Resolution CMN No. 5,051 — Provisions on the Organization and Operation of Credit Cooperatives

Vote

RESOLUTION CMN
NO. 5,051, OF NOVEMBER 25, 2022

Provisions on the organization and functioning of credit cooperatives.

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on November 24 of 2022, based on Article 4, items VIII, XI and XIII, of said Law, and on Complementary Law No. 130, of April 17, 2009,

R E S O L V E D :

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art.

1. This Resolution provides for the organization and functioning of credit
   corporations.

Sole Paragraph. For the purposes of this Resolution, credit cooperatives are considered to be the singular credit cooperative, the central credit cooperative and the confederation of credit constituted by central credit cooperatives.

CHAPTER II
OF THE CLASSIFICATION OF THE SINGULAR CREDIT COOPERATIVE

Art.
2. The singular credit cooperative is classified into one of the following
categories, according to the operations and activities practiced:

I - full credit cooperative:
when authorized to carry out the operations and activities provided for in items I to XV of the main text of Article 3; (Amended, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - classic credit cooperative:
when authorized to carry out the operations and activities provided for in items I to XV of the main text of Article 3, subject to the provisions of Article 5; and (Amended, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - capital and loan credit cooperative: when authorized to carry out the operations and activities provided for in items II to VIII, in item "b" of item IX, in items X, XI and XIII of the main text of Article 3, subject to the provisions of Article
5. (Amended, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

CHAPTER III
OF OPERATIONS AND ACTIVITIES

Art.
3. The credit cooperative may carry out the following operations and activities, in addition to others established in current regulation:

I - collect, exclusively from members, resources and deposits without issuance of certificate, except for the collection of resources from Municipalities where it has an installed branch;

II - grant credits and provide guarantees to members, including in operations carried out under the auspices of rural credit regulation in favor of member rural producers;

III - invest resources in the financial market, including in demand deposits and interbank deposits, subject to the specific legal and regulatory restrictions of each investment;

IV - obtain loans and transfers from national or foreign financial institutions, including through interbank deposits;

V - obtain assistance and financial support from the guarantee fund, constituted by credit cooperatives, of mandatory association by specific regulation issued by the National Monetary Council;

VI - invest and obtain resources from central credit cooperatives or credit confederations to which they are affiliated, or from other guarantee funds constituted by them;

VII - receive transfers from official institutions or public funds;

VIII - receive from legal entities, on an occasional basis, resources exempt from remuneration or at favorable rates, in the form of donations, loans or transfers;

IX - provide payment service in the following modalities: (Amended by Resolution CMN No. 5,273, of December 18, 2025.)

a) electronic money issuer, exclusively to its members and to the municipalities where it has an installed branch; and (Amended by Resolution CMN No.
5,273, of December 18, 2025.)

b) issuer of post-payment payment instrument, exclusively to its members; (Amended by Resolution CMN No.
5,273, of December 18, 2025.)

X - proceed to the contracting of services with the aim of enabling check clearing and fund transfers in the financial system, to meet the institution's operational needs or to complement the services provided by the cooperative to members;

XI - provide the following services, aimed at serving members and non-members:

a) collection, custody and services for receipts and payments on behalf of third parties to individuals and entities of any nature, including entities belonging to the public sector;

b) correspondent in the country, in accordance with specific regulation;

c) placement of products and services offered by cooperative banks, including those related to foreign exchange operations, as well as by other entities controlled by institutions belonging to the cooperative system to which it belongs, in the name and on behalf of the contracting entity, subject to specific regulation;

d) distribution of resources for financing of rural credit and others subject to specific legislation or regulation, or involving interest rate equalization by the National Treasury, comprising formalization, granting and settlement of credit operations entered into with the ultimate borrowers of the resources, in operations carried out in the name and on behalf of the contracting institution;

e) distribution of shares of investment funds managed by institutions authorized to operate by the Central Bank of Brazil, subject to specific regulation issued by the Securities and Exchange Commission; and

f) payment services in the modalities of acquirer and payment transaction initiator; and

XII - (Revoked, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

XIII - carry out credit operations with the sharing of resources and risks jointly with other credit cooperatives belonging to the same cooperative system; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

XIV - manage financial availability of the National Service for Cooperative Learning (Sescoop); and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

XV - manage official resources or from public or private funds intended for the granting of guarantees to members in operations with the managing cooperative itself or with third parties. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 1. For the purposes of this
Resolution, Municipality is considered the municipal federated entity, its bodies or entities and companies controlled by it.

§ 2. Contracts entered into with a view to providing the services referred to in items "c" and "d" of item XI of the main text must contain clauses establishing:

I - assumption of responsibility, for all legal purposes, by the contracting financial institution, for the services provided in its name and on its behalf by the contracted credit cooperative;

II - adoption, by the contractor, of an operations manual, customer service and control defined by the contracting party and provision for the carrying out of operational inspections by the latter;

III - maintenance, by both parties, of segregated controls of the operations carried out under contract, immediately verifiable by the inspection of the competent authorities;

IV - realization of financial adjustments between the parties, at most, every two business days;

V - prohibition of sub-contracting; and

VI - disclosure by the contractor, in a place and form visible to the end user, of its status as a service provider to the contracting institution, regarding the products and services offered in the name of the latter.

§ 3. The provision of payment services provided for in item "f" of item XI of the main text to non-members must be authorized by the general assembly and stated in the social statute of the credit cooperative.

§ 4. The credit cooperative must keep available to the Central Bank of Brazil the contracts signed with third parties for the provision of the services referred to in item XI of the main text, for a period of five years, counted from the end of the contract term.

