CUNA-requested proposal would expand CDA charity definition

The NCUA board issued a proposal to update the definition of “qualified charity” in its Charitable Donation Accounts (CDA) rule at its Thursday meeting. CUNA requested NCUA add 501(c)(19) veterans organizations in addition to currently allowed 501(c)(3) organizations in June 2022.

“We thank NCUA for proposing this update to the current rule’s overly narrow definition,” said CUNA Deputy Chief Advocacy Officer for Regulatory Affairs Alexander Monterrubio. “Many worthy, tax-exempt veterans organizations are currently excluded and the proposed expanded definition would ensure they could receive support from credit unions.”

Comments on the proposal will be due 60 days after publication in the Federal Register.

The Board was also briefed on the quarterly report of the National Credit Union Share Insurance Fund. The full report is available here.