Korea proposes legal revision to grant financial authorities oversight over a major financial cooperative

09 Jul 2023

The MG Community Credit Cooperative is financially struggling in Korea. Currently, the interior ministry has supervisory power over the cooperative. This is unusual as most cooperatives are overseen by the Financial Supervisory Service. Members of the main opposition party of Korea are seeking the support of ruling party members to increase oversight of the MG Community Credit Cooperative by bringing in the FSS.