Lee Eokwon: "Will Strengthen Supervision of Mutual Finance Institutions such as Saemaeul Geumgo"

Lee Eokwon, nominee for the Chairman of the Financial Services Commission, is attending the confirmation hearing held by the National Assembly's Committee on Economy and Finance on the 2nd, responding to questions from lawmakers. 2025.9.2 Photo by Kim Hyunmin

Lee Eokwon, nominee for Chairman of the Financial Services Commission, has announced plans to strengthen financial supervision over mutual finance institutions such as Saemaeul Geumgo, Nonghyup, and the National Livestock Cooperative Federation.

At the National Assembly confirmation hearing on September 2, in response to a question from Lee Jungmoon, a lawmaker from the Democratic Party of Korea, regarding the repeated financial accidents occurring in mutual finance institutions like Saemaeul Geumgo, Lee Eokwon gave this answer.

Assemblyman Lee pointed out, "Mutual finance institutions such as Saemaeul Geumgo currently fall outside the supervisory authority of financial regulators, which limits the scope of inspections," and added, "Supervision of mutual finance institutions should also be unified under the financial authorities."

In response, Lee Eokwon stated, "From a supervisory perspective, I believe there is a strong need to unify the supervision of mutual finance institutions," and continued, "However, as this requires consultation with relevant ministries, I will discuss this further in the future."

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