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ALEXANDRIA, Va. – The NCUA Board last week approved a usury ceiling of 18% and modified its procedures for notifying federal credit unions of the cap.

Every 18 months, the board must re-evaluate the usury ceiling to ensure it permits credit unions to compete in the economic environment. NCUA determined to leave the cap at 18% rather than let it fall to the statutory 15%, due to the rising rate environment. “The 15% ceiling would restrict certain types of credit and adversely affect a number of credit unions’ financial condition,” the Board Action Memorandum read.

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