ARLINGTON, Va.–Ahead of today’s NCUA board meeting, where the ceiling on credit union interest rates are on the agenda, NAFCU President and CEO Dan Berger penned a letter directed at agency Chairman Todd Harper urging the board to “listen to credit unions on this issue, not just the loudest--and misinformed--voices in Washington,” according to the trade group.
In his letter, Berger highlights how much the “world has evolved over the last 89 years since the 15% ceiling was put in place.”
Berger outlined how NAFCU believes the increase in the ceiling will:
- Increase access to credit, including for small businesses and disadvantaged consumers
- Protect consumers by giving them a safe, affordable option, rather than having to rely on predatory loans
- Strengthen the credit union industry through risk-based pricing
‘I Implore You’
“Mr. Chairman, I implore you to look at all sides of this issue and listen to your member credit unions, not just those who are arguing the loudest in Washington,” Berger wrote. “As someone who began your career deeply involved in the credit union difference — people helping people — I trust you'll prioritize this mission and do what's right to ensure credit unions are protected and the 135 million Americans they serve have a real opportunity to achieve and maintain financial freedom.”
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