Art. 3-A. Specific activities of central credit cooperatives and credit confederations are to provide: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - to affiliated or non-affiliated cooperatives, technical character services, including those relating to the duties defined in Chapter VII; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - to affiliated cooperatives, service of administration of third-party resources, in the realization of applications by account and order of the cooperative holding the resources, observing the legislation and the norms applicable to this activity; and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - to affiliated cooperatives, service of centralized application of resources, subject to its own policy, approved by the board of directors, containing guidelines relating to the collection, the application and the remuneration of the resources transferred by the affiliates, observing, in the remuneration, proportionality in relation to the participation of each affiliate in the total amount applied. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 3-B. The credit cooperatives must observe the following conditions in carrying out credit operations with the sharing of resources and risks referred to in item XIII of the main text of Article 3: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - the proponent of the operation must be a member of the singular credit cooperative structuring the operation; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - the cooperative structuring the operation must have, obligatorily, participation in the sharing of resources and risks of the credit operation; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - the cooperative structuring the operation is responsible for formalizing the instrument representative of the credit operation; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

IV - the term, the repayment periodicity and the rates provided for in the contract must be identical for all cooperatives that share the resources and risks of the credit operation; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

V - the creditor cooperatives must contribute to the same guarantee instruments of the operation, in the proportion of their credits; and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

VI - the amount corresponding to the sum of exposures of credit cooperatives in the condition of non-structuring in the operations mentioned in the main text is limited to 25% (twenty-five percent) of the total of its credit portfolio. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 1. For the purposes of this
Resolution, the structuring cooperative of the operation is considered the credit cooperative that carries out the operation with its member and proposes the sharing of resources and risks with other credit cooperatives belonging to the same system. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 2. The operation mentioned in the main text must: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - be recognized in the financial statements of each participating cooperative as a credit operation, in the amount of its exposure; and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - be subject to the maximum exposure limits per client and concentrated exposures and to the capital requirements provided for in prudential regulation. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 3.
Without prejudice to the provisions of this article, the central credit cooperative, in the case of a two-level system, or the confederation, in the case of a three-level system, may complement the policy or establish systemic regulation for the carrying out of operations mentioned in the main text and for participation in these operations by the affiliated cooperatives. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 4. The collection of resources from municipalities can only be carried out by means of: (Amended by Resolution CMN No.
5,273, of December 18, 2025.)

I - demand deposits; (Included by Resolution CMN No. 5,273, of December 18, 2025.)

II - time deposits without issuance of certificate; or (Included by Resolution CMN No.
5,273, of December 18, 2025.)

III - pre-paid payment account. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

Art. 5. The classic credit cooperative and the capital and loan cooperative, regardless of the prudential segment to which they belong, can only carry out operations that meet the requirements that characterize a simplified risk profile, in accordance with prudential regulation that provides for the simplified optional methodology for calculating the minimum requirement for Simplified Reference Equity (PRS5).

CHAPTER IV
OF THE PRUDENTIAL REQUIREMENTS APPLICABLE TO THE COLLECTION OF MUNICIPAL RESOURCES

Art. 6. The total balance of resources collected from municipalities by credit cooperatives is limited to the higher value between: (Amended by Resolution CMN No.
5,273, of December 18, 2025.)

I - the sum of balances collected from municipalities with coverage assured by a guarantee fund constituted by cooperatives of credit, of mandatory affiliation by specific regulation issued by the National Monetary Council; and (Included by Resolution CMN No. 5,273, of December 18, 2025.)

II - corresponding to 5%
(five percent) of the total balance of demand and time deposits collected by the cooperative, calculated on the last day of the previous month. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

§ 1. (Revoked by Resolution CMN No. 5,273, of December 18, 2025.)

§ 2. (Revoked by Resolution CMN No. 5,273, of December 18, 2025.)

§ 3. (Revoked by Resolution CMN No. 5,273, of December 18, 2025.)

§ 4. (Revoked by Resolution CMN No. 5,273, of December 18, 2025.)

§ 5. The percentage referred to in item II of the main text may be up to 6% (six percent), in the case of cooperatives affiliated to a cooperative system, of two or three levels, that, cumulatively: (Included by Resolution CMN No. 5,273, of December 18, 2025.)

I - maintain a mechanism of reciprocal guarantees capable of providing liquidity to singular cooperatives in the event of withdrawal of resources by municipalities; and (Included by Resolution CMN No. 5,273, of December 18, 2025.)

II - prove to the Central Bank of
Brazil, in the manner defined by it, the capacity of the mechanism referred to in item I to provide the necessary guarantees to the system cooperatives that collect resources from municipalities, including in stress scenarios. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

§ 6. It is optional for the credit cooperative to freely apply the amount of resources collected from municipalities, in the form of demand deposits and time deposits, subject to the limit set forth in the main text. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

§ 7. Resources registered in pre-paid payment accounts owned by municipalities, maintained in the cooperative itself, will not be included in the limit established in the main text. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

Art. 6-A. The credit cooperative that, on November 30, 2025, maintains a balance of collection of municipal resources in an amount exceeding the limit established in Article 6 has a deadline until December 31, 2026 for compliance with this limit. (Included by Resolution CMN No. 5,273, of December 18, 2025.)

§ 1º Until the provision in the main text is met, the credit cooperative must invest in federal public securities freely admitted to negotiation in committed transactions carried out with the Central Bank of Brazil, the value of resources collected from municipalities that exceeds the limit established in Art. 6º. (Included by CMN Resolution No. 5.273, of 12/18/2025.)

§ 2º The federal public securities referred to in § 1º must be maintained in the normal custody account of the credit cooperative itself in the Special Settlement and Custody System – Selic. (Included by CMN Resolution No. 5.273, of 12/18/2025.)

