NCUA Board approves proposal to include veterans organizations in charitable donation accounts
ALEXANDRIA, VA (May 25, 2023) — The National Credit Union Administration Board held its fifth open meeting of 2023 and approved a proposed rule that would amend the charitable donation accounts section of the NCUA’s incidental powers regulation. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund during the first quarter of 2023.
Board Approves Proposed Rule Adding “Veterans Organizations” to the Definition of a Qualified Charity
The NCUA Board unanimously approved a proposed rule that would add “war veterans’ organizations” to the definition of a “qualified charity” that a federal credit union may contribute to using a charitable donation account.
“Within the credit union system, we have many credit unions with fields of membership that specialize in serving military branches, military bases, and defense-related organizations,” NCUA Chairman Todd M. Harper said. “With this proposed rule change, we will allow them to better serve their members and to fulfill their missions. That’s good for veterans, good for military families, good for credit union members, good for credit unions, and good for our country.”
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
