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From the Editors of CU Weekly

updated 01/24/14 10:00 AM
18 Percent Through September 2015
The National Credit Union Administration (NCUA) approved a continuation at its recent January board meeting of the current 18 percent interest rate ceiling for federal credit union loans through Sept. 10, 2015. (available here)

The Federal Credit Union Act sets a 15 percent interest rate ceiling for federal credit unions but allows the NCUA Board to set a higher rate of interest for 18-month periods based on prevailing financial conditions.

If NCUA had not acted, the ceiling would have reverted to 15 percent, as required by the act, on March 11, 2014. Under the act, the NCUA Board is authorized to raise the ceiling to 21 percent.

However, increases of more than 15 percent may only occur if money market interest rates have risen in the past six months and disintermediation threatens the credit union system.

Click here for more information located within the NCUA’s Board Action Memorandum.

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updated 10/06/15 09:09 AM
Plus, Flood Insurance Webinar
Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).

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updated 09/28/15 02:11 PM
'Your Home Loan Toolkit'
The Consumer Financial Protection Bureau (CFPB) has posted a Spanish language version of its Home Buying Information Booklet—also known as the “special information booklet” or “settlement cost booklet”—as required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z.

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