"Take a Break at Banks During Heatwaves"... Financial Services Commission Inspects Cooling Shelter Operations

Operation at Bank, Mutual Finance, and Savings Bank Branches
Cooling Shelters to Increase from 9,600 to 14,000 Nationwide

On July 15, the Financial Services Commission announced that it is reviewing the current operation of cooling shelters provided by financial institutions to ensure that vulnerable groups do not suffer due to the ongoing heatwave. The Commission also stated that it will significantly expand the number of cooling shelters in the future.

Kwon Daeyoung, Secretary General of the Financial Services Commission, visited Woori Bank's Dongsomun Senior Plus Branch in the afternoon to inspect the operation of the cooling shelter and to encourage the staff.

At the site, Secretary General Kwon emphasized, "It is necessary for the financial sector to make more proactive efforts to fulfill its social responsibilities." He added, "With another heatwave expected next week, it is important to provide active and friendly guidance, such as posting external notices, so that anyone can use the cooling shelters comfortably and without hesitation."

The Financial Services Commission has decided to significantly expand the operation of cooling shelters this year, including in the mutual finance and savings bank sectors. Currently, banks, mutual finance institutions, and savings banks operate approximately 9,600 cooling shelters nationwide as part of their social contribution activities. During branch business hours (9:00 a.m. to 4:00 p.m.), signs are posted in consultation rooms or customer waiting areas to designate them as cooling shelters.

The Commission plans to increase the number of cooling shelters in the financial sector to around 14,000 by the end of the year. Since May, mutual finance institutions (including credit unions, agricultural cooperatives, fisheries cooperatives, forestry cooperatives, and Saemaeul Geumgo) have been operating cooling shelters at 4,595 branches. As this summer's heatwave is expected to intensify, the number of cooling shelters will be expanded to 8,667 branches.

The savings bank sector also plans to gradually expand the operation of cooling shelters, which are currently available at some locations, to all 246 savings bank branches nationwide starting this year.

The cooling shelters are scheduled to operate from mid-July, when the heatwave is at its peak, through the end of August. Major banks and mutual finance institutions will extend operations until the end of September.

The Financial Services Commission and financial sector associations will continue to monitor the smooth operation of cooling shelters in the financial sector. At the same time, they plan to review various measures to fulfill their social responsibilities toward vulnerable groups.