INSS Blocks R$27 Million in Payroll Loan Transfers Linked to Banco Master

Overview

• The INSS has frozen remittances of payroll-deducted installments tied to Banco Master, totaling R$27 million to date.
• INSS President Gilberto Waller Júnior signed the precautionary suspension on November 26, and it remains in effect pending the investigation.
• Existing consignado contracts remain valid, but the institute is withholding the amounts that would be passed on to the bank.
• The action follows a surge in official complaints citing difficulty canceling loans, undue charges, and unrecognized operations.
• The Central Bank ordered Banco Master’s liquidation on November 18 for severe liquidity problems and grave rule violations, and the Federal Police arrested owner Daniel Vorcaro in a probe that alleges large-scale fraud involving false credits sold to BRB.