On Oct. 6, 2026, SK FSC said the amendments to the Enforcement decree have been approved at the Cabinet's meeting and will be implemented from Oct. 22, 2026.
NPL purchase by credit union asset management companies will commence after Nov. 2026, following capital contribution by the National Credit Union Federation of Korea.
As well as SK FSC’s resolution on the amendment of the Regulations on supervision of credit business, etc.
On Jun. 5, SK FSC, SK GVT proposed revision of credit union rules.
Aims to establish a comprehensive non-performing loan (NPL) management framework for credit unions, similar to other mutual finance sectors.
Also seeks to ease management burdens for small and medium-sized credit unions while supporting voluntary internal control improvements.
Highlights of Amendments
Proposed revisions specify assets purchasable by credit union asset management companies, including non-business assets acquired through NPLs.
Eligible assets also include fixed assets to be disposed of under management or financial condition improvement measures.
Acquisition price standards for distressed assets would be based on objective prices, such as appraisals, and consider senior claims and leases.
Ex-post settlement would be permitted where prices are difficult to set in advance, with processing of resident registration numbers allowed where unavoidable.
Regional or group credit unions with total assets of at least KRW 300bn would be required to appoint a full-time auditor, subject to limited exceptions.
Certain credit unions with assets of at least KRW 200bn could appoint a full-time auditor voluntarily, including where the board considers one necessary.
The amendments are expected to be completed in Oct. 2026 after legislative notice, SK GVT review, and Cabinet-related approvals.
Consultation Period
Comments are due by Jul. 15, 2026; amendments are expected to take effect on Oct. 22, 2026.
On Oct. 6, 2026, SK FSC said the amendments to the Enforcement decree have been approved at the Cabinet's meeting and will be implemented from Oct. 22, 2026.
NPL purchase by credit union asset management companies will commence after Nov. 2026, following capital contribution by the National Credit Union Federation of Korea.
As well as SK FSC’s resolution on the amendment of the Regulations on supervision of credit business, etc.
Regulators
SK FSC; SK GVT
Entity Types
Auditor; Corp; CU
Reference
Dec, Mt, PR, 10/6/2026; CP, Nt 2026-337, PR, 6/5/2026; Reg Nt 2025-20, 7/2/2025; Dec 36220, 3/24/2026; ESG;
