Resolution CMN No. 5044 — Provisions on the Collection of Savings Deposits

RESOLUTION CMN NO. 5,044, OF NOVEMBER 25, 2022

Provisions on the collection of savings deposits.

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 a session held on November 24, 2022, based on Arts. 4, items VI and VIII, of the aforementioned Law, 95, main text and § 2, item I, of Law No. 13,097, of January 19, 2015, 12, items III and V, of Complementary Law No. 130, of April 17, 2009, and 4, item I, of Law No. 4,829, of November 5, 1965,

R E S O L V E D:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution provides for the collection of savings deposits.

CHAPTER II
OF THE MODALITIES OF SAVINGS DEPOSITS

Art. 2 Savings deposits may be collected in the following modalities:

I - within the scope of the Brazilian Savings and Loan System (SBPE); and

II - rural.

CHAPTER III
OF THE COLLECTION OF SAVINGS DEPOSITS WITHIN THE SBPE

Section I
Of the Institutions Authorized to Collect Savings Deposits within the SBPE

Art. 3 The following may collect savings deposits within the scope of the SBPE:

I - institutions that are part of this System; and

II - institutions authorized to collect rural savings deposits, subject to the terms of this Resolution.

Sole paragraph. The SBPE comprises multiple banks with a real estate credit portfolio, savings banks, real estate credit companies, savings and loan associations, and credit cooperatives authorized to collect savings deposits in accordance with this Resolution.

Section II
Of the Collection of Savings Deposits within the SBPE by Institutions Authorized to Collect Rural Savings Deposits

Art. 4 Institutions authorized to receive rural savings deposits may collect savings deposits within the scope of the SBPE, provided that:

I - they are authorized by the Central Bank of Brazil to constitute a real estate credit portfolio; and

II - they notify the Central Bank of Brazil of the start of collection of savings deposits within the scope of the SBPE.

Art. 5 The total daily balance of savings deposits within the scope of the SBPE received by an institution authorized to collect rural savings deposits is limited to 10% (ten percent) of the respective total balance of savings deposits (SBPE and rural) calculated on the previous day.

Art. 6 In the event of the incorporation of an institution that is part of the SBPE by an institution authorized to collect rural savings deposits, for the purpose of verifying compliance with the limit set forth in Art. 5, the exclusion of the incorporated balance of savings deposits within the scope of the SBPE is permitted, both from the total daily balance of savings deposits within the scope of the SBPE and from the total balance of savings deposits (SBPE and rural), according to the following schedule:

I - from the date of incorporation until the last day of the following month: the total incorporated balance; and

II - for each subsequent month: the value referred to in item I, reduced cumulatively at a rate of 1/80 (one eightieth).

CHAPTER IV
OF THE COLLECTION OF RURAL SAVINGS DEPOSITS

Section I
Of Rural Savings Deposits

Art. 7 Rural savings deposits are intended for application in rural credit operations in accordance with specific regulations and must be collected in accordance with the legal and regulatory norms applicable to savings deposits within the scope of the SBPE.

Section II
Of the Institutions Authorized to Collect Rural Savings Deposits

Art. 8 The following may collect rural savings deposits:

I - Banco da Amazônia S.A.;

II - Banco do Brasil S.A.;

III - Banco do Nordeste do Brasil S.A.;

IV - cooperative banks;

V - institutions authorized to collect savings deposits within the scope of the SBPE, subject to the terms of this Resolution; and

VI - credit cooperatives, in accordance with this Resolution.

Section III
Of the Collection of Rural Savings Deposits by Institutions Part of the SBPE

Art. 9 Institutions part of the SBPE may collect rural savings deposits, provided that:

I - they are authorized by the Central Bank of Brazil to operate in rural credit; and

II - they notify the Central Bank of Brazil of the start of collection of rural savings deposits.

Art. 10. The total daily balance of rural savings deposits received by an institution part of the SBPE is limited to 10% (ten percent) of the respective total balance of savings deposits (SBPE and rural) calculated on the previous day.

Art. 11. In the event of the incorporation of an institution authorized to collect rural savings deposits by an institution part of the SBPE, for the purpose of verifying compliance with the limit set forth in Art. 10, the exclusion of the incorporated balance of rural savings deposits is permitted, both from the total daily balance of savings deposits within the scope of the SBPE and from the total balance of savings deposits (SBPE and rural), according to the following schedule:

I - from the date of incorporation until the last day of the following month: the total incorporated balance; and

II - for each subsequent month: the value referred to in the previous item, reduced by 1/80 (one eightieth).

