NCUA Board meeting, Nov. 16, 2023 NCUA Board meeting, Nov. 16, 2023

During Thursday’s NCUA Board meeting, members voted 3-0 to approve the final rule to amend the charitable donation accounts section adding “war veterans’ organizations” to the definition of a “qualified charity” that federal credit unions may contribute to with a charitable donation account.

According to the NCUA, the final rule “adds a post or organization of past or present members of the Armed Forces of the United States, or an auxiliary unit or society of, or a trust or foundation for, any such post or organization recognized as exempt from taxation under section 501(c)(19) of the Internal Revenue Code to the definition of a ‘qualified charity’ that a federal credit union may contribute to using a charitable donation account.” Of note, “qualified charity” is a section 501(c)(3) entity defined by the Internal Revenue Code and must be both a non-profit and organized for a charitable purpose.

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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