"CHAPTER IV
OF THE DIRECTION OF RESOURCES CAPTURED IN SAVINGS DEPOSITS AND IN INTERFINANCIAL REAL ESTATE DEPOSITS

Section I: Purpose of Direction and Exigibility of Application

Art. 14-D. The application of resources captured through savings deposits and interfinancial real estate deposits consists of directing such resources with the purpose of creating conditions for contracting real estate financings, especially for people of lower income not covered by housing programs, by using the expected return from the application of these deposits to reduce the financial charges of borrowers, observing the risks inherent to the operations and the percentages and other conditions of this Chapter." (NR)

"Art. 15. Entities that are members of the SBPE and institutions depositing interfinancial real estate deposits must apply the resources captured in savings deposits and in interfinancial real estate deposits according to the following percentages:

I - 100% (one hundred percent) in real estate credit operations, of which:

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§ 1 The exigibility of application in real estate credit operations mentioned in item I of the caput has as its calculation base the lesser of the following values, using the business day criterion:

I - the sum of the arithmetic mean of the daily balances of savings deposits in the thirty-six months preceding the reference month and the arithmetic mean of the daily balances of interfinancial real estate deposits in the reference month; or

II - the sum of the arithmetic mean of the daily balances of savings deposits and the arithmetic mean of the daily balances of interfinancial real estate deposits in the reference month.

§ 1-A For the purposes of the provisions in items I and II of § 1, interfinancial real estate deposits captured from January 1, 2027, onwards must be considered.

§ 1-B For the purposes of meeting the exigibility referred to in item I of the caput, interfinancial real estate deposits deposited from January 1, 2027, onwards must be deducted by the depositing institution from the calculation base referred to in § 1.

§ 1-C The interfinancial real estate deposits referred to in § 1-B must be deducted by the arithmetic mean of the daily balances maintained in portfolio in the reference month, using the business day criterion and the same rules for calculating their values for accounting in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif.

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§ 4 For the purpose of the provision in § 3, the exigibility of application and the collection referred to in Art. 21 will be calculated considering the aggregated balances of savings deposits, interfinancial real estate deposits, and other active and passive operations of credit cooperatives belonging to the respective system.

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

"Art. 16. For the purposes of meeting the exigibility established in Art. 15, caput, item I, letter "a", the following operations may be computed, provided they are contracted under the conditions of the SFH:

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Sole Paragraph. The following ancillary expenses may compose the value of the operations referred to in items I and II of the caput and Art. 17, caput, items V-A and V-B:

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"Art. 17.
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V-A - other financings for the acquisition of residential properties, new, used, or under construction;

V-B - other financings to natural persons for the construction of a residential property, which may include the acquisition of land;

V-C - other financings for the renovation or expansion of residential properties;

V-D - other financings for the production of residential properties;

V-E - other financings for the acquisition of materials for the construction, expansion, or renovation of a residential property on a lot owned by the financing applicant or whose regular possession is held by them;

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XIII - loans to natural persons with real estate mortgage guarantee or with a clause of fiduciary alienation of residential real estate.

§ 1 The following ancillary expenses may compose the value of the operations referred to in items I, II, and XIII of the caput:

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

"Art. 17-A. For the purposes of complying with the exigibility referred to in Art. 15, caput, item I, the real estate financing operations referred to in Arts. 16, caput, items I to V, and 17, caput, items V-A to V-E, must observe terms and remuneration conditions compatible with the type of operation and with the purpose of directing the resources captured in savings deposits and in interfinancial real estate deposits referred to in Art. 14-D." (NR)

"Art. 17-B. In the event of non-compliance with the provision of Art. 17-A, the Central Bank of Brazil may determine the disqualification of credit operations for the purposes of meeting the exigibility referred to in Art. 15, caput, item I, and the resending of information regarding the direction with the realization of corrections, without prejudice to the application of other penalties to the financial institution responsible for the irregularity, in accordance with the provisions in current legislation and regulation." (NR)

"Art. 19-A. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must use control accounts to register the total eligible values of real estate credit operations contracted from January 1, 2027, and control the total balance to be used from these operations to meet the exigibility referred to in Art. 15, caput, item I.

§ 1 For the purposes of the provision in the caput, separate control accounts must be used to register the total eligible value of:

I - operations referred to in Art. 16;

II - operations referred to in Art. 17, caput, items I to V-E, IX, and XI; and

III - operations of loans to natural persons referred to in Art. 17, caput, item XIII.

