NCUA Board Member Rodney E. Hood Statement on the Charitable Donation Accounts Final Rule

As Prepared for Delivery on November 16, 2023

Thank you, Chairman Harper. And thank you, Justin, for your presentation today and Rick, for joining us this morning. I am absolutely delighted as we are finalizing the Charitable Donations Rule today.

By incorporating certain veteran’s organizations as qualified charities, this final rule will enable federal credit unions to contribute to these entities through charitable donations accounts. This would allow credit unions, especially those with fields of memberships that serve members of the military and defense organizations, the ability to better serve their members and give them more ways to support veteran’s groups and organizations.

President Abraham Lincoln once aptly stated, “Any nation that does not honor its heroes will not long endure.” This final rule stands as another example the NCUA continuously demonstrating our support for our uniformed heroes.

And ladies and gentlemen, what better time to approve this final rule than during the same month our nation honors and celebrates these heroes on Veteran’s Day?

Yet, as I've consistently emphasized, acknowledging the service of our military members and the debt we owe them is not confined to a single day or week. It is an enduring commitment, and today’s final rule is a testament to upholding this pledge. For that, I am thrilled to support this final rule.

Thank you. I have no questions. Back to you, Chairman Harper.