§ 3º It is prohibited for the credit cooperative to offer the value referred to in § 1º as a guarantee, collateral, or any other form of encumbrance. (Included by CMN Resolution No. 5.273, of 12/18/2025.)

§ 4º Centralized application of the resources referred to in § 1º is permitted, provided that the central credit cooperative responsible for the centralization has a specific policy for providing this service. (Included by CMN Resolution No. 5.273, of 12/18/2025.)

§ 5º The central credit cooperative, responsible for the centralization referred to in § 4º, must establish internal controls to ensure compliance with the main text by the credit cooperatives affiliated with it. (Included by CMN Resolution No. 5.273, of 12/18/2025.)

Art. 7º The collection of resources from each Municipality by a credit cooperative is conditioned:

I - to approval by the general assembly; and

II - to compliance with minimum capital requirements and regulatory limits.

§ 1º The decision of the general assembly referred to in item I of the main text must be documented in minutes and kept available to the Central Bank of Brazil for at least five years after the date of closure of the relationship with the respective Municipality.

§ 2º The minutes mentioned in § 1º must identify each Municipality by name and the respective decision of the general assembly.

§ 3º In the case of incorporation, merger, or demerger of a municipal federated entity with which resource collection has already been effected, the credit cooperative must ensure compliance with the provision in item I of the main text.

Art. 8º It is prohibited for the credit cooperative to collect resources from a Municipality whose mayor, deputy mayor, or municipal secretary is a director or member of its board of directors.

Sole paragraph. Compliance with the provision in the main text must be documented by the credit cooperative in an annual declaration kept available to the Central Bank of Brazil for at least five years, after the date of closure of the relationship with the Municipality.

Art. 9º The credit cooperative that collects resources from Municipalities must indicate a director responsible for observing the provisions of this Chapter.

CHAPTER V
OF CAPITAL AND EQUITY

Art. 10. The credit cooperative must observe the following minimum limits, regarding the paid-in social capital and Net Equity:

I - central credit cooperative and credit confederation: initial paid-in social capital of R$200,000.00 (two hundred thousand reais) and Net Equity of R$1,000,000.00 (one million reais);

II - credit cooperative with social capital and loan: initial paid-in social capital of R$10,000.00 (ten thousand reais) and Net Equity of R$100,000.00 (one hundred thousand reais);

II - credit cooperative with capital and loan: initial paid-in social capital of R$10,000.00 (ten thousand reais) and Net Equity of R$100,000.00 (one hundred thousand reais); (Wording given, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

III - classic credit cooperative, affiliated to a central credit cooperative: initial paid-in social capital of R$10,000.00 (ten thousand reais) and Net Equity of R$300,000.00 (three hundred thousand reais);

IV - classic credit cooperative, not affiliated to a central credit cooperative: initial paid-in social capital of R$20,000.00 (twenty thousand reais) and Net Equity of R$500,000.00 (five hundred thousand reais);

V - full credit cooperative, affiliated to a central credit cooperative: initial paid-in social capital of R$2,500,000.00 (two million five hundred thousand reais) and Net Equity of R$25,000,000.00 (twenty-five million reais); and

VI - full credit cooperative, not affiliated to a central credit cooperative: initial paid-in social capital of R$5,000,000.00 (five million reais) and Net Equity of R$50,000,000.00 (fifty million reais).

§ 1º The social capital of the credit cooperative must be paid in exclusively in current currency.

§ 2º The Net Equity limits referred to in the main text must be observed from the fifth year counted from the date of authorization for the operation of the credit cooperative, with, until the third year, the Net Equity representing at least 50% (fifty percent) of the respective limits.

Art. 10.(Revoked by Joint Resolution No. 14, of 11/3/2025.)

Art. 10-A. The social capital of the credit cooperative must be paid in exclusively in current currency. (Included by Joint Resolution No. 14, of 11/3/2025.)

Art. 11. For the purpose of verifying compliance with the minimum limits of paid-in social capital and net equity, the values corresponding to the minimum net equity fixed for institutions authorized to operate by the Central Bank of Brazil, of which it participates, must be deducted, adjusted proportionally to the level of each participation.

Art. 12. The following are prohibited to the credit cooperative:

I - the payment of share quotas through the granting of credit or retention of part of its value, as well as the granting of guarantee or assumption of co-obligation in a credit operation with these purposes, except when carried out through the granting of credit with resources from official programs for capitalization of credit cooperatives;

II - the allocation of losses from previous years through the granting of credit or retention of part of its value, as well as granting of guarantee or assumption of co-obligation in a credit operation with these purposes; and

III - the adoption of rotating capital, characterized by the recording, in equity accounts, of resources collected under conditions similar to those of demand or time deposits.

Sole paragraph. The bylaws may establish rules regarding eventual redemption of capital shares, when initiated by the associate, provided that, in addition to the minimum number of shares, compliance with the limits established by current regulation and the integrity and non-exigibility of social capital and net equity are preserved, the resources of which must remain for a sufficient period to reflect the stability inherent in its nature as fixed capital of the institution.

CHAPTER VI
OF CORPORATE GOVERNANCE

Art. 13. The credit cooperative must implement a corporate governance policy approved by the general assembly, which contemplates:

I - aspects of representativeness and participation, strategic direction, executive management, and oversight and control; and

II - the application of principles of segregation of functions in administration, remuneration of members of statutory bodies, transparency, equity, ethics, cooperative education, corporate responsibility, and accountability.

Art. 14. Credit cooperatives must have a board of directors, composed of associates elected by the general assembly, and an executive directorate subordinate to it.

