National Credit Union Federation of Korea Holds Kick-off Meeting for "Financial Consumer Protection Act Implementation Consulting"

Taking the Lead in Establishing a Proactive FCPA System

The National Credit Union Federation of Korea announced on the 30th that it held a kick-off meeting for the "Financial Consumer Protection Act (FCPA) Implementation Consulting" with Yulchon LLC at its central headquarters in Samseong-dong, Gangnam-gu, Seoul on the 29th, in order to proactively respond to the application of the FCPA.

This consulting project is the first to begin among mutual finance institutions (excluding credit cooperatives, which are already subject to the FCPA). The goal is to comprehensively establish an internal control and governance system based on the FCPA so that all credit unions can carry out consumer protection work according to unified standards.

The National Credit Union Federation of Korea plans to review various regulatory items, including the six major sales principles required by the FCPA, and establish an implementation system tailored to the realities of credit unions.

Through the consulting project, the Federation will also develop an integrated FCPA manual reflecting the characteristics of credit unions, standard processes for each type of work, and field distribution guidelines. The project will run for a total of six months, from December 2025 to June of the following year.

After the FCPA comes into effect, the National Credit Union Federation of Korea plans to ensure that all 1,200 credit unions nationwide can carry out their work without confusion and to use this as an opportunity to elevate the level of consumer protection.

A representative from the Federation stated, "This consulting project is about establishing a new standard for the consumer protection system of credit unions," adding, "We will proactively and systematically prepare for the implementation of the FCPA so that financial consumers can conduct transactions with confidence."