Question 1

What is Coopecic?

Accepted Answer

Coopecic (Cooperativa de Crédito dos Empregados da Companhia Industrial Cataguases e da Bauminas Ltda.) is an employee credit cooperative based in Cataguases, Minas Gerais, Brazil. It is a member-owned financial institution that provides cooperative banking services exclusively to employees of Companhia Industrial Cataguases and Bauminas, two textile manufacturing companies.

As a cooperativa de crédito (credit cooperative), Coopecic operates as a mutual financial services organization where members are both owners and users of the institution. The cooperative provides banking and credit services tailored to the specific needs of its employee-member base.

Question 2

When was Coopecic founded?

Accepted Answer

[Information not publicly available]. While the founding date of Coopecic is not documented in public records, the cooperative was established to serve employees of Companhia Industrial Cataguases, which was founded in 1936 and formally registered in 1966.

Employee credit cooperatives in Brazil became more formally regulated during the 1960s and 1970s, particularly following the enactment of Law 4,595 in 1964 and Law 5,764 in 1971, which established the legal framework for cooperative financial institutions in the country.

Question 3

Where is Coopecic headquartered?

Accepted Answer

Coopecic is headquartered in Cataguases, a municipality in the Zona da Mata region of Minas Gerais state, Brazil. The cooperative operates in the same city where its parent companies, Companhia Industrial Cataguases and Bauminas, maintain their textile manufacturing operations.

Cataguases is located in southeastern Brazil, approximately 340 kilometers from Belo Horizonte, the state capital of Minas Gerais.

Question 4

Where does Coopecic operate?

Accepted Answer

Coopecic operates primarily in Cataguases and the surrounding Zona da Mata region of Minas Gerais. As an employee credit cooperative, its geographic scope is closely tied to the locations where its member companies operate.

The cooperative's service area is defined by the employment base of Companhia Industrial Cataguases and Bauminas, which have their main industrial facilities in Cataguases. This regional focus allows the cooperative to provide personalized financial services to employees of these textile companies.

Question 5

What services does Coopecic offer?

Accepted Answer

Coopecic offers a range of financial services typical of Brazilian credit cooperatives, including:

Credit Services: Personal loans, payroll-deductible loans (consignado), and other credit facilities designed for salaried employees.

Deposit Accounts: Savings accounts and time deposits (poupança and depósitos a prazo) for members to safely store and grow their funds.

Transaction Services: Current accounts, payment services, and basic banking operations for day-to-day financial management.

Member Benefits: Distribution of surplus revenues (sobras) to members based on their usage of cooperative services, a fundamental principle of Brazilian credit cooperatives.

Financial Education: Guidance and support to help members make informed financial decisions and improve their financial well-being.

Question 6

What makes Coopecic unique?

Accepted Answer

Coopecic's primary distinction is its exclusive focus on serving employees of specific industrial companies. This specialized membership base allows the cooperative to:

Offer highly personalized service with deep understanding of members' employment circumstances and financial needs. Provide payroll-integrated lending products with competitive rates, leveraging the stable employment relationship of its members.

Maintain a close-knit community of members who share common employment backgrounds and financial goals. Operate with lower overhead costs compared to commercial banks, enabling more favorable rates and terms for members.

Return financial surpluses directly to members through the distribution of sobras (cooperative surplus distributions), aligning the institution's success with member prosperity.

Question 7

What type of financial institution is Coopecic?

Accepted Answer

Coopecic is classified as a cooperativa de crédito de trabalhadores (employee credit cooperative) in the Brazilian financial system. This category is distinct from other credit cooperative types in Brazil, such as rural credit cooperatives (cooperativas de crédito rural) and open-membership credit cooperatives (cooperativas de livre admissão).

Employee credit cooperatives are authorized and supervised by the Central Bank of Brazil (Banco Central do Brasil) under Resolution 4,434 of 2015 and subsequent regulations. These institutions are member-owned, democratically controlled financial cooperatives that operate under the principle of mutual assistance among workers of specific companies or economic sectors.

Unlike traditional banks, which are sociedades de capital (capital societies) seeking profit maximization, cooperativas de crédito are sociedades de pessoas (people societies) focused on providing financial services to members at fair prices and distributing any surplus back to the cooperative membership.

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