BC e CMN publicam normas que tratam da portabilidade de operações de crédito no Open Finance

On November 28, 2025, the Central Bank of Brazil (“BC”) and the National Monetary Council (“CMN”) issued Joint Resolution No. 15. The regulation amends Joint Resolution No. 1, dated May 4, 2020, to include the sharing of credit portability services within the scope of Open Finance.

On the same date, the CMN published Resolution No. 5,265, which amends CMN Resolution No. 5,057, dated December 15, 2022, addressing the portability of credit and financial lease transactions.

According to the BC, credit portability through Open Finance will enhance efficiency in accessing and exchanging information, which can be shared securely, swiftly, in a standardized and digital manner, aiming to mitigate informational asymmetries and operational barriers, thereby improving the client experience.

Among the key developments, the new technology will reduce the time required to complete credit portability – from up to five business days to three business days.

Key points of Joint Resolution No. 15

Definitions

Joint Resolution No. 15 introduces new definitions for:

• Portability of Credit Transactions: the transfer of a credit transaction from the original lending institution to the proposing institution, upon the debtor’s request.
• Original Lending Institution: the institution that holds the credit transaction subject to portability.
• Proposing Institution: the institution receiving the credit transaction subject to portability.

Scope of data and services

It establishes that Open Finance encompasses at least the sharing of credit portability services.

Participation in Open Finance

• It includes, as mandatory participants in Open Finance, institutions involved in the sharing of credit portability services.
• In the context of sharing credit portability services, the following are included as Open Finance participants:
• Mandatory participation as original lending institution: individual institutions and those belonging to conglomerates that hold active credit transactions under the credit modalities defined within the implementation scope established by the BC, and that participate in data sharing in a mandatory or voluntary manner.
• Voluntary participation as original lending institution or proposing institution: financial and payment institutions, as well as other entities authorized to operate by the BC, that offer or hold active credit transactions under the credit modalities defined within the implementation scope established by the BC, in compliance with applicable regulations.
• As a proposing institution, the voluntary participation mentioned above requires a dedicated interface as original lending institution.

Requirements for Portability of Credit Transactions

For sharing credit portability services, the proposing institution must:

• Identify the client;
• Obtain the client’s consent for the request to share registration and transaction data, if no prior consent for such sharing is in effect; and
• Obtain a formal and specific request from the client for the portability of the credit transaction, along with acceptance of the contractual terms related to the transaction subject to portability, implementing procedures and controls to ensure the authenticity of both the request and the client’s consent.

Prohibition

Processing multiple portability requests simultaneously for the same credit agreement is prohibited.

Procedures and Controls

The original lending institution of the credit transaction subject to portability must adopt procedures and controls to authenticate the proposing institution, as well as comply with the rules established in the applicable regulations regarding data-sharing requests.

The original lending institution of the credit transaction subject to portability can offer counterproposals to the client before the deadline for settling the transaction.

Client Protection

The original lending institution and the proposing institution must ensure that the client:

• Can withdraw the portability request for the credit transaction at any time before the settlement of the transaction is completed; and
• Is informed about the progress of the portability request.

Finally, both the proposing institution and the original lending institution must comply not only with the Open Finance regulations but also with the rules and deadlines established in the specific regulation governing credit portability, particularly regarding:

• Submission of the proposal by the proposing institution and the counterproposal by the original lending institution;
• Request and cancellation of portability;
• Transfer of funds between institutions for the purpose of settling the outstanding balance of the credit transaction subject to portability;
• Completion of portability; and
• Costs and financial reimbursement related to portability.

Final provisions

• The following provisions of Joint Resolution No. 1, dated May 4, 2020, are hereby repealed:
  • Item “b” of paragraph II of the main section of Article 5; and
  • Item III of the main section of Article 6.

• Joint Resolution No. 15 came into force on the date of its publication.

Key points of CMN Resolution No. 5,265

Information exchange

The regulation establishes that the exchange of information between the original lending institution and the proposing institution must be carried out through:

• An electronic system managed by an entity operating a registration, deposit, clearing, or settlement system authorized by the BC; or
• The Open Finance infrastructure.

In addition, a specific identification code for portability must be assigned and used in the exchange of information between institutions. Carrying out credit portability for the same credit agreement if a previous portability request has already been made through one of the means indicated above is also prohibited.

Deadlines

The original lending institution must request the transfer of funds from the proposing institution to complete the portability within the following deadlines, counted from the date of receipt of the portability request:

• Five business days for information exchange related to portability carried out through an electronic system managed by an entity operating a registration, deposit, clearing, or settlement system authorized by the BC; and
• Three business days for information exchange related to portability carried out through the Open Finance infrastructure.

CMN Resolution No. 5,265 comes into force on the date of its publication.

Demarest’s Banking and Finance team is monitoring this topic and remains available to assist clients and partners as necessary.