Resolution CMN No. 4643

RESOLUTION NO. 4,643, OF FEBRUARY 28, 2018

Regulates art. 15-I and item VII of art. 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 art. 15-D of the aforementioned Law carried out with resources from the Development 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 art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on February 28, 2018, based on art. 4, item VI, of Law No. 4,595, of 1964 and on art. 15-I and art. 15-L, item VII, of Law No. 10,260, of July 12, 2001,

RESOLVED:

Art. 1 The financial charges applicable to student financing as per art. 15-D of Law No. 10,260, of July 12, 2001, contracted with resources from the Amazon Development Fund (FDA), the Northeast Development Fund (FDNE), and the Center-West Development Fund (FDCO) shall be calculated monthly, pro rata die, considering the following components:

I - Monetary Update Factor (FAM), composed by the variation of the Broad 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 Interest Rate (TLP), calculated in accordance with art. 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 whole, as provided for in art. 1-D of Law No. 10,177, of January 12, 2001.

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

Student Financing Interest Rate with Development Fund Resources (TJFED) = (FAM) x [1+(CDR x FE x Fixed TLP Interest)]^(DU/252) – 1

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

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

Art. 2 For the purposes of calculating the FAM, as provided for in art. 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 art. 1, expressed with six decimal places and mathematical rounding;

II - πm-1 corresponds to the percentage variation of the Broad Consumer Price Index (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics Foundation (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 Consumer Price Index (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics Foundation (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 art. 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 art. 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 subsequent to the 14th (exclusive) of each month.

Art. 3 For the purposes of calculating the Fixed TLP Interest (J), as provided for in art. 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 art. 3 of Law No. 13,483, of 2017, and art. 4 of Resolution No. 4,600, of 2017; and

II - Jm corresponds to the fixed interest rate as provided for in arts. 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.

Art. 4 The remuneration of the operating agents of the Development Funds in the financing operations provided for in this Resolution shall correspond to 2.5% p.a. (two and five-tenths percent per annum).

Art. 5 The remuneration of the Development Funds in the financing operations provided for in this Resolution shall be composed of the difference between the rate paid by the borrower, as per § 1 of art. 1, and the operating agents' remuneration rate defined in art. 4.

Art. 6 The resources transferred by the Development Funds (FDA, FDNE, and FDCO) to the 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 performed 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 five business days from receipt;

III - in the case of non-performing 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 five 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 shall 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 matured early.

§ 3 The amounts to be transferred to the Funds in accordance with § 2 shall be updated by the Selic rate after five business days from the early maturity of the installments until their effective payment by the financial agents.

Art. 7 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 version in the DOU of 3/2/2018, Section 1, p. 126, and in Sisbacen.