Congress in Brazil is operating at a very slow pace. Politicians are eager to start their recess in time for the 2018 World Cup – and then the campaign season begins, leaving both the House and the Senate empty for weeks. Controversial bills will not go to vote prior to Election Day, or even before the next legislature begins. But Congress has been diligent in pushing forward a bill that is advertised as a means of lowering interest rates. However, it will virtually end data privacy for consumers.
In essence, the bill will create a database of “good payers” – that is, people who pay their debts without delays. Today, databases exist only for “bad payers.” Former Finance Minister Henrique Meirelles is one of the bill’s strongest advocates, and has said that this list of good payers will “make it possible for companies and individuals who don’t skip a due date to have access to cheaper and better credit.”