08/18/2023 – 4:06 pm
Caixa Econômica Federal (CEF) and Itaú Unibanco informed the BroadcastGrupo Estado’s real-time news system, which continue to operate payroll loans for INSS retirees and pensioners after the reduction in the interest ceiling for this modality, from 1.97% to 1.91%, approved yesterday by the National Council of Social Security (CNPS).
“As recently announced, Caixa reduced the payroll rate from 1.70% per year”, said the public bank, in a note. The reduction by Caixa took place after the Monetary Policy Committee (Copom) of the Central Bank reduced the Selic from 13.75% per year to 13.25%, earlier this month. The reduction was used as an argument by the CNPS to reduce the ceiling.
Itaú also continues to operate the modality, and said that “it will wait for the publication of the new Normative Instruction of the INSS to evaluate the necessary adjustments in the practiced rates”. Yesterday, Banco do Brasil, Bradesco and Santander Brasil informed the report that they also continue to operate the product.
Each bank charges fees according to its funding structure and the distribution costs it has for credit. Caixa and BB tend to have the lowest rates among the big banks because most of the payroll public is a customer of one of the two, which reduces the cost of acquiring customers.
The movement of the banks is the opposite of what happened in March, when the CNPS reduced from 2.14% per month to 1.70% per month the payroll loan ceiling. At the time, with a higher Selic rate and a greater reduction in the limit, banks stopped operating the line, including BB and Caixa. The return of operations came after the ceiling was raised to 1.97%, in negotiations that also involved the Ministry of Finance.
Yesterday, the Brazilian Federation of Banks (Febraban) said in a note that the reduction puts the INSS payroll rates below operating costs for some banks. The entity also stated that there was little dialogue on the part of the Ministry of Social Security about the intention to change the ceiling.
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