TO: NCUA Board
FROM: Office of General Counsel
DATE: October 26, 2023
SUBJ: Charitable Donation Accounts – Final Rule
ACTION REQUESTED: The NCUA Board’s approval of a final rule to amend the charitable donation accounts rule.
DATE ACTION REQUESTED: November 16, 2023.
OTHER OFFICES CONSULTED: Office of Examination and Insurance.
VIEWS OF OTHER OFFICES CONSULTED: Concur.
BUDGET IMPACT, IF ANY: None.
SUBMITTED TO INSPECTOR GENERAL FOR REVIEW: Yes.
RESPONSIBLE STAFF MEMBERS: Justin M. Anderson, Senior Staff Attorney, Office of General Counsel.
SUMMARY: The final rule amends § 721.3 of the NCUA’s regulations, the charitable donation accounts section of the NCUA’s incidental powers rule. Specifically, 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.
RECOMMENDED ACTION: The NCUA Board approve the attached charitable donation accounts final rule.
ATTACHMENT: Final rule.