Chairman Lee Eog-weon of the Financial Services Commission presided over a meeting with officials from related organizations and financial consumer groups to have discussions on ways to prevent illegal private lending on December 29. At the meeting, Chairman Lee spoke about the importance of boosting public advertisement efforts to make sure that everyone is aware of the recently revised law nullifying illegal private loan contracts charging more than 60 percent annually in interest payments. To help strengthen responses against illegal private lending, the FSC unveiled plans to upgrade relevant rules to provide one-stop assistance for victims and seek prompt suspension of accounts for those that have been utilized in illegal private lending activities.