NCUA Re-Sets Interest Rate Ceiling At 18%

ALEXANDRIA, Va. – The NCUA Board voted yesterday to renew the interest rate ceiling for federal credit unions at 18% for the next 18 months.

That applies to all loans and credit card interest rates.

Without yesterday’s action the rate would have reverted back to 15%in September, but NCUA staff said the lower rate would restrict certain types of credit and could adversely affect some credit unions’ financial condition.

NCUA is the only federal regulator that limits interest rates.