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Brazil bill to let municipalities transact with credit unions instead of banks

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Brazil bill to let municipalities transact with credit unions instead of banks

Brazil's Chamber of Deputies unanimously approved a bill that allows municipalities to carry out banking operations and deposit their resources in credit unions instead of state banks, Valor Econômico reported.

The bill aims to aid financial mobility in areas where there are no bank branches.

An amendment in the bill, meanwhile, will oblige a cooperative to comply with the requirements established by the monetary policy board if the resources handled by the municipalities exceed the limit of the FGC guarantee fund of 250,000 Brazilian reais.

The bill will be forwarded to the Senate, the publication noted.

As of Nov. 28, US$1 was equivalent to 3.22 Brazilian reais.