Art. 14. The governance and management structure of credit cooperatives must be integrated, at minimum, by the board of directors and the executive directorate subordinate to it. (Wording given, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 1º The constitution of the board of directors is permitted for the classic credit cooperative that holds the average of total assets, in the last three fiscal years, less than R$50,000,000.00 (fifty million reais) and for the credit cooperative with capital and loan.

§ 2º The board of directors must be renewed by at least 1/3 (one third) of its members at each election.

§ 2º The board of directors will be elected by the general assembly and composed: (Wording given, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

I - in the case of a singular credit cooperative, by natural persons associated with it; (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

II - in the case of a central credit cooperative, by singular credit cooperatives affiliated with it, represented by their associated natural persons; and (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

III - in the case of a credit confederation, by central credit cooperatives affiliated with it, represented by natural persons associated with the singular credit cooperatives members of the same cooperative system. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 3º The members of the executive directorate must be elected by the board of directors among natural persons, in accordance with Art. 5 of Complementary Law No. 130, of April 17, 2009, with the simultaneous holding of positions on the board of directors and the executive directorate prohibited.

§ 3º The board of directors must be renewed at each election by at least one third of its associated members*, except for central credit cooperatives and for credit confederations whose boards of directors have equitable participation of all its associated cooperatives. (Wording given, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 4º The members of the executive directorate must be elected by the board of directors among natural persons, in accordance with Art. 5 of Complementary Law No. 130, of April 17, 2009, with the simultaneous holding of positions on the board of directors and the executive directorate in the same credit cooperative prohibited. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

Art. 14-A. Credit cooperatives must implement and maintain a policy for the renewal of board of directors members, which: (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

I - establishes a limit on the tenure of members on the board of directors; (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

II - is consistent with the administrator succession policy of the cooperative; and (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

III - considers the risks involved, mainly the risk of continuity of the cooperative. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 1º The policy referred to in the main text must be approved by the board of directors and communicated to the associates at the first general assembly held after its approval. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 2º While the cooperative does not implement the policy referred to in the main text, the maximum period of tenure of a member on the board of directors will be twelve consecutive years, regardless of the term of office. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 3º In calculating the maximum period of tenure of a member on the board of directors provided for in § 2º, mandates prior to the date of entry into force of this Resolution or ongoing on that date are not considered. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 4º A member who holds a mandate on the board of directors subject to the limit defined in terms of § 2º may only integrate the board of directors again after at least one term has elapsed. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 5º The Central Bank of Brazil may determine the review of the policy referred to in the main text, including the limit on the tenure of members of the board of directors of the credit cooperative, if it considers the policy inadequate or incompatible with the risks to which the institution is exposed. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 6º Credit cooperatives must keep available to the Central Bank of Brazil the documentation related to the policy referred to in the main text, including studies and justifications for its definition. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 7º Credit cooperatives must observe the provisions of this article from January 1, 2026. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

Art. 14-B. The hiring of an independent, non-associated board of directors advisor is admitted, as provided in the bylaws, provided that the majority of the board is composed of associated persons, in accordance with § 2º of Art. 14. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 1º The following apply to independent board of directors advisors: (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

I - the same rules established for associated members of the board of directors apply, except for the requirement of election by the general assembly referred to in § 2º of Art. 14; and (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

II - the same competencies and responsibilities defined for associated members of the board of directors are attributed. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 2º For the purposes of this Resolution, a natural person is not considered an independent board of directors advisor if: (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

I - is an associate of a singular credit cooperative member of the same cooperative system; (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

II - is, or has been in the last six months, counted from the date of assumption of the advisor, a member of a statutory body, except in the capacity of independent board of directors advisor, or has an employment or continuous service relationship in: (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

a) credit cooperative or service confederation members of the same cooperative system; or (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

b) company controlled by the institutions referred to in item "a"; (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

III - is the spouse, partner, or relative in the direct or collateral line up to the second degree of the persons referred to in item II. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 3º The eventual approval of an independent advisor by the general assembly must occur in a specific process, separate from the process for the election of associated board of directors advisors. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

§ 4º The credit cooperative must communicate to the Central Bank of Brazil any dismissal, by initiative of the cooperative, of an independent board of directors advisor before the end of their term. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

Art. 15. It is the responsibility of the board of directors, as a collegiate deliberation body, among other strategic functions:

I - to establish the general orientation of the credit cooperative's business;

II - to elect and dismiss directors and fix their duties, observing the provisions contained in the bylaws;

III - to oversee the management of directors;

IV - to examine, at any time, the books and papers of the credit cooperative;

V - to request information on contracts concluded or in the process of being concluded, and any other acts;

VI - to convene the general assembly;

VII - to express an opinion on the administration report and the accounts of the directorate;

VIII - to express a prior opinion on acts or contracts, when the bylaws so require;

IX - to authorize, if the bylaws do not provide otherwise, the alienation of non-current assets and the constitution of real encumbrances; and

X - to choose and dismiss independent auditors.

Sole paragraph. If the credit cooperative does not have a board of directors, the functions provided for in items I, VI, IX, and X of the main text will be performed by the executive directorate, if there is no provision to the contrary in the bylaws.

Art. 16. The bylaws of the credit cooperative must establish:

I - the number of members of the board of directors, or the maximum and minimum permitted;

II - the number of directors, or the maximum and minimum permitted;

III - the manner of election and dismissal of directors;

IV - the term of office of directors, which will not exceed four years, reelection permitted;

V - the duties and powers of each director; and

VI - the manner of decision-making.

