Campos Neto's move from the Central Bank to Nubank is the most scandalous revolving door case in Brazil's history

By Leonardo Attuch

The appointment of former Central Bank president Roberto Campos Neto as vice-chairman and global head of public policy at Nubank is a striking example of the practice known as the “revolving door,” in which public officials, upon leaving strategic positions, take on prominent roles in companies directly benefited by their previous decisions — something that can also be classified as postdated corruption.

The announcement of his hiring came directly from Grand Cayman, in the Cayman Islands — a jurisdiction widely recognized as a tax haven and where Nu Holdings is based. The formalization of the appointment in offshore territory further intensifies ethical and political concerns. What is at stake is not just a career change, but the very real risk that Campos Neto’s previous tenure at the Central Bank may have already been covertly aligned with the interests of the private group that now welcomes him.

During his time at the Central Bank, Campos Neto was responsible for implementing policies that greatly boosted the growth of fintechs in Brazil. Measures such as the launch of Pix, the expansion of open finance, and the development of Drex (digital real) had positive aspects but disproportionately favored fintechs and lacked regulatory and supervisory mechanisms equivalent to those required of traditional banks.

This deregulated environment allowed for the rapid rise of digital companies, many of which operated without adequate transparency or oversight. There have been numerous financial scandals involving fintechs, including fraud against consumers and predatory lending practices. Nubank, Campos Neto’s new employer, may have been one of the beneficiaries.

In addition to the deregulated promotion of fintechs, Campos Neto was one of the main ers of Constitutional Amendment Proposal No. 65, which aims to weaken institutional oversight tools over the financial system and could directly undermine the role of notary offices in Brazil as instruments of public trust. The initiative has been widely criticized by experts and civil society for reducing the State’s capacity to supervise financial operations and ensure legal security.

These moves, combined with his immediate transition to an influential executive role at Nubank, raise legitimate doubts about the line between public policy and private interests. The statement from Nu Holdings to the U.S. SEC confirms that the transition had been coordinated in advance, despite public claims of compliance with the legally required quarantine period.

Moreover, Campos Neto was at the center of another unprecedented and troubling fact: he was the first president of the Central Bank to remain in office even after itting to having personal investments in companies located in tax havens. The acceptance of such a conflict of interest by Brazil’s institutional structure set a serious precedent. His direct link to Nu Holdings — also based in the Cayman Islands — deepens this contradiction and points to a pattern of behavior that prioritizes transnational interests over Brazil’s regulatory sovereignty. What is at stake is not only the institutional image of the Central Bank but the credibility of the Brazilian State as a whole in the face of a financial system that has grown increasingly influential.

Another relevant factor is Nubank's history as a sponsor of far-right content in Brazil. The company’s presence in the country’s digital ecosystem has gone beyond finance and into the promotion of political agendas that attack democratic institutions and engage in historical revisionism, as seen in its association with the platform Brasil Paralelo. The link between a former Central Bank president and a company with such a record reinforces the perception of state capture by both private and ideological interests.

If Campos Neto had already been under criticism for imposing exorbitant interest rates on Brazil, the ethical issue now adds to the concern — and should serve as a warning to his successor. The appointment of Gabriel Galípolo as Central Bank president was met with high expectations by sectors advocating for a fairer and more sovereign development model. However, so far, the abusive interest rate policy imposed on the country has not been reversed. The basic interest rate remains high — potentially rising to 14.75% per year — continuing to stifle economic activity, discourage investment, and increase inequality.

It remains to be seen whether Galípolo will represent a true break from Campos Neto’s legacy or follow the same path of subordination to financial capital interests, which cases like Nubank’s exemplify.

The “revolving door” between state and market, when operated without scrutiny or ethical limits, undermines trust in institutions and weakens the country’s ability to build a nation-oriented project for the common good. Campos Neto’s case merely exposes a long-standing problem that has now reached its most scandalous point.