§ 2 The total eligible value of each credit operation mentioned in the caput corresponds to its nominal value, comprising principal and ancillary expenses, multiplied by one of the following factors:

I - sixty, for operations with a term equal to or greater than thirty years; or

II - n/6, where "n" is the term in months of the operation, for operations with a term less than thirty years.

§ 3 In the event of financing operations for:

I - acquisition of residential properties contracted under the conditions of the SFH, the factors referred to in items I and II of § 2 will be:

a) "seventy-two" and "n/5", in the case of properties whose appraisal value is greater than R$1,000,000.00 (one million reais); and

b) "eighty-four" and "(n x 84)/360", in the case of properties whose appraisal value is equal to or less than R$1,000,000.00 (one million reais); and

II - production of residential properties referred to in Art. 16, caput, item IV, and Art. 17, caput, item V-D, the total eligible value of each credit operation corresponds to its nominal value multiplied by twenty-four.

§ 4 The factors referred to in item II of § 2, observing the provision in item I of § 3, must be calculated based on complete months and rounded to the nearest whole number using the rounding rules in decimal numbering (NBR 5891:2014), established by the Brazilian Association of Technical Standards – ABNT.

§ 5 The total eligible value of the operations referred to in Art. 16, caput, items II and IV, and Art. 17, caput, items II, IV, V-B, and V-D, must be calculated based on the total value provided in the contract of the respective operations, including undispursed values.

§ 6 In the case of acquisition of real estate credit notes, mortgage notes, and salary variation certificates referred to in Arts. 16, caput, items IX and XI, and 17, caput, item XI, the total eligible value of each note or certificate corresponds to the updated nominal value of the note or certificate, on the date of its acquisition, multiplied by the applicable factor provided in items I or II of § 2, according to the remaining term of the note or certificate, observing the provisions in §§ 3 and 4.

§ 7 In the event of transfer, for any title, of a real estate credit operation, the total eligible value to be registered in the respective control account by the new creditor institution corresponds to the outstanding balance of the operation on the date of the transfer, plus the reimbursement of origination costs and scheduled disbursements for release, if applicable, multiplied by the applicable factor provided in items I or II of § 2, according to the remaining term of the operation, observing the provisions in §§ 3 to 5.

§ 8 In credit operations contracted from January 1, 2027, combined with lines of housing programs that use FGTS resources, in the calculation of the total eligible value of the operations, referred to in § 2, only the portion of the nominal value of the operation corresponding to sources complementary to FGTS resources must be considered.

§ 9 Real estate credit operations referred to in Arts. 16 and 17 contracted from January 1, 2027, exclusively with resources from social funds and programs cannot be considered for the purposes of meeting the exigibility referred to in Art. 15, caput, item I, and should not be registered in the control accounts referred to in § 1.

§ 10. The value of a new credit operation resulting from the renegotiation or restructuring of one or more credit operations cannot be considered for the purposes of meeting the exigibility referred to in Art. 15, caput, item I, and should not be registered in the control accounts referred to in § 1.

§ 11. The restriction referred to in § 10 does not apply to renegotiations or restructurings of operations used in meeting the exigibility referred to in Art. 15, caput, item I, if they have been computed in the manner provided in this Resolution up to the position relative to the month of December 2026.

§ 12. For the purposes of the provision in the caput, the total balances to be used from the control accounts of each financial institution correspond to the sum of the total eligible values of each of its operations, calculated in accordance with the provisions in §§ 2 to 11, minus the values already computed for the purposes of meeting the exigibility referred to in Art. 15, caput, item I.

§ 13. Monetary adjustment of the total balances to be used referred to in § 12 is prohibited." (NR)

"Art. 19-B. The total balances to be used referred to in Art. 19-A, § 12, may be computed in full or partially each reference month for the purposes of meeting the exigibility referred to in Art. 15, caput, item I." (NR)

"Art. 19-C. The total value computed of the operations referred to in Art. 17, caput, item XIII, for the purposes of meeting the exigibility referred to in Art. 15, caput, item I, in each reference month, cannot exceed 3% (three percent) of the calculation base referred to in Art. 15, § 1." (NR)

"Art. 19-D. In the event of transfer, for any title, of a real estate credit operation contracted from January 1, 2027, between the institutions mentioned in Art. 15, caput, the total balance to be used, referred to in Art. 19-A, § 12, of the original creditor institution must be deducted, in the corresponding control account, by the value "D", calculated according to the following formula:

D = VE x [ 1 − t/Mínimo( 360 ; T ) ], in which:

I - D corresponds to the value to be deducted from the total balance to be used of the original creditor institution in the control account;

II - VE corresponds to the total eligible value of the credit operation, as calculated on the date of its contracting;

III - t corresponds to the elapsed term of the credit operation, in complete months, until the date of the transfer; and

IV - T corresponds to the total term of the credit operation, in complete months.

