Central Bank proposal will be analyzed in public consultation, with a deadline on May 31, 2025
(Central Bank) released on Thursday (13.FEV.2025) a public consultation to regulate the name of authorized financial institutions, including the business name, the name fantasy, the brand and the domain of the internet. The intention is to prevent fintechs Use “bank”In the name, even without being a bank.
Estimated (PDF – 49 kB) and (PDF – 213 kB).
The Central Bank regulates 57 institutions with the name “bank”16 were registered as a payment institution.
The Central Bank authorizes companies such as banks, credit companies, funding agencies, cooperative, consortium administrators, payment institutions and others.
Read what the Central Bank proposes: “It also establishes the prohibition on the use, in the denomination of institutions authorized to operate by the Central Bank of Brazil, of a term that refers to the activity for which they do not have authorization for operation or that suggests that it is a different modality of authorized institution ”.
The proposal of the resolution provides that the institutions must use in its denomination expressions that establish “Clear reference to the object of its authorization for operation”.
The Central Bank said the measure serves to give more transparency to the provision of financial services and payment to the population.
Service contracts
The proposal also prohibits the institution authorized to enter into services to provide services with entities not subject to the authorization of operation by the BC that use denomination incompatible with the established rule.
BC also proposed that institutions publish in their communication and customer service channels and users, clearly, the specific activities subject to BC; the financial services, consortium or payment authorized; and the prudential conglomerate to which they belong.
