New Final Regulation Summary covers dependent care rule
Analyzing NCUA’s recently finalized rule on dependent care reimbursement, a new Final Regulation Summary is now available from America’s Credit Unions. The new rule is the result of more than a year of advocacy from America’s Credit Unions, including meetings with each NCUA board member. It amends NCUA rules on reimbursing reasonable expenses for federal credit union officials.
Specifically, the amendment permits payment for dependent care costs by revising the definition of compensation that to now exclude dependent care costs incurred by volunteer officials while attending board meetings and performing official credit union duties. The final rule also provides flexibility for federal credit union boards to adopt policies tailored to their size, region, and operations.
By recognizing these costs as reimbursable, the NCUA Board is authorizing federal credit unions to remove a potential barrier to volunteer service for people with dependent care responsibilities.
The Final Regulation Summary details:
- Credit union impact;
- The rule’s background; and
- Section-by-section analysis.
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