Sole paragraph. When the hiring of an independent board of directors advisor is provided for, the bylaws must establish:(Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

I - the guidelines for its hiring; (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

II - the maximum number of these advisors; and (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

III - the conditions for their reappointment. (Included, from 7/1/2024, by CMN Resolution No. 5.131, of 4/25/2024.)

Art. 17. It is the responsibility of the fiscal council, when constituted, among other duties established in the bylaws:

I - to oversee, by any of its members, the acts of the administrators and verify compliance with their legal and statutory duties;

II - to opine on the proposals of the administration bodies to be submitted to the general assembly regarding the incorporation, merger, or demerger of the cooperative;

III - to analyze the financial statements prepared periodically by the credit cooperative;

IV - to opine on the regularity of the administration accounts and the financial statements of the fiscal year, preparing the respective opinion, which will contain, if applicable, dissenting votes;

V - to convene internal auditors, cooperative auditors, and independent auditors, whenever necessary, to provide information necessary for the performance of their respective functions;

VI - to convene the general assembly, by decision of the majority of its members, whenever there are serious or urgent reasons; and

VII - communicate, through any of its members, to the administrative bodies, the general assembly, and the Central Bank of Brazil, any material errors, frauds, or crimes of which they become aware, as well as the administration's refusal to provide them with information or documents.

Sole paragraph. The supervisory board must be renewed with at least one effective member at each election.

CHAPTER VII
SPECIAL ATTRIBUTES OF THE CENTRAL CREDIT COOPERATIVE AND THE CONFEDERATION OF CREDIT CONSTITUTED BY CENTRAL CREDIT COOPERATIVES

Art. 18. The central credit cooperative must provide, in its bylaws and operational norms, provisions that enable the prevention and correction of situations that may constitute violations of legal or regulatory norms or pose a risk to the solidity of affiliated cooperatives and the cooperative system.

Art. 18. The central credit cooperative must establish, in its bylaws and operational norms, provisions that enable the prevention and correction of situations that may constitute violations of legal or regulatory norms or pose a risk to the solidity of affiliated cooperatives and the cooperative system. (Amended, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Sole paragraph. The attributes of the central credit cooperative regarding affiliated single credit cooperatives and the corresponding obligations referred to in this Chapter may be delegated in whole or in part to the credit confederation, through provisions in their respective bylaws that reflect the distribution of activities and corresponding responsibilities before the Central Bank of Brazil.

Sole paragraph. The attributes of the central credit cooperative regarding affiliated single credit cooperatives and the corresponding obligations referred to in this Chapter may be delegated in whole or in part to the credit confederation or to the service confederation, through provisions in their respective bylaws that specify the distribution of activities and corresponding responsibilities before the Central Bank of Brazil. (Amended, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Art. 19. The credit confederation may assume, regarding its own affiliates, the attributes and corresponding obligations referred to in this Chapter, through specific provisions in the bylaws of the entities involved.

Art. 20. The credit confederation or, in its absence, the central credit cooperative, must establish systemic action guidelines with a view to observing the principles of efficiency, economy, utility, and cooperative principles.

Art. 21. To fulfill the attributes referred to in this Chapter, the central credit cooperative, or the credit confederation, must perform the following functions, regarding affiliated cooperatives, according to the bylaw provisions adopted in light of Arts. 18 and 19:

I - supervise the operation, verifying compliance with current legislation and regulation and the norms of the cooperative system;

II - adopt measures to ensure compliance with current norms regarding the implementation of internal control systems and employee certification;

III - promote the training and permanent capacity building of members of statutory bodies, managers, and associates, as well as members of the technical team of the central credit cooperative and the credit confederation; and

IV - recommend and adopt measures aimed at restoring normal functioning, in the face of situations of non-compliance with applicable regulation or that entail immediate or future risk.

§ 1º The functions defined in the items of the main text must be exercised jointly by the respective credit confederation, in the event of exercising the option provided for in the sole paragraph of Art. 18.

§ 2º The Central Bank of Brazil may establish complementary functions or specific actions for the central credit cooperative and for the credit confederation, considering the performance of their legal attributes regarding the authorization and supervision of credit cooperatives.

Art. 22. The central credit cooperative or the credit confederation must, as the case may be, communicate to the Central Bank of Brazil:

I - the requirements and criteria adopted for the admission and withdrawal of cooperatives, addressing the strategy for facilitating the admission of newly constituted cooperatives that do not yet meet possible requirements regarding asset size and organizational structure, for the provision of the services treated in this Chapter;

II - the irregularities or situations of abnormal exposure to risks, identified as a result of the performance of the attributes referred to in this Chapter, including measures taken or recommended and eventual obstacles to their implementation, highlighting occurrences that indicate the possibility of future withdrawal;

III - the denial of a request for admission of a credit cooperative, addressing the reasons that led to that decision; and

IV - the deliberation on the admission of a credit cooperative, with the presentation of an independent audit report carried out in the three months prior to the date of communication.

Art. 23. The central credit cooperative must designate a director responsible to the Central Bank of Brazil for the activities treated in this Chapter, as well as the credit confederation, in the case of exercising the option provided for in the sole paragraph of Art. 18.

Art. 24. Upon finding non-compliance with any provision of this Chapter, by the central credit cooperative or the credit confederation, as the case may be, the Central Bank of Brazil, in the performance of its supervision attributes, may adopt the following measures:

I - require an adaptation plan, including regarding the training and capacity building of its own technical staff, the implementation of new supervision and control procedures, and related measures;

II - apply to the single credit cooperatives part of the cooperative system the operational limits and other requirements required for a single credit cooperative not affiliated with the central credit cooperative, through the establishment of an adaptation schedule; and

III - determine the suspension of the admission of new cooperatives until the irregularities are remedied.

