November 17, 2023

NCUA Board heeds NAFCU call to expand ‘qualified charity’ definition

NCUA building

The NCUA Board held its November meeting Thursday where the board unanimously approved a NAFCU-sought final rule that would expand the definition of a qualified charity to include veterans’ organizations as defined by the Internal Revenue Code. The rule will go into effect 30 days after publication in the Federal Register.

 The NCUA’s current definition of a “qualified charity” is limited to 501(c)(3) organizations. NAFCU and the other groups advocated for the change, noting it “will increase the resources available to help veterans in need and further strengthen the credit union industry’s ties to veterans, military servicemembers, and their families.”

 Additionally, the NUCA Board received a briefing on the Share Insurance Fund (SIF), revealing that the fund reported a net income of $475 million with an equity ratio of 1.27 percent

NAFCU will continue to engage the NCUA on credit union priorities.