The Banking Act which was enacted in 1950 was amended on May 17, 2010 in Korea in order to deregulate the standards concerning the banking industry, and for the purpose of playing a role as a far-eastern financial hub and advancing the financial industry. So the U.S. administration proposed a financial regulatory reform. And the U.S. Senate and the House of Representatives passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The UK government tries to review corporate governance in UK banks in the light of the experience of critical loss and failure throughout the banking system. The other advanced countries are in the same situation. The Korean government amended the system concerning the outside director of bank after the global economic crisis. And it amended the systems in relation to the bank, securities, insurance and tries to enact the consolidated law related to the corporate governance in the financial institutions. It is necessary to enforce the roles of board of directors in some points. But it is a important issue to consider the particularities among the bank, investment company, insurance firm and etc. We should try to watch carefully the movements of the major countries in relation to the regulation of financial institutions. If the financial standards of the major countries, especially that of U.S., are amended to be stricter and more conservative, I think we should also stand the pace of the financial regulation to protect financial consumer in Korea. But I think it is necessary to advance the banking industry relative to the scale of the Korean economy. Therefore the role of banking act is important in the Korean economy.