Art. 25. The Central Bank of Brazil, considering the compliance with the provisions of this Chapter, may establish requirements regarding:

I - frequencies, standards, procedures, and other aspects to be adopted for supervision, evaluation, report preparation, and submission of communications to the said agency, including definition of specific procedures regarding certain affiliated credit cooperatives; and

II - deadlines for compliance with the established requirements, as well as other operational conditions deemed necessary for the observance of these provisions.

CHAPTER VIII
WITHDRAWAL OF A SINGLE CREDIT COOPERATIVE FROM A CENTRAL CREDIT COOPERATIVE

Art. 26. The single credit cooperative that intends to withdraw from a central credit cooperative must submit to the Central Bank of Brazil, prior to the act of withdrawal:

I - a report informing the motivation for the withdrawal; and

II - in the case of a single credit cooperative that has constituted a supervisory board, an opinion from said board regarding the report referred to in item I.

§ 1º If the single credit cooperative intends to withdraw from the central credit cooperative to become independent, the report referred to in item I of the main text must also inform the means by which the services and products provided by the central credit cooperative will be supplied, including policies and procedures, operational systems, and access channels to the financial system.

§ 2º In the deliberation on the decision referred to in the main text, representation by delegates will not be admitted.

§ 3º The single credit cooperative must keep the documentation pertinent to the deliberation of withdrawal from the central credit cooperative available to the Central Bank of Brazil for a period of five years.

Art. 27. The central credit cooperative from which the single credit cooperative intends to withdraw must send to the Central Bank of Brazil an evaluation of the affiliate's situation, addressing any existing deficiencies and irregularities and perspectives after the withdrawal.

Art. 28. In the case of withdrawal of a single credit cooperative initiated by the central credit cooperative, the latter must send to the Central Bank of Brazil, prior to adopting the measure, a detailed report informing:

I - the legal or statutory infraction, or special fact provided for in its bylaws, that justifies the withdrawal; and

II - evaluation of the situation of the affiliated credit cooperative, addressing the deficiencies and irregularities found and perspectives after the withdrawal.

CHAPTER IX
WITHDRAWAL OF A CENTRAL CREDIT COOPERATIVE FROM A CONFEDERATION

Art. 29. The central credit cooperative that intends to withdraw from a credit confederation or a service confederation must submit to the Central Bank of Brazil, prior to the act of withdrawal:

I - a report informing the motivation for the withdrawal, the means by which the services and products provided by the confederation will be supplied, including policies and procedures, operational systems, and access channels to the financial system;

II - the minutes of the general assembly convened exclusively for this purpose; and

III - in the case of a central credit cooperative that has constituted a supervisory board, an opinion from said board regarding the report referred to in item I.

Art. 30. The credit confederation from which the central credit cooperative intends to withdraw must send to the Central Bank of Brazil an evaluation of the affiliate's situation, as well as of the set of single credit cooperatives affiliated to it, addressing any existing deficiencies and irregularities and perspectives after the withdrawal.

Art. 31. In the case of withdrawal of a central credit cooperative initiated by the credit confederation, the latter must send to the Central Bank of Brazil, prior to adopting the measure, a detailed report informing:

I - the legal or statutory infraction, or special fact provided for in its bylaws, that justifies the withdrawal; and

II - evaluation of the situation of the affiliated central credit cooperative, addressing the deficiencies and irregularities found and perspectives after the withdrawal.

CHAPTER X
INDEPENDENT AUDIT OF CREDIT COOPERATIVES

Art. 32. The independent audit services of the financial statements of credit cooperatives may be provided by:

I - independent auditor, as defined in specific regulation; or

II - cooperative audit entity accredited by the Central Bank of Brazil.

Art. 33. The following provisions apply to the carrying out of independent audit by the cooperative audit entity:

I - it is not necessary for the cooperative audit entity to be registered with the Securities and Exchange Commission;

II - the existence of a corporate link between the cooperative audit entity and the audited cooperative does not represent an impediment to the carrying out of the audit;

III - the limit on the percentage of annual revenue provided for in the regulation that provides for the provision of independent audit services for financial institutions and other institutions authorized to operate by the Central Bank of Brazil does not apply; and

IV - there must be no link between a member of a statutory body, employee, or service provider of the audited cooperative and the audit entity.

§ 1º The technical manager, director, manager, supervisor, or any other member, with a management function, of the team involved in the audit work referred to in the main text must be replaced with the same frequency and conditions established in the regulation that provides for the provision of independent audit services for financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

§ 2º The participation of an associate of a single credit cooperative in the audit work referred to in the main text carried out in the respective cooperative is prohibited.

§ 3º If any fact is observed that implies suspicion regarding the independence of the cooperative audit entity in carrying out the financial statement audit service, the Central Bank of Brazil may determine the revision of this audit by another entity that does not have a corporate link with the audited cooperative system.

§ 4º If the measure provided for in § 3º is adopted, and the problem persists, the Central Bank of Brazil may determine that the cooperative audit entity abstains from carrying out financial statement audits of cooperatives with which it has a direct corporate link.

Art. 34. Upon finding non-compliance with a requirement established in Arts. 32 and 33, the audit services will be considered void for purposes of compliance with the norms emanating from the National Monetary Council and the Central Bank of Brazil.

Art. 35. The reports resulting from the independent audit services must be kept available to the associates who request them.

CHAPTER XI
GENERAL PROVISIONS

Art. 36. The bylaws must establish the area of operation of the credit cooperative, composed of the action area and the area of admission of associates, in accordance with the provisions of Complementary Law No. 130, of 2009.

