Dependent care reimbursement rule finalized

The NCUA finalized a rule Monday confirming that dependent care is a reimbursable expense for volunteer officials. The rule follows America’s Credit Unions advocacy efforts over a year, including meetings with each board member, that NCUA clarify that dependent care expenses are reimbursable for volunteer officials, and subsequent engagement with the agency.

The final rule provides flexibility for a federal credit union’s board to adopt more family-friendly policies tailored to its size, region, and operations. Previously, dependent care costs had not been considered reasonable expenses under NCUA regulation 12 C.F.R. 701.33. It applies to all federal credit unions, including corporate federal credit unions. It will not apply to federally insured, state-chartered credit unions, which remain subject to state law.

America’s Credit Unions wrote in strong support of the rule in March, as it will “ensure that volunteer service remains practical for individuals with caregiving responsibilities.”

The rule will be effective July 9.

Read the final rule