INSS–BMG Pact Orders R$7 Million in Refunds and Overhauls to Consigned-Loan Practices

Overview

• Banco BMG must reimburse more than R$7 million to roughly 100,000 INSS beneficiaries, with repayment applied as abatements to payroll‑deducted installments.
• The bank is required to immediately stop tying insurance products to consigned credit operations.
• Within 90 days, all in‑person consigned loans and credit cards must be formalized via recorded video call capturing the beneficiary’s consent and clarifying terms.
• BMG must comply with the 1.60× monthly benefit credit cap under IN PRES/INSS nº 138/2022, using manual controls until system updates are completed within the 90‑day window.
• The term is open‑ended and enforceable, also requiring measures to cut complaints across service channels and restricting the sharing of beneficiaries’ personal data.