How Credit Unions May Overcome Income Challenges with a Charitable Donation Account

With a significant increase in member deposits due to multiple government stimulus payments, credit unions have to find new ways to create yields and offset costs. Doug welcomes guest Mike Downey to the show to discuss how credit unions can generate more income and increase profits using a charitable donation account (CDA). Mike discusses how a CDA, which offers alternative investment options, can enable credit unions to provide donations to the community while also generating income. Doug and Mike discuss the details of this investment instrument, how credit unions can fund the account through credit union-owned life insurance (CUOLI), and the risks and benefits credit unions should consider. Stream the full episode now.