Banks, Financial Services, Fintechs and Digital Assets Newsletter – July 2025

In this edition of our monthly newsletter, we have compiled the main news and regulatory develop-ments regarding the banking industry, financial services, fintechs and digital assets. This publica-tion was designed as a reliable source of infor-mation for our clients, partners and professionals who work or want to know more about the current landscape in regard to these topics.

Enjoy reading! 

REGULATIONS

Central Bank of Brazil

BCB Normative Instruction No. 644, of July 23, 2025

BCB Normative Instruction (“IN”) No. 644 amends IN BCB No. 524, of September 18, 2024, which establishes procedures to report daily information to the Central Bank of Brazil (“BC”) regarding credit and debit balances and the financial volume of payment transactions carried out on the same day, as per Article 2, items I and III of BCB Resolution No. 208, of March 22, 2022.

BCB IN No. 644 will enter into force on September 01, 2025.

Read BCB IN No. 644 in full.

BCB IN No. 645, of July 31, 2025

BCB IN No. 645 amends BCB IN No. 103, of April 30, 2021, BCB IN No. 299, of August 30, 2022, and IN BCB No. 398, of June 29, 2023, to simplify the processing of authorization requests regarding the operation of payment institutions, institutions covered by CMN Resolution No. 4,970, of November 25, 2021, and consortium administrators, respectively.

BCB IN No. 645 entered into force on the date of its publication.

Read BCB IN No. 645 in full.

BCB Resolution No. 487, of July 10, 2025

BCB Resolution No. 487 establishes the deadline for financial institutions and other institutions authorized to operate by the BC to disclose their financial statements for the period ending on June 30, 2025.

The regulation allows these entities to disclose financial statements for the period ending June 30, 2025, within 90 days after the respective base date.

BCB Resolution No. 487 entered into force on the date of its publication.

Read BCB Resolution No. 487 in full.

BCB Resolution No. 489, of July 24, 2025

BCB Resolution No. 489 repeals Chapter IV of Ordinance No. 309, of November 30, 1959, which regulates the constitution, operation, and duties of credit, financing, and investment companies. In addition, it establishes an inspection regime, provision XVI of Resolution No. 45, dated December 30, 1966, and Circular No. 1,137, dated March 09, 1987.

BCB Resolution No. 489 entered into force on August 11, 2025.

Read BCB Resolution No. 489 in full.

Brazilian National Monetary Council

CMN Resolution No. 5,232, of July 01, 2025

National Monetary Council (“CMN”) Resolution No. 5,232, of July 01, 2025, amends Article 3 of CMN Resolution No. 5,097, of August 24, 2023, which defines the eligibility criteria for financing transactions involving innovation and digitization with resources from the Workers’ Support Fund (“FAT”) transferred to the Brazilian Development Bank (“BNDES”), remunerated based on the Reference Rate (“TR”).

CMN Resolution No. 5,232 entered into force on the date of its publication.

Read CMN Resolution No. 5,232 in full.

CMN Resolution No. 5,236, of July 24, 2025

CMN Resolution No. 5,236 establishes the conditions for holding auctions to recover credits by financial institutions and the control and measurement mechanisms provided for in Law No. 14,042, of August 19, 2020, and Law No. 14,043, of August 19, 2020.

Specific conditions are established for conducting auctions by financial agents linked to the following programs:

• • Emergency Credit Access Program in the form of guarantees (“PEAC-FGI”), including the Emergency Solidarity Credit Access Program to respond to natural disasters in municipalities in the state of Rio Grande do Sul (“PEAC-FGI Solidarity Credit RS”);
  • Financial institutions participating in the Emergency Credit Access Program in the form of receivables guarantees (“PEAC-Maquininhas”); and
  • Financial institutions participating in the Emergency Employment Support Program (“PESE”), which must comply with the process described in the resolution.

CMN Resolution No. 5,236 entered into force on the date of its publication.

Read CMN Resolution No. 5,236 in full.

