Credit union regulator opens comments on charitable donation accounts proposal for war veterans’ groups

Comments are now being accepted on a proposal to amend the charitable donation accounts section of the federal credit union regulator’s rules to allow donations to war veterans’ groups, the agency said Thursday.

The deadline for submitting comments, the National Credit Union Administration (NCUA) said, is July 31 – a 60-day period.

The proposal, issued at the May 25 meeting the NCUA Board, would add a “war veterans’ organizations” segment to the definition of a “qualified charity” that a federal credit union (FCU) may contribute to using a charitable donation account. In a statement, the agency said the proposal was approved with the board noting the attributes of “veterans’ organizations” as defined by federal tax law. A “qualified charity” is defined under the law and must be both a non-profit and be organized for a charitable purpose, NCUA said.

The proposal also asks commenters if there are other groups, entities, or organizations the NCUA Board should consider adding to the definition of a “qualified charity” to inform potential future rulemaking in this area, the agency said.

Comment Period Open for Charitable Donation Accounts Proposal