Board
Extends Loan Interest Rate Ceiling;
Approves Annual Performance Plan
ALEXANDRIA,
Va. (Jan. 26, 2023) – The National Credit
Union Administration Board held its first open meeting of 2023 and
approved two items:
- An
extension of the 18-percent federal credit union loan interest
rate ceiling through Sept. 10, 2024; and
- The agency’s 2023 Annual Performance Plan.
Board
Extends Current 18-Percent Interest Rate Ceiling
Consistent
with the requirements of the Federal Credit Union Act, the NCUA Board
unanimously approved maintaining the current 18-percent interest rate
ceiling for loans made by federal credit unions for a new
eighteen-month period from March 11, 2023, through September 10, 2024.
“Adjusting
the maximum loan rate higher would place additional burdens on credit
union member budgets already stressed thin by inflation and tighter
credit conditions,” Chairman Todd M. Harper said. “The credit union
system’s statutory mission is to support the saving and credit needs of
all Americans, especially people of modest means, so that is yet
another reason why the maximum interest rate on loans should not be
raised at this time. Keeping in place the current maximum interest rate
on federal credit union loans for another 18 months is prudent and
grounded in sound reasoning.”
View the entire press release
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