Art. 36. The bylaws must establish the area of operation of the single credit cooperative, composed of the action area and the area of admission of associates, in accordance with the provisions of Complementary Law No. 130, of 2009. (Amended, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Art. 36-A. The policies for attracting new associates or for increasing the social capital by the body of associates must consider, at a minimum: (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

I - adherence to the cooperative's expansion strategy; (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

II - the preservation of the economic interests of the associates; (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

III - the financial inclusion of the population within its area of operation; and (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

IV - the guidelines of the cooperative system, if applicable. (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Sole paragraph. Observed the provisions of this article, the policies referred to in the main text may be complemented by the central credit cooperative or by the confederation constituted by central credit cooperatives. (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Art. 36-B. Credit cooperatives, in carrying out campaigns and in the offer or distribution of bonuses, prizes, or other advantages with the purpose of attracting new associates or for increasing the social capital by the body of associates, must observe the policies referred to in Art. 36-A and define, at a minimum: (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

I - the objectives; (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

II - the target audience; (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

III - economic rationality; (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

IV - the mechanisms for monitoring their effectiveness; and (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

V - the form of disclosure of the results to the associates. (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Sole paragraph. The actions referred to in the main text may be defined by the central credit cooperative or by the confederation constituted by central credit cooperatives, when systemic campaigns are carried out. (Included, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

Art. 37. Respecting the legislation, the credit cooperative may only participate in the capital of:

I - central credit cooperative, in the case of single credit cooperative, and of credit confederation, in the case of central credit cooperative;

I - central credit cooperative, in the case of single credit cooperative, and of credit confederation or service confederation, in the case of central credit cooperative; (Amended, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

II - institutions authorized to operate by the Central Bank of Brazil controlled by credit cooperatives, observing specific regulation;

III - cooperatives or societies controlled by central credit cooperative or by credit confederation that act mainly in the provision of services and supply of goods to institutions of the credit cooperative sector, provided that they are necessary for their operation or complementary to the services and products offered to associates; and

III - cooperatives or societies controlled by credit cooperative or by service confederation that act mainly in the provision of services and supply of goods to institutions of the credit cooperative sector, provided that they are necessary for their operation or complementary to the services and products offered to associates; and (Amended, effective July 1, 2024, by CMN Resolution No. 5,131, of April 25, 2024.)

IV - institutional representation entities, technical cooperation entities, or educational entities.

§ 1º The corporate participations provided for in the items of the main text do not depend on authorization from the Central Bank of Brazil.

§ 2º The corporate participations referred to in items I and II of the main text must not be computed for the purpose of observing the maximum limit for application of resources in Permanent Assets established in specific regulation.

§ 3º The credit cooperative must communicate the constitution of the non-financial entity, provided for in item III of the main text, to the Central Bank of Brazil, in accordance with current legislation, keeping their respective bylaws or articles of association available to it, and the Central Bank of Brazil may request the amendments deemed necessary in view of the performance of its legal attributes.

§ 4º The credit cooperative, whenever requested by the Central Bank of Brazil, must provide any documents or information about the non-financial entity whose capital it participates directly or indirectly.

Art. 38. It is prohibited to members of statutory bodies and to holders of management positions in a credit cooperative:

Art. 38. It is prohibited to members of statutory bodies of a credit cooperative: (Amended, effective August 1, 2023, by CMN Resolution No. 5,088, of June 29, 2023.)

I - participate in the administration of other institutions authorized to operate by the Central Bank of Brazil;

I - participate in the administration of other institutions authorized to operate by the Central Bank of Brazil, except: (Amended, effective August 1, 2023, by CMN Resolution No. 5,088, of June 29, 2023.)

a) credit cooperatives or service confederations part of the same system, observing the provisions of Art. 5, § 3, of Complementary Law No. 130, of 2009; and (Included, effective August 1, 2023, by CMN Resolution No. 5,088, of June 29, 2023.)

b) other institutions authorized to operate by the Central Bank of Brazil controlled, directly or indirectly, by the entities mentioned in item "a"; (Included, effective August 1, 2023, by CMN Resolution No. 5,088, of June 29, 2023.)

II - hold 5% (five percent) or more of the capital of other institutions authorized to operate by the Central Bank of Brazil, except credit cooperatives; and

III - participate in the capital of merchant factoring societies.

Sole paragraph. The prohibition referred to in item I of the main text does not apply:

I - to members of the boards of directors who do not hold the positions of president and vice-president of that board and to members of the supervisory board, in both cases, with regard to credit cooperatives part of the same system; and

II - to participation in statutory bodies of institutions authorized to operate by the Central Bank of Brazil and other entities controlled, directly or indirectly, by said cooperatives, provided that executive functions are not assumed in these subsidiaries.

Sole paragraph. (Revoked, effective August 1, 2023, by CMN Resolution No. 5,088, of June 29, 2023.)

Art. 38-A. Provided there is no conflict of interest, the accumulation of executive director positions in distinct credit cooperatives that are part of the same cooperative system is permitted, for the performance of technical-operational activities, as defined by the Central Bank of Brazil. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 39. The single credit cooperative must maintain on its website and in its premises, in an accessible and visible location, the rights and duties of the members, as well as information regarding the distribution of surpluses and the allocation of losses.

