The Financial Supervisory Service announced on the morning of the 19th that it held a meeting with the CEOs of major lending and lending brokerage firms and the Lending Financial Association.
The FSS urged the lending industry to take measures to protect the rights of lending users by preventing consumer-infringing debt collection and ensuring compliance with the Personal Debtor Protection Act. It also called for efforts to stimulate credit supply to low-credit borrowers and eradicate financial crimes such as illegal private lending, as a community financial institution.
An FSS official said, “We will continuously monitor compliance with regulations related to lending companies' business practices and the state of internal controls to take severe actions against illegal and unfair debt collection, compliance with the Personal Debtor Protection Act, and unlawful activities related to illegal moneylenders.” The official added, “We will work with the Financial Services Commission to promote various legal foundations for outstanding community lenders to expand community finance and to raise total asset limits.”