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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.
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updated 06/28/16 07:49 AM
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