Resolution 3442 (on the functioning of credit cooperatives)

Brazil

(enacted in 2007)

Resolution 3442 of 2007 (on the functioning of credit cooperatives), issued by Central Bank of Brazil, pertains to credit cooperatives.

Credit cooperatives can be registered as any of the following: central cooperatives; affiliated primary credit cooperatives; primary credit cooperatives of small business, microbusiness and microentrepreneurs, and business; and primary unaffiliated credit cooperatives. An individual does not need to be a member of a particular group to join the credit cooperative if it is classified as “open-admission.”

This resolution is also noted for delegating supervisory authority to Central Credit Cooperatives that monitor their affiliates, with the Central Bank monitoring the supervisory capacity of the Central Credit Cooperatives.

DISCLAIMER: Due to the fact that an English translation was unavailable for this resolution, information for this summary has been taken from secondary sources and not from review of the actual legal text.