Regulatory Report
Regulatory Report
  • The Fed
  • FDIC
  • OCC
  • NCUA
  • CFPB
  • Other
What's up
  • [ August 19, 2025 ] Bank deposit signage rules on websites, mobile apps, ATMs would be ‘simplified’ under proposal FDIC
  • [ August 18, 2025 ] NCUA sets nonpublic ‘town hall’ on strategic plan, credit unions’ reg burden, more NCUA
  • [ August 18, 2025 ] Treasury opens comment period for GENIUS Act; seeks ‘novel methods’ for detecting illegal activity with digital assets Other
  • [ August 15, 2025 ] Fed ends special program, will now address crypto, fintech in banks through regular supervisory process The Fed
  • [ August 15, 2025 ] OCC updates bank accounting advisory guide; revises content, removes outdated questions OCC
HomeFederal financial regulationNCUAUPDATED: Revised charitable donation account rule for credit unions adopted by agency board

UPDATED: Revised charitable donation account rule for credit unions adopted by agency board

November 16, 2023 NCUA 0

A final rule that includes federally tax-exempt veterans’ organizations within the definition of “qualified charity” to which credit unions may contribute using a charitable donation account (CDA) was approved Thursday by the board of the federal credit union regulatory agency.

The final rule, approved unanimously by the three-member National Credit Union Administration (NCUA) Board and set to take effect Dec. 21, applies to 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 (IRC), according to the draft final rule notice.

The measure revises the NCUA’s incidental powers rule.

In all, the agency said it received seven comment letters on the May proposal. Of those, six supported the proposal as written. Responding to the agency’s invitation to suggest what other organizations should be considered for inclusion in the “qualified charity” definition, some offered the following specific recommendations tied to various sections of the IRC:

  • 501(c)(4): civic leagues, social welfare organizations, and local associations of employees.
  • 501(c)(5): labor, agricultural, and horticultural organizations.
  • 501(c)(6): business leagues, chambers of commerce, and real estate boards.
  • 501(c)(7): social and recreational Clubs.
  • 501(c)(29): qualified nonprofit health insurance issuers.

NCUA Board Approves Charitable Donation Accounts Final Rule

Reg Lookup: Charitable Donation Accounts

Related

Today

  • Bank deposit signage rules on websites, mobile apps, ATMs would be ‘simplified’ under proposal

    August 19, 2025 0
    Rules intended to simplify display of bank deposit insurance official digital sign and non-deposit signage on websites and mobile applications, as well as on ATMs, would be amended under a proposal issued Tuesday. The Federal Deposit Insurance Corp. (FDIC) Board, [...]
  • NCUA sets nonpublic ‘town hall’ on strategic plan, credit unions’ reg burden, more

    August 18, 2025 0
    A “strategic plan town hall” closed to all but industry representatives and their partner organizations will be held Sept. 9 by the National Credit Union Administration (NCUA) to discuss the agency’s strategic plan and priorities, the agency said Monday. The [...]
  • Treasury opens comment period for GENIUS Act; seeks ‘novel methods’ for detecting illegal activity with digital assets

    August 18, 2025 0
    Novel methods, techniques, or strategies that banks and other financial institutions can or could use to detect illicit activity involving digital assets are the focus of a comment call issued Monday by the Treasury Department. Comments are due by Oct. [...]

Resources

  • About
  • Get our daily reports
    • Registration
  • Password Reset
  • Reg lookup
  • Profile

Follow @editorregreport

  • The Fed
  • FDIC
  • OCC
  • NCUA
  • CFPB
  • Other

Copyright (c) 2022, RegReport.info; Contact: editor@regreport.info