Business · Companies · 5 hrs ago
Former CVM chief says Brazil’s central bank failed to oversee Banco Master
Former CVM president Marcelo Trindade says Brazil’s Central Bank failed to oversee Banco Master.
The bank, owned by Daniel Vorcaro, grew to hold tens of billions of reais in certificates of deposit and assets that Trindade says were illiquid.
He says the central bank did not adequately check the bank’s solvency, the quality of its assets or the people who ultimately benefited from investment funds it used.
Trindade says the Central Bank is making the CVM a scapegoat, though the central bank had not responded by publication.
The CVM regulates Brazil’s securities markets, while the Central Bank oversees banks and their financial soundness.
The dispute matters because it raises questions about who should supervise risks across Brazil’s financial system.
Trindade is calling for a broad review and closer coordination between regulators, including a model that separates financial stability oversight from market conduct and investor protection.
Former CVM president Marcelo Trindade said Brazil’s central bank failed to supervise Banco Master and is shifting blame to the securities regulator.
He said the central bank did not identify the final beneficiaries of investment funds used by the bank or assess the quality of assets on its balance sheet.
Trindade argued that the central bank’s emphasis on competition helped weaken its focus on regulation.
He called for a broad review of financial regulation and closer coordination among regulators.
The central bank had not responded to Estadão by the time the article was published.
- Who
- Marcelo Trindade, a former president of Brazil’s Securities and Exchange Commission (CVM), criticized the Central Bank.
- What
- He said the central bank failed to oversee Banco Master and was making the CVM a scapegoat.
- When
- He made the comments on October 22, during an interview at an investment funds law congress.
- Where
- At the IV Congress of Investment Funds Law in Brazil, organized by the São Paulo Lawyers Association.
- Why
- Trindade said the central bank failed to check the bank’s operations, solvency, fund beneficiaries and asset quality. He linked the lapse partly to a focus on promoting competition.
Marcelo Trindade
Brazil’s Central Bank
Oversight responsibility
Marcelo Trindade
Trindade said the central bank was responsible for supervising Banco Master’s operations, solvency and assets.
Brazil’s Central Bank
The central bank’s position is not stated; it had not responded to Estadão by publication.
Blame for the oversight gaps
Marcelo Trindade
Trindade said the central bank was trying to transfer blame to the CVM.
Brazil’s Central Bank
The central bank’s view is not stated.
Trindade gave an interview at the IV Congress of Investment Funds Law, organized by the São Paulo Lawyers Association.
Estadão published its report on Trindade’s criticism of the central bank’s oversight of Banco Master.
- Banco Master
- Bank criticized over its oversight
- Marcelo Trindade
- Former president of Brazil’s Securities and Exchange Commission (CVM)
- Interview date
- October 22, 2026
- Interview venue
- IV Congress of Investment Funds Law, Brazil
- Central bank response
- Had not responded to Estadão by publication
1 source
What people are saying
Essas frestas não estavam na CVM. Elas estavam no Banco Central, substancialmente no Banco Central
O banqueiro central de qualquer país do mundo é que fiscaliza o que tem no ativo do banco
Abriu muito (o escopo), tirou os olhos da regulação