Resolution CMN No. 4854 on Microcredit Operations and Resource Allocation

Resolution No. 4,854

CMN RESOLUTION
NO. 4,854, OF SEPTEMBER 24, 2020

Provides for microcredit operations, including guided productive microcredit, carried out by financial institutions and on the allocation of resources for these 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 September 24, 2020, based on Articles 4, item VI, of the aforementioned Law, 2 of Law No. 10,735, of September 11, 2003, 1, paragraph 1, and 12 of Complementary Law No. 130, of April 17, 2009, and 3, paragraph 1, item I, and 4 of Law No. 13,636, of March 20, 2018,

R E S O L V E D:

CHAPTER I
OBJECT AND SCOPE OF APPLICATION

Article 1. This Resolution provides for microcredit operations, including guided productive microcredit, carried out by financial institutions and on the allocation of resources for these operations.

CHAPTER II
MICROCREDIT OPERATIONS

Article 2. A microcredit operation, including for purposes of classification in the Credit Information System (SCR), is considered a credit operation carried out to finance productive activities of natural or legal persons, organized individually or collectively, with annual gross income or revenue limited to the maximum gross revenue value established for micro-enterprises, in accordance with current legislation.

CHAPTER III
GUIDED PRODUCTIVE MICROCREDIT OPERATIONS

Article 3. Guided productive microcredit operation is considered a microcredit operation, as defined in Article 2, which observes the following conditions:

I - use of a specific methodology for granting and control;

II - maximum effective interest rate of 4% p.m. (four percent per month);

III - maximum credit opening fee of up to 3% (three percent) of the value of the granted credit, prohibiting the charging of any other fees or expenses;

IV - term not less than one hundred and twenty days;

V - sum of the debtor balances of guided productive microcredit operations of the borrower, in the same financial institution, not exceeding R$21,000.00 (twenty-one thousand reais); and

VI - sum of the debtor balances of the borrower's credit operations contracted within the National Financial System, excluding housing credit operations, not exceeding R$80,000.00 (eighty thousand reais).

Paragraph 1. In contracting the operations referred to in the main text:

I - simplified procedures may be adopted for preparing the registration form and for drafting the title representing the debt; and

II - the use of any means that allow adequate and unequivocal identification of the borrower is admitted, in accordance with current legislation.

Paragraph 2. The specific methodology referred to in item I of the main text shall comprise, at minimum:

I - guidance on business planning and monitoring of the operation;

II - assessment of the operation's risks, taking into account, at least, the need for credit, the economic-financial situation, degree of indebtedness, ability to generate results, and cash flow of each borrower; and

III - mechanism for controlling the volume and delinquency of operations carried out.

Paragraph 3. The activities mentioned in item I of Paragraph 2:

I - must have specialized advisory services, which may be provided by a specialized professional, including from the institution's own staff, or by legal entities specialized in support, promotion, or guidance to the productive activities referred to by current legislation applicable to the National Program of Guided Productive Microcredit (PNMPO); and

II - may be carried out remotely.

Paragraph 4. Contracting operations for a term shorter than that provided in item IV of the main text is admitted, provided it is not less than sixty days, in which case the limits for credit opening fees established in item III of the main text must be reduced in the same proportion.

Paragraph 5. Verification of compliance with the condition established in item VI of the main text is admitted through a declaration signed by the borrower, in writing or electronically.

CHAPTER IV
ALLOCATION

Article 4. Commercial banks, multiple banks with commercial portfolios, and Caixa Econômica Federal must maintain applied in guided productive microcredit operations a value corresponding to at least 2% (two percent) of the average of the balances of demand deposits captured by the institution, calculated in the manner of item I of Article 6.

Paragraph 1. Verification of non-compliance with the conditions provided for characterizing an operation as guided productive microcredit, whether its own or acquired from third parties, as per Article 3, will imply its declassification for purposes of fulfilling the allocation.

Paragraph 2. In the case of Paragraph 1, the financial institution must rectify the information regarding the performance of guided productive microcredit operations provided to the Central Bank of Brazil.

Paragraph 3. The following shall not be included in the balance of deposits subject to allocation:

I - demand deposits captured by federal and state public financial institutions:

a) from their respective governments; and

b) from autarchies and mixed-economy companies whose capital is predominantly owned by their respective governments; and

II - demand deposits captured by state public financial institutions titled by municipal public entities of the respective federative unit.

