Lee Chan-jin: "Saemaul Geumgo, 'Same Function, Same Regulation'... Supports Unification of Supervision Under Financial Authorities" [2025 Audit]

Answers at the National Assembly Political Affairs Committee Audit on the 27th
Chairman Lee Eog-weon also says, "We are well aware"

Lee Chan-jin, Governor of the Financial Supervisory Service, stated on the 27th that the supervisory system for mutual finance institutions, including Saemaul Geumgo, should be unified under financial authorities. Lee Eog-weon, Vice Governor of the Financial Supervisory Service, also said that a comprehensive review is planned.

Lee Chan-jin, Governor of the Financial Supervisory Service, is attending the 2025 National Assembly Political Affairs Committee audit held on the 21st and responding to lawmakers' questions. Photo by Yonhap News

During the National Assembly Political Affairs Committee audit that day, Assemblyman Shin Jang-sik of the Rebuilding Korea Party pointed out the limitations of the Financial Supervisory Service overseeing Saemaul Geumgo, Nonghyup, Suhyup, and the National Credit Union Federation of Korea. In response, Governor Lee said, "I agree."

Governor Lee added, "The Financial Supervisory Service's position is the same function, same regulation," and continued, "I understand that the Ministry of the Interior and Safety has recently changed its stance regarding the unification (transfer) of the supervisory system to financial authorities. I hope the lawmakers will look into this, and I fully support the unification of the supervisory system."

He further stated, "I agree with the view that a unified supervisory system is needed to address the moral hazard issues at the central federations of mutual finance institutions."

Yoon Han-hong, a member of the People Power Party and chairman of the Political Affairs Committee, pointed out that the transfer of the mutual finance supervisory system is a matter that requires coordination among government ministries and is a long-standing issue that the Financial Services Commission must resolve.

Chairman Lee responded, "We are well aware of this," and added, "We (the Financial Services Commission) will take a more comprehensive approach to the supervisory authority over mutual finance."