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Andy Poprawa, president/CEO of the Deposit Insurance Corporation of Toronto, said sustainability of the credit union business model is a global issue.

Credit unions across the globe are struggling to survive on the traditional margin between member loans and deposits, and are attempting to make up the difference just like U.S. financial cooperatives, by minimizing costs and looking for additional sources of revenue. Poprawa said wealth management services are providing “reasonable returns;” and, although it goes against traditional credit union philosophy, service charges are another solution gaining in popularity.

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