Regulatory Alerts2015-03-06
Added · Updated
State Credit Union Board: Establishment and funding of Charitable Donation Accounts
The North Dakota State Credit Union Board issued an order permitting state-chartered credit unions to establish and fund Charitable Donation Accounts. This authorization aligns state credit unions with federal regulations under 12 CFR §§ 703.1(b)(7) and 721.3(b), which define these accounts as hybrid charitable and investment vehicles. The order mandates that all such accounts must strictly adhere to the specific conditions outlined in 12 CFR § 721.3(b)(2)(i) through (b)(2)(vii).
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