CHAPTER V
OF THE COLLECTION OF SAVINGS DEPOSITS BY CREDIT COOPERATIVES

Section I
Of the Authorization for Credit Cooperatives to Collect Savings Deposits

Art. 12. The collection of savings deposits by credit cooperatives depends on authorization from the Central Bank of Brazil.

Sole paragraph. The authorization referred to in the main text may be requested for one or both modalities of savings deposits.

Art. 13. The authorization for the collection of savings deposits may be requested by a credit cooperative that:

I - is part of a cooperative system organized in three levels and has an Adjusted Combined Net Equity greater than R$900,000,000.00 (nine hundred million reais); or

II - is part of a cooperative system organized in two levels and has an Adjusted Combined Net Equity greater than R$600,000,000.00 (six hundred million reais); or

III - is not part of a cooperative system, provided it is classified in the full category, in accordance with current regulations, and has an Adjusted Net Equity greater than R$300,000,000.00 (three hundred million reais).

Section II
Of the Requirements for Authorization for Credit Cooperatives to Collect Savings Deposits

Art. 14. The requirements for the authorization referred to in Art. 12 are:

I - compliance with current regulations, including regarding minimum capital and equity requirements;

II - absence of irregularities or restrictions in public or private registration and information systems containing data pertinent to the requested authorization;

III - adherence to the systemic activity guidelines established by the respective confederation or, in its absence, by the central credit cooperative, for cooperatives part of cooperative systems; and

IV - demonstration of market reasons that justify the collection of savings deposits in the requested modalities.

Sole paragraph. Considering the circumstances of the specific case and the factual context in which the authorization request is inserted, the Central Bank of Brazil may, exceptionally and based on public interest, waive compliance with any of the requirements established in the main text.

Section III
Of the Instruction of the Authorization Request for Credit Cooperatives to Collect Savings Deposits

Art. 15. The authorization request must:

I - be accompanied by documents and information that allow verification of compliance with the requirements established in Art. 14; and

II - indicate, in the case of a credit cooperative already authorized to collect savings deposits in a different modality or that requests authorization for the collection of both modalities, the percentages of the total balance of these deposits that will be considered as rural savings deposits and as savings deposits within the scope of the SBPE.

Sole paragraph. In the case of a credit cooperative that is part of a cooperative system:

I - the authorization request must be presented by:

a) the confederation, in a three-level system; or

b) the central credit cooperative, in a two-level system;

II - the percentages referred to in the main text must apply to the balance collected by each cooperative part of the system authorized to collect both modalities of savings deposits; and

III - the authorization request must contain the list of all credit cooperatives requesting authorization to collect savings deposits, indicating the cooperatives already authorized to collect savings deposits in a modality different from that for which new authorization is requested.

Art. 16. The limits established in Arts. 5 and 10 do not apply to credit cooperatives.

CHAPTER VI
GENERAL PROVISIONS

Art. 17. Institutions authorized to collect savings deposits must, in accordance with current regulations:

I - observe the mandatory resource allocation relative to each collection modality;

II - provide information to the Central Bank of Brazil regarding the balances of savings deposits (rural and SBPE) and regarding rural credit and real estate credit operations contracted; and

III - keep data related to savings deposits (rural and SBPE) available to the Central Bank of Brazil for a period of five years.

Art. 18. An institution that exceeds one of the limits mentioned in Art. 5 and Art. 10 will be prohibited from collecting new savings deposits in the corresponding modality until the limit is regularized.

Art. 19. Financial institutions must maintain internal control mechanisms that allow identifying the incorporated balances of savings deposits and the deductions referred to in Arts. 6 and 11.

CHAPTER VII
FINAL PROVISIONS

Art. 20. The Central Bank of Brazil will adopt, within the terms of its legal competencies, the measures necessary for the execution of the provisions of this Resolution.

Art. 21. The following are revoked:

I - Resolution No. 1,235, of December 30, 1986;

II - Resolution No. 1,236, of December 30, 1986;

III - Resolution No. 1,299, of March 27, 1987;

IV - Resolution No. 1,380, of August 27, 1987;

V - Resolution No. 2,173, of June 30, 1995;

VI - Resolution No. 2,199, of September 5, 1995;

VII - Resolution No. 3,188, of March 29, 2004;

VIII - Resolution No. 3,531, of January 31, 2008;

IX - Resolution No. 3,549, of March 27, 2008;

X - Resolution No. 3,817, of November 26, 2009; and

XI - Arts. 1, 2, and 3 of Resolution No. 4,763, of November 27, 2019.

Art. 22. This Resolution enters into force on January 1, 2023.

Roberto de Oliveira Campos Neto

President of the Central Bank of Brazil