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Brazilian congressional deputy may bar credit intelligence bureau approval

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Brazilian congressional deputy may bar credit intelligence bureau approval

Brazilian federal deputy Celso Russomanno is considering a legislative decree that would annul antitrust regulator Cade's approval for the launch of a credit intelligence bureau by Banco do Brasil SA, Banco Bradesco SA, Caixa Econômica Federal, Itaú Unibanco Holding SA and Banco Santander (Brasil) SA, Valor Econômico reported.

The bureau that will be called Gestora de Inteligência de Crédito received Cade's preliminary authorization in September and the final nod in November, with some restrictions. However, Russomanno is still concerned about consumer data confidentiality, the report said.

During a public congressional hearing regarding the creation of the new credit bureau, Russomanno said he will call for further hearings on the matter and will evaluate more closely Cade's decision and the imposed restrictions. But he stressed that if he is not satisfied with his findings, he will seek to reverse Cade's decision, the publication noted.