ALEXANDRIA, Va. – The NCUA Board last week renewed the rule setting the maximum allowable interest rate for all credit union loans at 18%.
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The renewal of the 18% rate cap will allow credit unions some flexibility in setting rates, while also continuing to set credit unions apart from other competitors in the financial services industry.
Credit unions are the only federally insured institutions whose regulator sets a maximum allowable interest rate.
The 18% rate covers all loans made by both federal and state chartered credit unions.
