Resolution CMN No. 4642

RESOLUTION NO. 4,642, OF FEBRUARY 28, 2018
Regulates article 15-I and item VII of article 15-L of Law No. 10,260, of July 12, 2001, which deals with the Student Financing Fund for Higher Education (Fies), with the purpose of establishing the financial charges of the credit operations of the financing modality provided for in article 15-D of the aforementioned Law, carried out with resources from the Constitutional Funds, and to establish a deadline for the restitution of amounts due to the fund of origin of the resource.

The Central Bank of Brazil, in accordance with article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in an extraordinary session held on February 28, 2018, based on article 4, item VI, of Law No. 4,595, of 1964, article 1 of Law No. 10,177, of January 12, 2001, article 15-I and article 15-L, item VII, of Law No. 10,260, of July 12, 2001,

R E S O L V E D:

Article 1. The financial charges applicable to student financing as per article 15-D of Law No. 10,260, of July 12, 2001, contracted with resources from the Constitutional Funds of Financing of the North, Northeast, and Center-West, shall be calculated monthly, pro rata die, considering the following components:

I - Monetary Update Factor (FAM), composed by the variation of the Broad National Consumer Price Index (IPCA), calculated by the Brazilian Institute of Geography and Statistics (IBGE) or by another index that may replace it;

II - Fixed portion of the Long-Term Rate (TLP), calculated in accordance with article 3 of Law No. 13,483, of September 21, 2017, and published in accordance with Resolution No. 4,600, of September 25, 2017;

III - Student Factor (FE), defined as a value equal to 1.4;

IV - Regional Imbalance Coefficient (CDR), limited to a maximum of one, as provided for in article 1-D of Law No. 10,177, of January 12, 2001.

§ 1. For the purpose of calculating the financial charges referred to in the caput, the following formula shall be applied:

Student Financing Interest Rate with Constitutional Funds Resources (TJFEC) = (FAM) x [1+(CDR x FE x Fixed Interest Rate of TLP)]^(DU/252) - 1

§ 2. The Student Financing Interest Rate with Constitutional Funds Resources (TJFEC) shall be proportional to the number of business days (DU) elapsed in the month in which financial charges apply to student financing with resources from the Constitutional Funds of Financing of the North, Northeast, and Center-West.

§ 3. Except for the component related to the FAM, the other components of the Student Financing Interest Rate with Constitutional Funds Resources (TJFEC) shall be those in effect on the date of contracting the operation, applied uniformly throughout the term of the financing operation.

Article 2. For the purpose of calculating the FAM, as provided for in article 1 of this Resolution, the following formula shall be applied:

FAMm = (1 + πm−2)^(ndup/ndmp) * (1 + πm−1)^(ndus/ndms), in which:

I - FAMm corresponds to the factor to be applied during the reference month m to the credit operations referred to in the caput of article 1, expressed with six decimal places and mathematical rounding;

II - πm−1 corresponds to the percentage variation of the Broad National Consumer Price Index (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE), referring to the first month prior to the reference month m, expressed in unit form with four decimal places;

III - πm−2 corresponds to the percentage variation of the Broad National Consumer Price Index (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE), referring to the second month prior to the reference month m, expressed in unit form with four decimal places;

IV - ndup is equal to the number of business days between the 1st (inclusive) and the 15th (exclusive) of the reference month m of the credit operations referred to in the caput of article 1;

V - ndus is equal to the number of business days between the 15th (inclusive) and the last day (inclusive) of the reference month m of the credit operations referred to in the caput of article 1;

VI - ndmp is equal to the total number of business days between the 15th of the first month prior to the reference month m (inclusive) and the 15th of the reference month m (exclusive); and

VII - ndms is equal to the total number of business days between the 15th of the reference month m (inclusive) and the 15th of the first month following the reference month m (exclusive).

Sole paragraph. The FAM must be calculated for each business day of the validity of the credit operation, using as reference the IPCA percentage variation referring to:

I - the second month prior to the reference month m, pro rata die, for updates until the 14th (inclusive) of each month; and

II - the second month prior to the reference month m, pro rata die until the 14th (inclusive) of each month, conjugated with the first month prior to the reference month m, pro rata die from the 15th (inclusive), for updates after the 14th (exclusive) of each month.

Article 3. For the purpose of calculating the Fixed Interest Rate of TLP (J), as provided for in article 1 of this Resolution, the following formula shall be applied:

J = ak * Jm / 100, in which:

I - ak corresponds to the adjustment factor as provided for in § 1 of article 3 of Law No. 13,483, of 2017, and article 4 of Resolution No. 4,600, of 2017; and

II - Jm corresponds to the fixed interest rate as provided for in articles 2 and 3 of Resolution No. 4,600, of 2017.

Sole paragraph. The rate J referred to in the caput, stipulated for a specific credit operation, shall be:

I - fixed based on the interest rate “Jm” and the adjustment factor “ak” in effect in the month of contracting the financing operation; and

II - applied uniformly until its maturity.

Article 4. The resources transferred by the Constitutional Funds of Financing of the North, Northeast, and Center-West to operating agents for the realization of the financing operations provided for in this Resolution shall be reimbursed to the Funds, observing the following conditions:

I - grace and amortization periods: the same as the financing operation;

II - in the case of compliant operations, the amounts due by the operating agent to the Funds, referring to amortization and interest, shall be transferred to the fund of origin within a period of up to two business days from receipt;

III - in the case of non-compliant operations, the amounts due by the operating agent, referring to amortization and interest, shall be transferred to the fund of origin within a period of up to two business days from the write-off of the operation as a loss.

§ 1. Failure to meet the deadline established in items II and III of this article will result in the application of the Selic rate on the installments due by the operating agent, without prejudice to other measures provided for in the respective regulations of the Funds.

§ 2. In the event of early maturity, the amounts shall be due to the Funds from the date on which the operation is declared early matured. The amounts to be transferred to the Funds under these terms shall be updated by the Selic rate after two business days from the early maturity of the installments until their effective payment by the financial agents.

Article 5. This Resolution enters into force on the date of its publication.

Ilan Goldfajn
President of the Central Bank of Brazil

This text does not replace the published in the DOU of 3/2/2018, Section 1, p. 126/127, and in Sisbacen.