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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.

The largest bank holding companies are required to submit their plans on or before July 1 each year. Nonbank financial companies that are designated by FSOC also must submit on or before July 1.

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The NACF supports the operations and management activities of member cooperatives by providing education and training for their members and working to promote the rights of farmers.

It also provides investments to develop and promote new agricultural technologies and products.

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.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 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.As of December 2011, the number of the member farmers was 2,446,836 and the number of the associate members was 15,262,611.In 2010, these figures were 2,447,765 and 14,483,532, respectively, indicating a decline in member farmers of 929, and an increase in associate members of 779,079.Recent international agreements have affected South Korean agriculture and by extension the effectiveness of the NACF.These include the European Union–South Korea Free Trade Agreement, implemented in July 2011, and the Free trade agreement between the United States of America and the Republic of Korea, which took effect on 15 March 2012.They, in turn, fund the NACF through institutional subscriptions.

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