NCUA Board to consider interest rate ceiling at Jan. 26 meeting

January 19, 2023

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:

  • Consider raising the cap beyond 18%.
  • Adopt a floating interest rate cap instead of its traditional fixed interest rate cap.

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