ALEXANDRIA, Va.—An extension of the Federal Credit Union loan interest rate ceiling and the agency’s 2023 Annual Performance Plan are both on the agenda for this Thursday’s NCUA board meeting.
The Federal Credit Union Act provides a default interest rate limit for federal credit union loans of 15%, it also permits the NCUA board to increase the rate cap if certain conditions are met.
The board last voted to maintain the ceiling at 18% which has been in place since the late 1980s, at its June 2021 meeting, meaning it must vote to approve a new ceiling by March 31, or it reverts back to 15%, CUNA noted
The meeting will begin at 10 a.m. ET and will streamed live at NCUA.gov. CUToday.info will provide complete coverage.