Countercyclical capital buffer held at zero percent
The Financial Stability Committee of the Central Bank of Brazil maintained the countercyclical capital buffer at zero percent during its August meeting. The committee highlighted record household debt service ratios and prepared targeted macroprudential measures.
Record debt pressure and credit slowdown
The Financial Stability Committee (Comef) held the countercyclical capital buffer (ACCPBrasil) at 0 percent while continuing studies on a positive neutral buffer framework.
Bank credit growth continued to moderate across households and corporate portfolios, particularly among smaller enterprises.
However, household debt service reached the highest level in the historical series, driven by high-cost credit modalities.
In the capital markets, receivables investment funds (FIDCs) accelerated, expanding faster than bank loans.
The committee warned that multi-layered investment fund structures increase opacity and complicate risk assessments for market participants and regulated entities.
Enforcing residual risk in payment chains
The committee reaffirmed that payment scheme institutors remain fully liable for residual transaction risk under Law 12,865, ensuring settlement flows prioritize end receivers over assignees.
In reviewing 2026 cyber incidents, the central bank observed sophisticated financial fraud where virtual assets served as the primary channel for illicit fund transfers.
Operational vulnerabilities across Banking as a Service (BaaS) and payment receivables ecosystems prompted heightened supervisory oversight.
Supervision playing catch-up with shadow credit
Comef rightly targets mounting risks in opaque credit funds and crypto-driven fraud before imbalances spread.
However, maintaining a zero buffer leaves banks without proactive capital buffers as household debt service hits record highs.
Supervisory vigilance alone will not suffice if retail debt strains worsen.
Source: BC - Comef - Ata da 66ª Reunião do Comef
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