Senate approves bill that overhauls cooperative credit system

Senate approves bill that overhauls cooperative credit system

The Senate approved today (13) a complementary bill (PLP) that benefits credit unions. The text provides for the reformulation of the National Cooperative Credit System. Thus, it makes the capital shares of credit unions unseizable; allows the payment of bonuses and prizes to attract new members; and includes service confederations in the system. The text goes to presidential sanction.Senate approves bill that overhauls cooperative credit system

Credit unions are financial institutions formed by the association of people to provide financial services exclusively to their members. These, in turn, act as owners and users at the same time: they participate in the management of the cooperative and enjoy its products and services (such as current accounts, financial investments, credit cards, loans and financing).

The text allows the management of official resources or public or private funds by credit unions, as long as they are for granting guarantees to members in operations with the managing cooperative itself or with third parties.

The project also includes in the legislation service confederations made up of central credit cooperatives, which are in charge, for example, of organizing and standardizing procedures, strategic planning, coordinating professional training and people management and systemic representation. before the government and the Credit Cooperative Guarantee Fund (FGCoop).

For Senator Carlos Viana (PL-MG) cooperatives are important for small rural producers. “We are dealing with a system that today is essential in financing small farmers. We will provide more transparency, we will provide more inspection conditions and much more scope in financing, with an even greater number of cooperative members who will be able to use these resources that are available”.

* With information from the Senate Agency

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