Lula Signs Financial Services User Rights Law With Vetoes as Government Plans Five-Day Portability Rule

Overview

• Law No. 15.252/2025 was sanctioned with vetoes and took effect on November 4 after publication in the Diário Oficial.
• The statute sets four pillars: automatic salary portability, cross-institution automatic debits, clearer pricing information, and a lower-interest loan tied to specified guarantees.
• Five provisions were vetoed, including a two-business-day portability deadline, certain definitions tied to salary accounts, a bar on refusals for data inconsistencies, and transfers of powers to the Central Bank deemed to belong to the CMN.
• The government says it will use the CMN to set a five-day deadline for salary and pension portability, shortening the current 10-day window after nixing the two-day limit.
• Full implementation awaits CMN and Central Bank rules within 180 days and Congress’s review of the vetoes, and banks will be required to provide clearer disclosures such as 30 days’ advance notice of interest rate changes and monthly alerts on costly revolving credit.