§ 1 The deduction referred to in the caput does not apply to transfers that occur in a term equal to or greater than thirty years, counted from the date of contracting the real estate credit operation.

§ 2 The transfer, for any title, of a real estate credit operation to institutions not mentioned in Art. 15, caput, does not alter the total balances to be used registered in the control accounts of the original creditor institution.

§ 3 The transfer referred to in the caput includes the negotiation of real estate credit notes or mortgage notes." (NR)

"Art. 19-E. It is prohibited to meet the exigibility referred to in Art. 15, caput, item I, based on credit operations and credit notes resulting from:

I - operations with commitment to resell; and

II - transfers aimed exclusively at artificially expanding the total balances to be used referred to in Art. 19-A, § 12." (NR)

Section IV: Deficiency of Application

Art. 21. In the event of deficiency of application to meet the exigibility referred to in Art. 15, caput, item I, the financial institution must collect from the Central Bank of Brazil resources corresponding to the insufficiency verified, in current currency, on the fifteenth day of the month subsequent to the reference month or on the business day immediately following, if the fifteenth is a non-business day, with the resources remaining unavailable until the fifteenth day of the month subsequent to the collection or until the business day immediately following, if the fifteenth is a non-business day.

§ 1 The balance to be collected in each monthly assessment corresponds to the difference between the percentage of exigibility established in Art. 15, caput, item I, and the percentage of application verified in the reference month.

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§ 2 The collected balance will be updated monthly by the remuneration of savings deposits.

§ 3 In the event that an insufficiency in collection is found, the financial institution will incur the payment of financial costs equivalent to those determined for compulsory collection deficiencies." (NR)

"Art. 25-C. Real estate credit operations proven to be approved by December 31, 2025, may be contracted in accordance with the credit quota limits in effect on the date of their approval." (NR)

"Art. 25-D. Credits charged against losses computed in the position of December 2025 may remain computed for the purposes of meeting the exigibility referred to in Art. 15, caput, item I, while the respective judicial or extrajudicial execution processes are not concluded, for a maximum term of five years, counted from the date of the charge.

§ 1 For the purposes of the provision in the caput, the value of the credit charged against loss corresponds to the gross book value calculated according to the criteria established in Cosif on the date immediately prior to the charge, without deduction of provision for losses.

§ 2 The operation subject to renegotiation or restructuring that implies its substitution by a new operation cannot be computed, in the manner provided in the caput, for the purposes of meeting the exigibility referred to in Art. 15, caput, item I." (NR)

Art. 25-E. The balances computed regarding credits against the Wage Variation Compensation Fund – FCVS, in the position relative to the month of December 2025, may remain computed, for the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, letter "a", in the following manner:

I - in its entirety, in the position relative to the month of January 2026; and

II - by the value referred to in item I, deducted by 1/60 (one sixtieth) for each subsequent monthly position. (NR)

"Art. 25-F. The values of real estate received in settlement of real estate financing, computed in the position of December 2025, may remain computed for the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, while not alienated, for a maximum period of five years, counted from January 1, 2026." (NR)

"Art. 25-G. For the purposes of meeting the exigibility established in Article 15, main paragraph, item I, the balances computed from credit operations, interbank real estate deposits, and real estate credit certificates and mortgage certificates, in the position relative to the month of December 2026, may remain computed until their maturity at their respective gross book value, calculated according to the criteria established in Cosif, without deduction for loss provisions, nor addition of installments to be released.

§ 1º The balances of credits that are subject to judicial or extrajudicial execution, calculated according to the form provided in the main paragraph, may remain computed for the purposes of meeting the exigibility established in Article 15, main paragraph, item I, while the respective processes are not concluded.

§ 2º Interbank real estate deposits made until December 31, 2026, must be computed by the arithmetic mean of the daily balances maintained in the portfolio during the reference month, using the business day criterion and the same rules for calculating their values for accounting in Cosif." (NR)

"Art. 25-H. The balances computed regarding the values of scheduled disbursements, in the position relative to the month of December 2026, may remain computed until the settlement of the respective real estate financing.

§ 1º The resources corresponding to the values of the disbursements referred to in the main paragraph must be represented by titles issued by the National Treasury belonging to the institution's own portfolio, which will remain unavailable in a specific account in the Special Settlement and Custody System – Selic, while computed for the purposes of meeting the exigibility established in Article 15, main paragraph, item I.

