Secretary General Kwon Dae-young of the Financial Services Commission presided over this year's first mutual finance policy consultation group meeting with related government ministries and industry groups on May 20. At the meeting, authorities went over mutual finance businesses' prudential management situations and discussed ways to bolster their prudential management, promote improvements in their operating practices, and seek transparency in governance structures. As mutual finance businesses have continued to seek external expansion in terms of the scope of their operation and business areas, authorities discussed ways upgrade and improve the current regulatory and supervisory frameworks applied on various types of mutual finance businesses. As a first step to this end, at today's meeting, authorities discussed ways to strengthen the capital requirements and loss absorbing capacity of mutual finance businesses to help make them more crisis resilient. At the meeting, Secretary General Kwon said that the financial authorities will continue to closely communicate with related authorities to ensure prudential management in the mutual finance sector and seek improvements in regulations.