Letter to Federal Credit Unions: Permissible Loan Interest Rate Ceiling Extended
On July 18, 2024, the NCUA Board voted to continue the temporary 18% interest rate ceiling for loans made by federal credit unions, based on the authorities established by the Federal Credit Union Act.
The Federal Credit Union Act generally limits federal credit unions to a 15% interest rate ceiling on loans. However, the NCUA Board may establish a temporary, higher rate for up to 18 months after considering certain statutory criteria.
The previously approved 18% interest rate ceiling expires on Sept. 10, 2024. The July NCUA Board action extends the temporary 18% interest rate ceiling through March 10, 2026.
Read the Letter to Federal Credit Unions.
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