Financial Services Commission Holds Meeting to Review Credit Supply Status to Low-Income Groups in the Loan Industry

Financial Services Commission, Financial Supervisory Service, and Korea Credit Finance Association Meeting
"If Credit Supply in the Loan Industry Decreases Significantly, Difficulties for Low-Income Groups May Increase"

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission held a review meeting on the 28th together with the Financial Supervisory Service and the Korea Credit Finance Association to examine the current status of credit supply to the low-income class by the loan industry. The financial authorities reviewed the current status of credit supply to the low-income class by the loan industry and the funding trends of the loan industry, and listened to the opinions of the Korea Credit Finance Association.

At the meeting, the financial authorities and the Korea Credit Finance Association shared the recognition that if credit supply by the loan industry significantly decreases under the recent economic conditions, the difficulties faced by the low-income class may increase. The financial authorities stated that they will strengthen communication with the field going forward, and since the loan industry also plays a role as a pillar of low-income finance, they urged the industry to fulfill its role and responsibility in supplying credit to the low-income class.

Going forward, the financial authorities announced that they will closely monitor the credit supply status of the loan industry and expand policy-based low-income financial supply for low-income individuals who find it difficult to obtain loans from savings banks and loan companies.

Regarding illegal private financing, the government-wide investigation and crackdown system led by the Office for Government Policy Coordination will be actively supported, and for those who have suffered from illegal private financing, support will be provided through the debtor representative system, making every effort to ensure stable financial life for the low-income class.

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