NongHyup Bank Appoints Expert Committee Members in Line with Financial Consumer Protection Act Enforcement

NongHyup Bank President Kwon Jun-hak (left in the photo) and Sungshin Women's University Professor Cha Kyung-wook (right) are posing for a commemorative photo after the appointment ceremony as expert members of the Financial Consumer Protection Council.

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 29th that it held the '2021 1st Financial Consumer Protection Council' at its headquarters located in Jung-gu, Seoul, to conduct an in-depth diagnosis of the current status and issues of consumer protection.

At the council meeting, in-depth discussions were held on reports from related departments and strategies for strengthening the rights of financial consumers following the introduction of the Financial Consumer Protection Act, reporting on newly launched products through the Non-Deposit Products Committee, and financial consumer protection plans regarding financial accessibility for vulnerable groups when branches are closed.

In particular, prior to the start of the council, an event was held to appoint Professor Kyungwook Cha from the Department of Consumer Life and Culture Industry at Sungshin Women’s University as a council expert member to gather broad expert opinions on the proactive introduction of financial consumer protection policies. Professor Cha, recognized as a consumer protection expert in academia including the Korean Financial Consumer Studies Association, will serve as an expert member of the Nonghyup Bank Consumer Protection Council and the Dispute Mediation Committee.

President Junhak Kwon of Nonghyup Bank stated, “Through the participation of external experts, we have received significant assistance in systems related to financial consumer protection and dispute mediation,” and added, “We will do our best to promote the rights and interests of financial consumers and ensure the stable establishment of the Financial Consumer Protection Act in business sites, aiming to become a leading bank in financial consumer protection.”

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