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In anticipation of a September expiration date, NAFCU President/CEO Fred Becker is urging the NCUA to approve the current interest rate ceiling for unsecured loans at 18% at the regulator’s June 21 board meeting.

Becker told Credit Union Times the 18% ceiling requires NCUA to produce a finding every 18 months that supports maintaining it higher than the 15% mandated by Section 1757 of the Federal Credit Union Act. The ceiling is 28% for short-term, payday alternative loans.

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