Status
The NCUA Board unanimously approved a final rule that adds “war veterans’ organizations” to the definition of a “qualified charity” that a federal credit union may contribute to using a charitable donation account at an open meeting on November 16, 2023.
Our Position
DCUC is working on a sustained advocacy campaign to change this rule so that credit unions can support the causes closest to their missions. The campaign will involve defense credit unions, leagues, many powerful veteran service organizations— and even Congress.
Background
The NCUA forbids donations to groups that are not 501c(3) organizations when using CDA funds. Specifically, NCUA Regulation 721.3 (b) (2) (i) through (vii) “Charitable Donation Accounts.”
Yet, most veteran organizations are 501c(19) organizations.
Section 501 (c) (19) refers to tax-exempt organizations that specifically benefit veterans of the US Armed Forces. That means the work of 501 (c) (19) nonprofit organizations must focus solely on making life better for veterans or current members of the Army, Marine Corps, Air Force, Navy, Space Force, or Coast Guard.
Resources
Handouts of DCUC's current advocacy priorities are available for download. These handouts include information on each advocacy priority and talking points you can use when contacting your state representatives and senators.
The NCUA Board unanimously approved a final rule that adds “war veterans’ organizations” to the definition of a “qualified charity” that a federal credit union may contribute to using a charitable donation account at an open meeting on November 16, 2023.
Our Position
DCUC is working on a sustained advocacy campaign to change this rule so that credit unions can support the causes closest to their missions. The campaign will involve defense credit unions, leagues, many powerful veteran service organizations— and even Congress.
Background
The NCUA forbids donations to groups that are not 501c(3) organizations when using CDA funds. Specifically, NCUA Regulation 721.3 (b) (2) (i) through (vii) “Charitable Donation Accounts.”
Yet, most veteran organizations are 501c(19) organizations.
Section 501 (c) (19) refers to tax-exempt organizations that specifically benefit veterans of the US Armed Forces. That means the work of 501 (c) (19) nonprofit organizations must focus solely on making life better for veterans or current members of the Army, Marine Corps, Air Force, Navy, Space Force, or Coast Guard.
Resources
Handouts of DCUC's current advocacy priorities are available for download. These handouts include information on each advocacy priority and talking points you can use when contacting your state representatives and senators.
letters & Comments - charitable donation accounts
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May 24, 2023
November 10, 2022 |