On Tuesday, a coalition of entities representing Brazilian banks, fintechs, and financial institutions publicly criticized the decision made by Jhonatan de Jesus, a minister at the Tribunal de Contas da União (TCU). The minister's ruling restricts the Central Bank's access to documents concerning the investigation into the liquidation of Banco Master. This decision marks a significant shift in how the ongoing process, originally confidential, will be managed, especially since the Central Bank was initially allowed access due to its involvement in the case.

The controversy centers around the reclassification of the case's confidentiality from 'confidential' to 'confidential with additional authorization required for access.' This change means that the Central Bank must now submit a formal request to the minister to access pertinent documents. This procedural change has raised concerns among industry players about potential delays in obtaining necessary information, which could impact the ongoing investigation and the financial landscape in Brazil.

Minister Jhonatan de Jesus has stated that the reclassification aims to prevent leaks of sensitive information, affirming that he will share relevant documents related to the Master case with the Central Bank upon request. However, the financial sector entities contend that, while confidentiality might be warranted in certain scenarios, increased restrictions could hinder transparency and accountability within the financial monitoring mechanisms. They argue that maintaining an open line of communication is critical for ensuring oversight and a fair process in financial governance.