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Washington
NEW: NCUA Approves Final Charitable Donation Account Rule
ALEXANDRIA, Va. (12/12/13, UPDATED: 11:25 A.M. ET)--A final rule on charitable donation accounts has been approved at this morning's just-concluded National Credit Union Administration open board meeting.
 
Under the final rule, credit unions will be permitted to invest in hybrid charitable and investment vehicles known as charitable donation accounts (CDAs). These CDAs will allow federal credit unions to make investments that are otherwise prohibited, provided that the proceeds are primarily for charitable purposes.
 
The rule includes a Credit Union National Association supported change that limits total investment in CDAs to 5% of the credit union's net worth for the duration of the account. A minimum of 51% of the total return from such an account would have to be distributed to one or more qualified charities. Distributions could be made to qualified charities no less frequently than every five years and when the account terminates.
 
CUNA Deputy General Counsel Mary Dunn noted that while the final rule made clear there is no requirement that a trust vehicle be used for investments, CUNA continues to have questions regarding regulatory oversight should a trust vehicle be used. "We will be talking more with NCUA about this," she said.


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