BNK Financial Group has set up financial consumer protection committees under the boards of Busan Bank and Kyongnam Bank and will strengthen the independence and authority of its chief consumer protection officer. The board will directly decide on the appointment and dismissal of the CCO, whose term will be guaranteed at 2 years. The group is also running an internal contest to identify and improve practices and procedures deemed unfavorable to consumers.

South Korean banks are tightening household lending after the biggest year-on-year rise in bank household loans. KB Kookmin Bank capped home purchase loans at 300 million won and cut limits in the Seoul area and regulated zones. Shinhan Bank halted new mortgage applications via loan brokers and suspended new mortgage insurance sign-ups. Regulators are also expanding oversight, summoning regional banks to review compliance with household debt targets and second-half plans.