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NCUA Board Extends Loan Interest Rate Ceiling; Approves Annual Performance Plan

 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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