ALEXANDRIA, Va.—With the NCUA board having voted 3-0 on a proposal around charitable donation accounts, both NAFCU and the Defense Credit Union Council expressing concerns around a few issues.
Ahead of the vote on the proposal, the two trade groups had sent a letter in which they pressed for an expansion of the definition of “qualified charity” to included 501(c)(19) veterans’ organizations. The letter noted the current definition excludes 501(c)(19) organizations but added the NCUA has the power to change the definition.
“The narrow definition of ‘qualified charity’ not only hampers the ability of DCUs to contribute to veterans' organizations, but also limits other credit unions in helping their members connected to the military. With millions of veterans facing unmet needs, including disabilities, mental health challenges, and high suicide rates, there is a pressing need to support veterans' organizations,” wrote NAFCU and DCUC. “Expanding the definition of ‘qualified charity’ would enable FCUs to donate to 501(c)(19) organizations through CDAs, providing substantial support to the veterans' community and making a meaningful difference in their mission.”
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