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a surprise!  The change in credit should benefit the bank’s customers

a surprise! The change in credit should benefit the bank’s customers

The Ministry of Finance confirmed that the country’s banks will present a study schedule regarding changes in Revolving credit card. The discussions will involve the Central Bank (BC) and could be very positive for Brazilian consumers.

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According to Minister Fernando Haddad, the discussion also includes Ferrapan (Brazilian Federation of Banks), an entity representing the sector. He stated that he had requested BC’s participation in the discussions because “they have the product regulation”.

Institutions must submit proposals to solve the problem of the revolving credit card, which currently has interest rates of 417.4% per annum. This is a type of credit given to a customer when they fail to pay the bill in full by the due date.


The Cabinet file described in detail that the first step would be to develop a diagnosis of the situation to initiate studies. The idea is to raise the arguments of financial institutions about current interest rates, as well as the macroeconomic scenario for the state.

The first meeting to this effect took place last week and was attended by representatives of Bradesco, Itaú Unibanco, Santander Brasil and Nubank. Also taking part in the conversation were Veerappan Chairman Isaac Sidney and former Federal MP Rodrigo Maia, President of the National Confederation of Financial Institutions (CNF).

Haddad explained that the talks are complicated because they involve a series of agents in the sector, such as “the flag, the vending machine, banks and shopkeepers.”

For Chief Veerappan, now is the time to provide diagnoses. “It is important that we do not just attack the causes spread High banking, but understand the reasons for the high cost of credit. This is not the time to indicate methods or discuss proposals. Pathways should be discussed after a correct diagnosis.

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Isaac Sidney anticipated that one of the financial institutions’ proposals would be a new legal framework for collateral, i.e. the identification of goods and assets to eventually cover defaults. A draft on this subject is currently being discussed in the National Congress.

One of the reasons for the high bank interest rates is the ineffectiveness of collateral. He added that if the country has the legal framework for guarantees, we will take an important step to reduce the cost of credit.