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CU System
Mongolian delegation visits Michigan league
LANSING, Mich. (5/27/09)--A meeting between the Michigan Credit Union League and the Financial Regulatory Commission of Mongolia culminated in Commission Managing Director General Ganbat O. changing his mind about Mongolian credit unions’ tax status.
From left: Ganbat O, managing director of Mongolia’s Financial Regulatory Commission, Michigan Credit Union League Executive Vice President Patrick La Pine, and other members of a Mongolian delegation, met with the Michigan League to discuss U.S. credit unions’ regulatory structure and services. (Photo provided by the Michigan Credit Union League)
Unlike U.S. credit unions, Mongolia’s credit unions pay taxes. There are about 200 credit unions in the country and 120 in Ulaanbaatar, Mongolia’s capital. O told the league that he has “some thinking to do” after he met with the league about U.S. credit unions’ structure, regulation and services (Michigan Monitor May 26). Michigan League Executive Vice President Patrick La Pine also explained shared branching to O, who seemed interested in the concept, the league said. Mongolia is looking into merging some of its credit unions because they are spread out across the country, O told La Pine and league staff. Mongolia is about the size of Alaska.


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