Lee Chanjin, Governor of the Financial Supervisory Service, Meets with Savings Bank CEOs
"Responsibility Map System to Be Introduced in July... Customized Internal Controls Needed"
Lee Chanjin, Governor of the Financial Supervisory Service, has urged savings bank CEOs to strengthen their internal controls ahead of the introduction of the responsibility map system coming in July. He also called for their active participation in the policy of “mutual growth and inclusive finance,” pledging to pursue regulatory rationalization, such as providing incentives for mid-rate loans to medium- and low-credit borrowers and for loans in regions outside the Seoul metropolitan area.
Lee Chanjin, Governor of the Financial Supervisory Service, attended a meeting with bank presidents held at the Banking Hall in Jung-gu, Seoul on February 12, 2026, and delivered an opening speech. Photo by Yoon Dongju
On the morning of March 4, at the Korea Federation of Savings Banks in Mapo-gu, Seoul, Governor Lee held a meeting with savings bank CEOs and said, “As the responsibility map system will be introduced to the savings bank sector this year, I hope you will take this opportunity to further reinforce your internal control systems and credit review frameworks.”
Starting in July, 34 savings banks with total assets exceeding 700 billion won will be required to submit responsibility maps. The responsibility map is a document that clarifies the scope of internal control and risk management responsibilities for each executive at financial institutions, serving as a mechanism to systematically strengthen accountable management.
Governor Lee especially emphasized that, with the implementation of the responsibility map system, each institution should establish a “customized internal control framework” that fits its own business structure and asset size. Currently, there is a large disparity in asset sizes among savings banks: major savings banks have assets of up to 13.6 trillion won, while the smallest have as little as 3.5 billion won.
He urged, “Please establish an internal control system tailored to each savings bank’s business structure and organization to create an effective model of responsible management. You must also secure sufficient loan loss reserves and surplus capital to further enhance soundness.”
This aligns with the Financial Services Commission’s previous announcement that it would tighten capital regulations for large savings banks with assets exceeding 5 trillion won to the level required of commercial banks. However, the Financial Supervisory Service has also called for strengthened internal controls at small- and medium-sized institutions, indicating an even higher level of oversight and supervision.
Governor Lee also highlighted the need to expand the supply of funds to low-income individuals, local small business owners, and small and medium-sized enterprises. To this end, he announced plans to pursue regulatory rationalization, including expanding incentives for mid-rate loans to medium- and low-credit borrowers and offering incentives in the loan-to-deposit ratio calculation for loans made outside the Seoul metropolitan area.
Consumer protection was also emphasized. He said, “Please check that necessary information is accurately provided to consumers, such as the right to request interest rate reductions or debt adjustment.” He also stated, “Savings banks should take the lead in activating mid-rate loans and rationalizing loan broker commissions to reduce interest burdens for low-income individuals.” He added, “Please remain faithful to the core role of savings banks as reliable partners supporting low-income individuals, small and medium-sized enterprises, and the local economy.”
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