The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of billion or more and nonbank financial companies designated by the Financial Stability Oversight Council (FSOC) for supervision by the Federal Reserve periodically submit resolution plans to the Federal Reserve and the Federal Deposit Insurance Corporation.Each plan, commonly known as a living will, must describe the company's strategy for rapid and orderly resolution under the U. Bankruptcy Code in the event of material financial distress or failure of the company.The NACF provides marketing support for the production, distribution, processing, and consumption of agricultural and livestock products, focusing particularly on increasing the income of farming households by expanding sales channels and reducing farming costs.
However, the reputation of NACF, in Korea, is not good.
It is doubtable whether they are democratically controlled. Many Korean people think that NACF is not a cooperative, just a kind of greedy conglomerate controlled by a few elites.
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Please help improve this article by adding citations to reliable sources. (April 2012) (Learn how and when to remove this template message) The National Agricultural Cooperative Federation (NACF) was established in 1961 to enhance the social and economic status of its membership and to promote a balanced development of the national economy.
On 2 March 2012, the NACF restructured its operations, establishing financial and marketing holding companies through the revised Agricultural Cooperative Law and a resolution of the board of directors on 2 February 2012.
The new NACF performs as the center of the member cooperatives, governing the Extension and Support Unit, the Agricultural and Supply Business Unit, the Livestock Marketing and Supply Unit and the Cooperative Banking Unit.
Total production by the agricultural sector in 2011 was KRW 44.62 trillion, up by 7.1% from 2010 (KRW 41.68 trillion) and including an 8.5% increase in the livestock and dairy sector.
Conversely, the Korea Rural Economic Institute (KREI) expects the total production of agricultural industries to decrease by 1.1% in 2012.
The objective of the marketing holding company and its subsidiaries is to vitalize the marketing and supply of agricultural and livestock products through advanced expertise and efficient product distribution.
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