NCUA Boardroom. (Photo: NCUA) NCUA Boardroom. (Photo: NCUA)

During the first NCUA board meeting of the year on Thursday, members voted unanimously to continue the current 18% federal credit union loan interest rate ceiling through Sept. 10, 2024. Board members also supported the idea to reevaluate the interest rate ceiling during the April board meeting, including the exploration of a floating interest rate ceiling.

While the Federal Credit Union Act caps the interest rate on federal credit union loans at 15%, the NCUA board is allowed to raise the limit in 18-month increments “if interest-rate levels could threaten safety and soundness of individual credit unions,” according to the NCUA.

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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