Advocacy win: NCUA issues proposal on dependent care expenses

The NCUA has published its proposed rulemaking to reimburse expenses incurred by federal credit union board members for dependent care. This follows a briefing at last week’s board meeting on the proposal. In response to member credit union concerns, America’s Credit Unions led advocacy efforts calling on the NCUA to propose this rule for nearly two years.  

Specifically, the proposal would give federal credit union boards the option to adopt policies that allow board member reimbursement for dependent care expenses incurred when they attend board meetings or perform other official business. This would give credit unions greater flexibility to adopt family-friendly policies while preserving board discretion.  

By explicitly recognizing dependent care costs as a permissible reimbursable expense, America’s Credit Unions has noted the proposal would reduce a barrier to volunteer service that can limit participation by otherwise qualified individuals who have caregiving responsibilities.

NCUA Board Chairman Kyle Hauptman approved the publication of the proposal via notation vote and it is now published in the Federal Register. America’s Credit Unions will solicit credit union feedback via a Regulatory Comment alert and will submit comments to the NCUA by the March 27 deadline.