Resolution CMN No. 4020 — Amending Resolution No. 3,859 of May 27, 2010, Regarding the Establishment and Operation of Credit Cooperatives

RESOLUTION NO. 004020

Amending Resolution No. 3,859, of May 27, 2010, which provides for the establishment and operation of credit cooperatives.

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 September 29, 2011, based on Articles 4, items VI and VIII, and 55 of the aforementioned Law, and on Article 12 of Complementary Law No. 130, of April 17, 2009,

RESOLVES:

Article 1. Article 37 of Resolution No. 3,859, of May 27, 2010, shall be effective with the following wording:

"Article 37. A central credit cooperative that, together with the adoption of a reciprocal guarantee system among affiliated cooperatives, carries out the financial centralization of the net liquidity of these affiliates may use the exposure limit per client of 10% (ten percent) of the sum of the total PR of the affiliates, limited to the PR of the central, in the following operations:

I - deposits and securities and marketable securities issued or guaranteed by the same financial institution, affiliated companies, and holding company and its subsidiaries, observing the provisions of Paragraph 2 of Article 36; and

II - granting of credits and guarantees to affiliates, in operations previously approved by the board of directors of the central cooperative when resources referred to in Paragraph 1 of this article are not used.

Paragraph 1. Credit operations in the form of transfers and guarantees to affiliates, involving resources collected under the auspices of rural credit regulations and other credit lines or interest rate equalization programs subject to specific legislation, destined for the granting of financing to cooperative members, are not subject to the exposure limit per client, observing, additionally, the following conditions:

I - adoption, in contracts signed between the central cooperative and the singular cooperative and between the singular cooperative and the cooperative member, of clauses establishing a prerogative in favor of the central cooperative, which may be exercised at any time and independently, allowing the collection, directly from the cooperative members, of the installments due for individual financing, in the form of endorsement of the credit instrument or another legal act whose effects allow such collection;

II - assumption of contractual co-obligation by the affiliated cooperatives, in the capacity of mutually solidary guarantors, obligating themselves to immediately cover, in favor of the central cooperative, in proportion to their respective PRs, the failure to pay installments related to the settlement of the transfer due by any of the co-obligors; and

III - adoption of a payment system by the singular cooperatives to the central cooperative, regarding the settlement of resources transferred to them, which limits to five business days the stay, in each singular cooperative, of the resources paid by the cooperative members as settlement of individual financing, including in the case of early settlement.

Paragraph 2. The granting of credits and guarantees under the auspices of this article must observe specific rules, approved by the general assembly of the central cooperative, regarding credit limits, guarantees to be observed, and other aspects deemed relevant for the control of risks arising from these operations.

Paragraph 3. For the calculation of the admissible amount of credit and guarantee operations in favor of a specific affiliate, carried out under the auspices of the limit established in the main text, operations outstanding, owed by that affiliate, carried out according to the exposure limit per client established in Article 36, item II, letter 'b', must be deducted." (NR)

Article 2. This Resolution enters into force on the date of its publication.

Brasília, September 29, 2011.

Alexandre Antonio Tombini
President of the Central Bank of Brazil