The NCUA Board will discuss extending the Federal Credit Union loan interest rate ceiling at its Jan. 26 meeting. The Federal Credit Union Act provides a default interest rate limit for federal credit union loans of 15%, it also permits the NCUA Board to increase the rate cap if certain conditions are met.
The board last voted to maintain the ceiling at 18% (in place since the late 1980s) in June 2021, meaning it must vote to approve a new ceiling by March 31, or it reverts back to 15%.
CUNA wrote to the NCUA Board this week urging it to act quickly to:
The NCUA Board will also review the agency’s 2023 Annual Performance Plan at the Jan. 26 meeting. It will begin at 10 a.m. ET and streamed live at NCUA.gov.