FGC
Central Bank liquidates Will Bank in Master scandal
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Brazil's Central Bank decreed the liquidation of Will Bank, the digital arm of the Master group, on Wednesday (21) after it failed to meet commitments with the Mastercard network. The move raises costs for the Credit Guarantor Fund (FGC) to around R$ 50 billion, the fund's largest ever. Customers report difficulties accessing funds and paying bills, as STF investigations into bank frauds face ongoing pressure.
Ludovic Mbock, a professional Street Fighter player, has been granted a low bond following a hearing, allowing him to return home to Maryland. The decision comes less than a month after his detention by U.S. Immigration and Customs Enforcement (ICE). A follow-up hearing is scheduled for May.
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The Monetary Council (CMN) approved changes to the Credit Guarantor Fund (FGC) on Thursday (22) that allow the fund to intervene in struggling financial institutions before liquidation. The alterations come amid the Master group's crisis, whose collapse could cost the FGC up to R$ 50 billion. The goal is to reduce losses, avoid service disruptions, and prevent systemic risks in the financial sector.