Shinhyeop Central Association Reorganizes into Four-Division Board of Directors Structure

[Asia Economy Reporter Buaeri] The National Credit Union Federation of Korea (NACUFOK) announced on the 22nd that it has established a responsibility-based management system by sector and implemented an organizational restructuring related to the Financial Consumer Protection Act (FCPA) and other regulations.

NACUFOK reorganized from the previous management director system to a system appointing directors for four sectors: planning, management, external cooperation, and digital finance.

The planning director and external cooperation director directly oversee their respective departments to enable swift decision-making. The planning director oversees the federation’s management strategy, organizational management, and public relations, serving as the control tower of the federation. The management director is responsible for supporting credit unions by establishing management strategies and supporting deposit and loan operations, as well as overseeing guidance tasks.

The digital finance director is tasked with effectively equipping the IT (Information Technology) organization with execution capabilities proficient in digital transformation.

Additionally, in accordance with the FCPA and related regulations implemented on the 1st of last month, the Financial Consumer Protection Office has been elevated to the Financial Consumer Protection Division and transferred under the CEO’s jurisdiction.

The NACUFOK Training Institute has also been elevated to a division to strengthen the work expertise of credit union employees and enhance the institute’s status.

To promote the expansion and sustainability of the mutual aid business, a Mutual Aid Division has been newly established.

Furthermore, NACUFOK has established a Media Communication Headquarters to strengthen new media publicity.

Within the Management Support Headquarters, a separate Deposit and Loan Support Headquarters has been newly established, focusing on supporting operations and securing competitiveness due to the increase in credit union deposit and loan volumes.

Kim Yoonsik, Chairman of NACUFOK, stated, "Despite the COVID-19 crisis, we achieved a record high net income of 515.6 billion KRW last year, receiving great love and trust from our members. We have carried out this organizational restructuring to further strive for the benefit of our members."

This content was produced with the assistance of AI translation services.