Joint Resolution No. 8 — Financial Education Measures for Financial Institutions and Payment Institutions

JOINT RESOLUTION NO. 8, OF DECEMBER 21, 2023

Provides for financial education measures to be adopted by financial institutions, payment institutions, and other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4.595, of December 31, 1964, makes public that its Collegiate Board, in a session held on December 14, 2023, based on Articles 9-A of Law No. 4.728, of July 14, 1965, 9, items II and X, of Law No. 12.865, of October 9, 2013, and 7 of Law No. 11.795, of October 8, 2008, and the National Monetary Council, in a session held on December 21, 2023, based on Articles 4, item VIII, of Law No. 4.595, of 1964, 20, § 1, of Law No. 4.864, of November 29, 1965, 1 of Decree-Law No. 70, of November 21, 1966, 7 and 23, item "a", of Law No. 6.099, of September 12, 1974, 1, item II, of Law No. 10.194, of February 14, 2001, 1, § 1, of Complementary Law No. 130, of April 17, 2009, and 27, § 3, of Law No. 14.690, of October 3, 2023,

RESOLVE THEM:

Art. 1. This Joint Resolution provides for financial education measures to be adopted by financial institutions, payment institutions, and other institutions authorized to operate by the Central Bank of Brazil.

Art. 2. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must adopt financial education measures directed at their natural person clients and users, including individual entrepreneurs.

§ 1. The measures referred to in the caput include those that contribute to: I - organization and planning of personal and family budgets; II - formation of savings and financial resilience; III - prevention of default on operations and over-indebtedness.

§ 2. For the purposes of this Joint Resolution, the member of a consortium administrator is considered a client.

Art. 3. For the purpose of complying with Article 2, institutions must maintain a financial education policy based on ethics, responsibility, transparency, and diligence, and on the following guiding principles: I - value for the client: providing clients and users with financial education actions that are useful and relevant to their financial lives; II - broad reach: ensuring access to financial education measures for the entire universe of their clients and users; and III - adequacy and personalization: making content and tools available in the most appropriate language, channel, and moment based on the characteristics and financial education needs of clients and users, considering the target audience profile.

§ 1. The financial education policy referred to in the caput must, at a minimum: I - consider the various phases of the institutions' relationship with their clients and users in defining routines and procedures for implementing financial education measures; and II - be compatible with the business model, the nature of the institution's activities, and the complexity of the products and services offered to clients and users.

§ 2. It is admitted that the policy referred to in the caput may be unified by: I - a conglomerate; or II - a cooperative credit system.

§ 3. Institutions that do not establish their own policy due to the option provided for in § 2 must formalize the decision in a meeting of the board of directors or the executive board.

Art. 4. Regarding the policy provided for in Article 3, institutions must establish monitoring and control mechanisms to ensure, at a minimum: I - the implementation of its provisions; II - the monitoring of its compliance and effectiveness, including through appropriate metrics and indicators; and III - the identification and correction of any inefficiencies.

Art. 5. The institutions referred to in Article 1 must designate to the Central Bank of Brazil a director responsible for complying with the obligations set forth in this Joint Resolution.

Art. 6. The Central Bank of Brazil may adopt, within the scope of its legal powers, measures necessary to implement the provisions of this Joint Resolution.

Art. 7. This Joint Resolution enters into force on July 1, 2024.

ROBERTO DE OLIVEIRA CAMPOS NETO President of the Central Bank of Brazil