January 17, 2018 / 4:28 PM / a year ago

Brazil lenders working to change overdraft credit - central bank

SAO PAULO, Jan 17 (Reuters) - Brazil’s top lenders are committed to changing overdraft credit rules aiming to lower interest rates for consumers, the central bank said on Wednesday.

Last year, Brazil’s central bank regulated credit card debt, capping the usage period for revolving credit lines to one month. Credit card debt and overdraft protection are among Brazil’s most expensive credit lines.

The head of banking lobbying group Febraban, Murilo Portugal, has a meeting later on Wednesday in the Finance Ministry.

Reuters reported last June that the central bank and private lenders were discussing changes in overdraft protection.

Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Susan Thomas

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