The NCUA board on Thursday approved a staffrecommendation to maintain the 18% interest rate ceiling for most loans made by federalcredit unions.

Voting unanimously, the two-member board agreed that loweringthe ceiling would place credit unions at a competitive disadvantage andcould impact the safety and soundness of credit unions.

Loans made under the NCUA's Payday Lending Alternative programwill remain capped at 28%.

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