NEWS

CMN regulation on the use of real estate as collateral in more than one real estate credit transaction entered into force

On July 01, 2025, the CMN regulation governing the use of the same real estate as collateral in more than one credit transaction entered into force.

CMN Resolution No. 5,197, of December 19, 2024, amends Resolution No. 4,676, of July 31, 2018, which provides for the members of the Brazilian Savings and Loan System (“SBPE”), the Housing Finance System (“SFH”), and the Real Estate Financing System (“SFI”). In addition, the regulation establishes the general conditions and criteria for contracting real estate financing by financial institutions and other institutions authorized to operate by the BC and regulates the allocation of funds from savings deposits. 

This resolution introduced the following key changes: the extension of fiduciary sale, the extension of mortgage, and what is known as the “fiduciary sale of supervening property” of real estate. These mechanisms seek to enable new real estate credit transactions using the same property given as collateral in another transaction. The intention is to create conditions suitable for optimizing the use of fixed assets by debtors and creditors.

Read our client alert on this topic.

Read BC’s article in full.

New regulations for Credit, Financing, and Investment Companies

On July 24, 2025, the BC and the CMN published CMN Resolution No. 5,237, which provides for the incorporation, organization, and operation of Credit, Financing, and Investment Companies (“SCFIs”).

Below, we highlight the key points of the resolution:

1. 1. Incorporation and authorization;
   2. Strict and protected corporate name;
   3. Minimum capital for operation;
   4. Corporate purpose and permitted operations;
   5. Shareholdings;
   6. Sources of funding; and
   7. Final provisions.

The CMN seeks to modernize the sector, increase competition, and strengthen the legal certainty of financial transactions carried out by these institutions.

Read CMN Resolution No. 5,237 in full.

Read our client alert on this topic.

Administrative and Legal Decisions

São Paulo State Court of Justice

TJSP overturns chargeback clause and orders PagSeguro to compensate Brasil Ticket for undue reversals

The 22nd Chamber of Private Law of the São Paulo State Court of Justice (“TJSP”), in its ruling on case No. 1093817-29.2022.8.26.0100, overturned the contractual chargeback clause that allowed PagSeguro to retain amounts from transactions disputed by consumers. The clause, which transfers the risk of fraud in on-line purchases to the seller (Brasil Ticket), was considered null and abusive, since it would imply the seller’s exclusive responsibility for the actions of its buyers. Thus, it constitutes the clause’s discretionary nature, which is prohibited by law, pursuant to Article 122 of the Brazilian Civil Code. The Court understood that PagSeguro, as a payment service provider, must assume the risks of the activity, including fraud, as it has the technical means to prevent them.

The TJSP also reaffirmed that clauses that exempt the supplier from the risks of its activity are null and void, even outside consumer relations. According to the rapporteur: “The appellant defendant must verify the security of transactions carried out through the product it offers, considering that it is the holder of the information necessary to investigate possible fraud […] any clause that exempts the provider from bearing the harmful effects of the burdens of its activity must be considered null and void.”

Read TJSP’s article in full.

Federal Supreme Court

STF validates extrajudicial loss of assets in case of unpaid debts

On June 30, 2025, the Federal Supreme Court (“STF”), in a virtual plenary session, validated, by majority vote, the creation of procedures for the loss of possession and ownership of assets in case of unpaid debts established in a contract, with no involvement from the Judiciary.

The ruling favored the position of the rapporteur, Minister Dias Toffoli. According to this position, acts removed from the exclusive jurisdiction of the Judiciary may be carried out by notary offices and do not prejudice the parties involved, considering that they are impartial agents. In addition, the rapporteur also stated that the procedures guarantee notification to the debtor, allowing them to settle the debt or to prove that the collection is undue. However, in cases of controversy, the Judiciary can still be called upon.

The regulations involve the repossession, search, and seizure of movable property (such as vehicles) when the debtor loses direct possession and the financial institution repossesses it. In addition, the regulations include the foreclosure of properties secured by mortgages—procedures also validated by the justice.

Read STF’s article in full.