§ 2º For the purposes of the provision in § 1º, titles issued by the National Treasury will be considered at their respective benchmark prices admitted by the Central Bank of Brazil in intraday repurchase operations." (NR)

"Art. 25-I. The values relating to the effect of the multipliers referred to in Article 20, computed in the position relative to the month of December 2026, may remain computed until the settlement of the respective real estate financing operations for the purposes of meeting the exigibility established in Article 15, main paragraph, item I." (NR)

"Art. 25-J. The values of credits corresponding to the debts of the FCVS novated, in accordance with Article 10 of Law No. 10,150, of December 21, 2000, computed in the position of December 2026, may remain computed for the purposes of meeting the exigibility established in Article 15, main paragraph, item I, letter "a", until their respective maturity, at the gross book value, calculated according to the criteria established in Cosif, without deduction for loss provisions." (NR)

"Art. 25-K. For the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, the following must be deducted from the calculation base computed from the position relative to the month of January 2027:

I - the amount corresponding to the compulsory collection of savings deposits established by the Central Bank of Brazil, calculated in the last calculation period closed in the reference month; and

II - the value corresponding to the difference between 80% (eighty percent) of the calculation base and the total directed value, computed in the position relative to the month of December 2026, in the following manner:

a) in its entirety, in the position relative to the month of January 2027; and

b) by the value referred to in letter "a", deducted by 1/120 (one one-hundred and twentieth) for each subsequent monthly position.

§ 1º The value to be deducted referred to in item II of the main paragraph may not exceed 15% (fifteen percent) of the calculation base computed in the position relative to the month of December 2026.

§ 2º The total directed value referred to in item II of the main paragraph corresponds to the total value of applications computed for the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, after the adjustments provided for in this Resolution have been made." (NR)

"Art. 25-L. The following credit balances must be deducted from the values that remain computed for the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, in the manner provided for in Articles 25-D to 25-J:

I - from transfer and refinancing operations contracted until December 31, 2026, carried out with resources from social funds and programs;

II - from interbank real estate deposits collected until December 31, 2026; and

III - from mortgage letters, real estate credit letters, and guaranteed real estate letters issued, in the amount exceeding the sum of the book values of the real estate credits referred to in Articles 16 and 17 contracted from January 1, 2027.

Sole paragraph. For the purposes of the provision in item III of the main paragraph, the following credit balances are not deducted:

I - guaranteed real estate letters issued until February 1, 2024, with a maturity equal to or greater than three years, which have as collateral the real estate financing referred to in Articles 16 and 17; and

II - mortgage letters, real estate credit letters, and guaranteed real estate letters that do not have as underlying asset or collateral the real estate credit operations referred to in Articles 16 and 17." (NR)

"Art. 25-M. The balances and values referred to in Articles 24, 25, 25-F, 25-G, 25-H, and 25-I relating to residential real estate financing may remain computed for the purposes of meeting the exigibility referred to in Article 15, main paragraph, item I, letter "a", even if the credit operation was not contracted within the scope of the SFH." (NR)

"Art. 26-A. The Central Bank of Brazil will carry out, until the end of 2026 and, after that date, periodically, an evaluation of the results resulting from the rules governing the allocation of resources collected in savings deposits.

Sole paragraph. The evaluation referred to in the main paragraph will serve as a basis for any revision of the parameters of this Resolution by the Monetary Council." (NR)

Art. 3º The following provisions of Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, are repealed:

I - from January 1, 2026:

a) §§ 3º and 4º of Article 6º;

b) item VII of the main paragraph of Article 16;

c) item X of the main paragraph of Article 16;

d) items VII and VIII of the main paragraph of Article 17;

e) §§ 3º, 4º, and 5º of Article 19; and

f) Article 23; and

II - from January 1, 2027:

a) item III of the main paragraph of Article 15;

b) item VI of the main paragraph of Article 16;

c) item VIII of the main paragraph of Article 16;

d) item VI of the main paragraph of Article 17;

e) item X of the main paragraph of Article 17;

f) item XII of the main paragraph of Article 17;

g) Articles 18, 19, and 20; and

h) items I and II of § 1º of Article 21.

Art. 4º This Resolution enters into force:

I - on the date of its publication, regarding Article 2º, in the part that amends Article 13 of Resolution No. 4,676, of July 31, 2018;

II - on January 1, 2026, regarding:

a) Article 2º, in the part that amends the following provisions of Resolution No. 4,676, of July 31, 2018:

1. Article 5º;

2. Article 6º;

3. Articles 25-C to 25-F; and

4. Article 26-A; and

b) Article 3º, main paragraph, item I; and

III - on January 1, 2027, regarding the remaining provisions.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil