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[BUSINESS] · Brazil · 49 sources

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Brazil's Central Bank updates Open Finance and credit protection rules

The National Monetary Council (CMN) and the Central Bank of Brazil (BC) have approved new regulations to enhance security and transparency within the Open Finance system. These updates focus on strengthening data governance, requiring specific customer consent for each partner entity, and allowing for the interruption of data sharing if security risks are identified. The rules also facilitate more flexible authorization processes for legal entities, such as companies, where different representatives may grant access at different times.

Additionally, the Central Bank has introduced three resolutions aimed at strengthening consumer protection in credit contracting. These measures include the creation of a consolidated debt dashboard to provide cost simulations and debt alerts, as well as stricter rules for credit offers made during Pix transactions. To prevent commercial harassment, institutions must provide mechanisms for customers to block active credit advertisements. These consumer protection rules will be implemented in stages, with active credit offer regulations taking effect on March 31, 2027, and the debt dashboard and Pix credit rules following on July 1, 2027.

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Banco Central do Brasil · Brazil · Central Bank of Brazil · Conselho Monetário Nacional · INIT · National Monetary Council · Open Finance · Pix

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