backValor Investe – Financial Services — Published on January 22, 2026
CMN approves changes to the Credit Guarantee Fund (FGC) bylaws
Brazil’s National Monetary Council (CMN) has approved changes to the bylaws of the Credit Guarantee Fund (FGC) aimed at strengthening financial system stability and discouraging excessive risk-taking by financial institutions.
The amendments primarily affect contribution criteria, imposing higher requirements on institutions with riskier funding profiles. The measure seeks to enhance the FGC’s capacity to protect depositors and investors, reinforcing confidence in the financial system during periods of increased volatility.
For Alan Campos Thomaz, partner at Campos Thomaz Advogados, the decision reflects a significant regulatory signal. “The changes to the FGC bylaws reinforce the prudential logic of Brazil’s financial system by aligning funding costs with the level of risk assumed by institutions,” notes the expert in financial regulation.
According to Alan, the new framework also raises governance and compliance challenges. “Financial institutions will need to review their funding strategies and risk-management structures to adapt to a more demanding regulatory environment that prioritizes solidity and sustainability,” he adds.
The FGC remains one of the key pillars of confidence in the Brazilian banking system, guaranteeing deposits and investments within statutory limits. The approved changes strengthen its role as a stability mechanism and signal a trend toward stricter regulatory oversight in the financial sector.
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