Banco Itaú Consignado faces penalties for unauthorized loans

Banco Itaú Consignado is facing legal and administrative consequences for allegedly offering unauthorized loans and credit cards to consumers, primarily targeting retirees and pensioners of the National Social Security Institute (INSS).

In Minas Gerais, the Public Ministry's Consumer Protection agency (Procon-MPMG) fined the institution approximately R$ 1.25 million. The investigation, initiated after a consumer reported receiving funds for an unrequested loan, uncovered evidence of forged signatures and inconsistencies in documentation. The agency also identified a practice known as “telesaque,” where the bank deposited funds into accounts without consent, leading consumers to believe the money was available before discovering high-interest charges and deductions from their social security benefits.

Separately, the Court of Justice of Mato Grosso (TJMT) upheld a ruling ordering the bank to pay R$ 10,000 in moral damages to a client under guardianship. The court found that the bank failed to prove a valid contract existed for payroll loans deducted from the individual's social security benefits. The court noted that the bank's internal records and transfer proofs were insufficient to demonstrate authorization from the client's legal guardian.