Resolution CMN No. 3658 — Amends and Consolidates Regulations on Credit Operation Information Reporting to the Central Bank of Brazil

RESOLUTION NO. 003658

Amends and consolidates the regulation regarding the provision to the Central Bank of Brazil of information on credit operations.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on December 17, 2008, taking into account the provisions of Article 3, items V and VI, and in accordance with the competence conferred by Article 4, items VI and VIII, of the aforementioned law, Article 7 of Law No. 6,099 of September 12, 1974, and Article 1, paragraph 1, item XIII, and paragraph 3, item I, of Complementary Law No. 105 of January 10, 2001, and considering further the provisions of Article 103 of Law No. 5,764 of December 16, 1971,

RESOLVES:

Article 1. The regulation regarding the provision of information on credit operations to the Central Bank of Brazil is amended and consolidated, in accordance with this resolution.

Article 2. The Credit Information System (SCR), established in substitution for the Central Credit Risk System (CRC) referred to in Resolutions No. 2,724 of May 31, 2000, and No. 2,798 of November 30, 2000, with additional information sent to the Central Bank of Brazil, in accordance with the regulation issued by it, has the following purposes:

I - to provide information to the Central Bank of Brazil for the purpose of supervising the credit risk to which the institutions mentioned in Article 4 are exposed; and

II - to facilitate the exchange of information, among the institutions mentioned in Article 4, regarding the amount of debts and liabilities of clients in credit operations.

Article 3. For the purposes of registration in the SCR, the following debts and liabilities are considered credit operations:

I - loans and financing;

II - advances;

III - leasing operations;

IV - co-obligations and guarantees provided;

V - unconditional and unilateral non-cancellable credit commitments by the institutions mentioned in Article 4;

VI - operations written off as losses and credits contracted with resources to be released;

VII - other operations that imply credit risk, including those that have been the subject of negotiation with substantial retention of risks and benefits or control, in accordance with Resolution No. 3,533 of January 31, 2008.

Article 4. The following institutions must send information to the Central Bank of Brazil regarding credit operations:

I - development agencies;

II - savings and loan associations;

III - commercial banks;

IV - foreign exchange banks;

V - development banks;

VI - investment banks;

VII - multiple banks;

VIII - savings banks;

IX - credit cooperatives;

X - mortgage companies;

XI - securities brokerage firms;

XII - securities distribution companies;

XIII - leasing companies;

XIV - microentrepreneur and small business credit companies;

XV - credit, financing, and investment companies;

XVI - real estate credit companies;

XVII - the National Bank for Economic and Social Development (BNDES).

Sole Paragraph. The provisions of this article also apply to institutions in extrajudicial liquidation, under intervention, or under a special temporary administration regime.

Article 5. The institutions mentioned in Article 4 are obligated to send information to the SCR regarding credit operations that have been the subject of negotiation without substantial retention of risks and benefits or control, in accordance with Resolution No. 3,533 of 2008, with:

I - controlled companies, not mentioned in Article 4, that have their consolidated financial statements, in accordance with Resolution No. 2,723 of May 31, 2000, as amended by Resolution No. 2,743 of June 28, 2000; and

II - investment funds administered by the institutions themselves or by the companies referred to in the preceding item.

Article 6. For the purposes of the provision of item I of Article 2, the institutions mentioned in Article 4 must send information to the SCR regarding any credit operations carried out by the companies referred to in item I of the preceding article.

Sole Paragraph. The provisions of this article do not apply to credit rights resulting from sales or installment service provision.

Article 7. For the purposes of the provision of item II of Article 2, the Central Bank of Brazil is authorized to:

I - make available, to the institutions mentioned in Article 4, consolidated information on clients' credit operations, provided that specific authorization is obtained, in accordance with item I of Article 8;

II - make available to clients information on their credit operations with the institutions mentioned in Article 4; and

III - send, to the institutions mentioned in Article 4, judicial decisions regarding credit operations and clients' statements of disagreement, for the purpose of registration in the SCR.

Article 8. For the purposes of the provision of item II of Article 2, the institutions mentioned in Article 4 must:

I - obtain specific authorization from the client, capable of being proven, to consult the information contained in the SCR;

II - notify the client in advance of the registration of their data in the SCR, unless there is authorization from them for the registration;

III - identify operations in default for a period equal to or greater than 60 (sixty) months, on the data base date for sending data to the Central Bank of Brazil, in the manner determined by it;

IV - keep the document mentioned in item I for a period of five years, counted from the date of the last consultation, when no credit operation was carried out with the client;

V - keep the documents mentioned in items I and II for a period of 5 (five) years, counted from the date of the last information provided to the Central Bank of Brazil, when a credit operation was carried out with the client.

Sole Paragraph. The authorizations and communication referred to in items I and II must contain the information related in Article 10.

Article 9. The information sent for the purpose of registration in the SCR is the exclusive responsibility of the institutions referred to in Article 4, including with respect to additions, corrections, exclusions, sub judice markings, and the registration of judicial measures and statements of disagreement presented by the contractors.

Article 10. For the purposes of the provision of item II of Article 2, the Central Bank of Brazil and the institutions referred to in Article 4 must publish, in their premises, in a visible and easily accessible location, and through their pages on the worldwide computer network (internet), information about the SCR, in language that is easy to understand, which covers at least the following aspects:

a) the purpose and use of the system's information;

b) the method of consulting the system's information;

c) the procedures necessary for correction, for exclusion, and for the registration of judicial measures and statements of disagreement regarding the system's information; and

d) clarification that consultation on any information from the system depends on prior authorization from the client of credit operations.

Article 11. For the purpose of consulting the SCR, the consultation authorizations granted by clients and the records of judicial measures in the CRC remain valid.

Article 12. The Central Bank of Brazil is authorized to issue complementary norms for the fulfillment of this resolution, as well as to adopt the measures necessary for its implementation, including the ability to establish:

I - a schedule and value limit for the registration of credit operations in the SCR; and

II - a schedule for the start of sending information to the SCR by the institutions referred to in Article 4.

Article 13. This resolution enters into force on the date of its publication, producing effects from March 1, 2009, when Resolutions Nos. 2,724 and 2,798, both of 2000, will be revoked.

Sole Paragraph. The citations and basis of validity of the revoked resolutions, contained in published norms, shall henceforth refer to this resolution.

Brasília, December 17, 2008.

Henrique de Campos Meirelles
President