Art. 39-A. The holding of a general assembly formed by delegates representing the members of the single credit cooperatives must be established in the bylaws and observe the provisions of this article. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 1º The sectional meeting of the members represented by delegates shall deliberate, at a minimum, on the following matters, when included on the agenda for decision in the general assembly: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - accountability of the administrative bodies; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - destination of the surpluses determined or allocation of losses; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - election of the members of the administrative council who are members; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

IV - merger, incorporation, or demerger; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

V - change in the corporate purpose; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

VI - voluntary dissolution of the company and appointment of liquidators; and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

VII - affiliation to a central credit cooperative. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 2º The decision of the members in the sectional meeting shall bind the vote of the delegate in the general assembly. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 3º The delegate's vote must have a value proportional to the number of members linked to the sectional represented by him in the general assembly. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 4º The delegate must be a member of the cooperative, belong to the sectional he represents, be in full enjoyment of his social rights, not be a member of a statutory body, nor have an employment link with the cooperative, as well as meet other requirements provided for in the cooperative's internal regulations. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 5º Representation by delegates will not be admitted when the general assembly has been convened directly by at least one-fifth of the members of the cooperative, in full enjoyment of their rights, or by a smaller percentage, if so provided in the bylaws. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 6º Exceptionally, in the impossibility of the delegate's participation in the general assembly and of his alternate, if any, any member of the respective sectional may present the voting of the deliberations, so that it is computed in the general assembly. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 7º Credit cooperatives must observe the provisions of this article starting from January 1, 2026. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 40. Credit cooperatives may hold the ordinary general assembly for the review of the closing financial statements of the fiscal year only after at least ten days from the date of publication of these statements, accompanied by the respective audit report.

Art. 40-A. The general assembly of the single credit cooperative that is within the prudential limits required by current regulation may designate surpluses for the replenishment of resources of the guarantee funds referred to in item IV of art. 12 of Complementary Law No. 130, of 2009, received by the respective cooperative in operations of assistance and financial support. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 41. The implementation of a plan for the resolution of the situation that led to the adoption of preventive prudential measures, with the objective of ensuring the solidity, stability, and regular functioning of the National Financial System, in accordance with specific regulation, shall be subject to monitoring by a central credit cooperative or a credit confederation.

Sole Paragraph. The central credit cooperative or credit confederation shall forward reports to the Central Bank of Brazil with the frequency determined by it.

Art. 42. The single credit cooperative not affiliated with a central credit cooperative may contract services from a central credit cooperative or a credit confederation aiming at the implementation of internal control systems required by current regulatory provisions.

Art. 43. The Central Bank of Brazil, in the exercise of its inspection duties, if it finds deficiencies in the internal control and risk management structure or insufficiency in the physical and technological structure used in the operation, management, and placement of products by the single credit cooperative, may determine the suspension of the admission of new members, until the deficiencies are remedied.

Sole Paragraph. The suspension of the admission of new members referred to in the caput may also be based on information forwarded to the Central Bank of Brazil, in accordance with arts. 26 to 28, in the case of disaffiliation of a single credit cooperative from the respective central credit cooperative.

Art. 43-A. The Central Bank of Brazil may authorize the central credit cooperative, the credit confederation, or the service confederation to assume, on a temporary basis, the administration of a credit cooperative that is part of the same system, when at least one of the following conditions is verified: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - deficiencies in management or in the internal control and risk management structure of the affiliated cooperative or other situations that put the continuity of the affiliated cooperative at risk or cause or may cause losses to the members; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - non-compliance with prudential requirements for a period that signals risk to the continuity of the affiliate; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - non-compliance with a plan instituted by the central cooperative or confederation responsible for its supervision with the objective of ensuring the solidity, stability, regularity of management and internal control and risk management structure, and the regular functioning of the supervised credit cooperative; or (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

IV - risk arising from instability in the administration of the credit cooperative that affects the reputation of the cooperative society itself and may lead to its discontinuation. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 1º The authorization referred to in the caput will result from a reasoned request to the Central Bank of Brazil, which will report the situations that occurred and the respective actions already taken by the central credit cooperative or by the confederation responsible for the supervision of the credit cooperative. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 2º The act that authorizes the temporary administration shall establish: (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

I - the start date; (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

II - the initial duration period of the regime, not exceeding one year; and (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

III - the frequency of reporting information to the Central Bank of Brazil. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 3º The period referred to in item II of § 2º may be extended once, for up to an equal period. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 4º If the cooperative responsible for the temporary administration decides to replace the administrators of the supervised cooperative, the indicated administrators must be authorized by the Central Bank of Brazil, except those already authorized to hold office in a statutory body in the cooperative responsible for the temporary administration or in another credit cooperative, observing legal and regulatory restrictions. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

§ 5º The cooperative responsible for the temporary administration will render accounts of its acts to the members of the cooperative under its administration at the time of the ordinary general assembly. (Included, effective July 1, 2024, by Resolution CMN No. 5,131, of April 25, 2024.)

Art. 44. The installation of branches by credit cooperatives is prohibited.

Art. 45. Credit cooperatives must observe the regulation that governs the authorization processes related to their operation.

Art. 46. Violations of the provisions of the legislation and this Resolution, as well as the practice of acts contrary to cooperative principles, subject the directors and members of administrative, supervisory, and similar councils of credit cooperatives to the penalties provided for in Law No. 13,506, of November 13, 2017, without prejudice to others established in current legislation.

CHAPTER XII
FINAL PROVISIONS

Art. 47. The following are repealed:

I - art. 6 of Resolution No. 2,099, of August 17, 1994;

II - the following provisions of Resolution No. 4,434, of August 5, 2015:

a) art. 1;

b) art. 13;

c) arts. 15 to 22;

d) arts. 26 to 46; (See Resolution CMN No. 4,910, of May 27, 2021.)

e) arts. 52 to 63; and

f) art. 67; and

III - arts. 1 to 9 of Resolution No. 4,659, of April 26, 2018.

Art. 48. This Resolution enters into force on January 1, 2023.

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