Article 5. To fulfill the allocation referred to in Article 4, in addition to applications in guided productive microcredit operations contracted directly with beneficiaries, the following must be considered:

I - resources transferred to other financial institutions, through interfinancial deposit linked to microfinance operations (DIM), exclusively for applications in operations eligible for fulfilling the allocation referred to in Article 4, observing the provisions of current applicable regulation;

II - credit granted to the microentrepreneur credit society and the small business company;

III - transfer granted to the public interest civil society organization;

IV - credit granted to the singular credit cooperative;

V - credits originating from operations of advances, loans, and financing that meet the conditions established in this Resolution acquired from:

a) other financial institutions;

b) public interest civil society organizations; and

c) entities, funds, or programs focused on microcredit; and

VI - credit operations for the acquisition of assistive technology goods and services intended for people with disabilities, observing the provisions of current applicable regulation, up to the limit of 20% (twenty percent) of the value subject to allocation.

VI - credit operations for the acquisition of assistive technology goods and services intended for people with disabilities, observing the provisions of current applicable regulation, up to the limit of 30% (thirty percent) of the value subject to allocation. (Wording given, from 1/2/2024, by CMN Resolution No. 5,113, of 12/21/2023.)

Paragraph 1. The institution receiving the resources mentioned in items I, II, and IV of the main text must apply them entirely in guided productive microcredit operations, in accordance with Article 3.

Paragraph 2. In the event that compliance with the allocation provided in item IV of the main text occurs through interfinancial transfer, the following conditions must be met cumulatively:

I - the entirety of the resources of each interfinancial transfer must be destined to only one microcredit operation;

II - instruments related to the interfinancial transfer and the linked microcredit operation must observe identical maturity dates and indicate their mutual linkage;

III - the credit cooperative must carry out the microcredit operation within a maximum of one business day after receiving the resources from the interfinancial transfer; and

IV - the credit cooperative must provide all information about the microcredit operation carried out to the cooperative bank, the confederation of credit cooperative centers, or the central credit cooperative that made the interfinancial transfer.

Paragraph 3. In the event that compliance with the allocation provided in item II of the main text occurs through interfinancial transfer, as well as in the case provided in item III, the following conditions must be met cumulatively:

I - the entirety of the resources of each transfer must be destined to only one microcredit operation;

II - instruments related to the transfer and the linked microcredit operation must observe identical maturity dates and indicate their mutual linkage;

III - the entity receiving the transfer must carry out the microcredit operation within a maximum of one business day after receiving the resources from the transfer; and

IV - the entity receiving the transfer must provide all information about the microcredit operation carried out to the transferring institution.

Paragraph 4. In the case of item III of the main text, the transferring institution is responsible for ensuring that the receiving entity applies the resources from the transfer entirely in guided productive microcredit operations, in accordance with Article 3, and for compliance with the provisions of Paragraph 3.

Paragraph 5. Operations overdue for more than ninety days cannot be counted for purposes of fulfilling the allocation.

Article 6. To verify compliance with the allocation referred to in Article 4, the following must be considered:

I - the allocation of applications, which corresponds to the average of the values resulting from applying the minimum required percentage on the balances of demand deposits ascertained on the last business day of the twelve months prior to the month immediately preceding the month in which the verification is being carried out; and

II - the average of the daily balances of eligible operations of the month immediately preceding the month in which the verification is being carried out.

Paragraph 1. The calculation of the deficiency of applications relative to the allocation will be the difference between the values described in items I and II of the main text.

Paragraph 2. Institutions subject to fulfilling the allocation referred to in this Resolution are permitted to apply a multiplication factor of 2 (two whole) to the balance of operations carried out within the National Program of Guided Productive Microcredit with natural persons registered in the Single Registry for Social Programs of the Federal Government, as provided in Decree No. 6,135, of June 26, 2007.

Paragraph 3. The verification referred to in the main text must be carried out on the 20th of each month or on the first subsequent business day, when the 20th is a non-business day.

CHAPTER V
FINAL PROVISIONS

Article 7. The Central Bank of Brazil is authorized to adopt the measures and issue the norms necessary for the execution of the provisions of this Resolution.

Article 8. Articles 1 to 7 of Resolution No. 4,713, of March 28, 2019, are revoked.

Article 9. This Resolution enters into force on November 3, 2020.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil