NCUA board maintains 18% FCU interest rate cap

The NCUA Board maintained the 18% federal credit union loan interest rate cap Thursday, setting it in place through September 2024 unless the board acts before that date.

CUNA requested the board consider raising the cap or using a floating rate ceiling, and the board agreed to begin exploring issues related to a floating cap and revisit the discussion at its April board meeting.

The board also approved the agency’s 2023 Annual Performance Plan, which provides specific direction and guidance toward achieving the mission and the strategic goals and objectives outlined in NCUA’s 2022 – 2026 Strategic Plan.

The 2022 – 2026 Strategic Plan includes the following strategic goals:

• Ensure a safe, sound, and viable system of cooperative credit that protects consumers.
• Improve the financial well-being of individuals and communities through access to affordable and equitable financial products and services.
• Maximize organizational performance to enable mission success.

Additional details on the meeting can be found on CUNA’s Removing Barriers Blog and CompBlog.