Three community development credit unions in California have received $1.25 million in interest-free deposits from CUNA Mutual Group to aid in their work in underserved areas in California.
The insurer made the deposits through the California Department of Insurance's California Organized Investment Network. The COIN program has spurred insurer investment in underserved and rural communities throughout California by providing modest tax benefits and fair returns to investors since 1997, the insurer explained.
The three community development credit unions each received one or two deposits of $250,000 and have the discretion about where to spend the investments in their areas to encourage community development. In return, CUNA Mutual Group and other investors in the program receive tax credits for their participation.
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