X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-The Senate passed S. 476, the CARE Act, last week, which provides incentives for individuals and businesses to make charitable contributions, improves disclosure of activities of exempt organizations, and aids low-income Americans in gaining financial security. CUNA and NAFCU have been following a provision that would create Individual Development Accounts, which provide limited matching funds for low-income persons. The bill would give for-profit financial institutions tax credits for offering the accounts, while credit unions would get a `tradable’ credit for another entity that wanted to make the matching contributions, such as a sponsor or select employee group sponsor. “Our congratulations and thanks to the Senate for passing the Individual Development Account provisions in the CARE Act, S.476. IDAs are one of the most effective tools to help the working poor build assets and share in our nation’s prosperity. They are ideally suited to be offered by credit unions, as they exemplify the credit union motto of `People Helping People.’” CUNA President and CEO Dan Mica said of the bill’s passage.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.