Financial Supervisory Service Launches Spot Inspections Amid Sharp Rise in ShinHyup Delinquency Rates
The delinquency rate of credit unions has risen to the 6% range this year, prompting financial authorities to conduct unscheduled inspections.
According to financial authorities and the mutual finance sector on the 20th, the Financial Supervisory Service (FSS) began an unscheduled inspection of the National Credit Union Federation of Korea located in Seo-gu, Daejeon, earlier this month.
The FSS is focusing on checking the delinquency rate and the status of non-performing loan (NPL) resolution at credit unions. The delinquency rate of credit unions is reported to have increased from 3.63% at the end of last year to the high 6% range last month.
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Credit unions plan to strengthen soundness management by establishing a specialized subsidiary for NPL management (KCU NPL Loan) next month. Previously, the Financial Services Commission approved a capital injection of 10 billion KRW into the National Credit Union Federation of Korea's KCU NPL Loan.
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