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Interest Rate Ceiling Extended; Performance Plan Approved

The National Credit Union Administration (NCUA) board held its first meeting of 2023. Here are key takeaways:

Interest Rate Ceiling Extended
The NCUA board addressed the interest rate ceiling for federal credit union loans. Under the Federal Credit Union Act, the interest rate may not exceed 15 percent, except that the board may establish, after consultation with Congress, the U.S. Treasury Department and other federal financial agencies, a temporary interest rate ceiling greater than 15 percent for periods up to 18 months.

The board extended the temporary 18 percent interest rate ceiling for federal credit unions beginning on March 11, 2023 through Sept. 10, 2024.

The NCUA board also agreed to reevaluate the interest rate ceiling at its April board meeting and to begin exploring the legal and policy issues related to a floating interest rate ceiling.

NCUA’s 2023 Annual Performance Plan
The NCUA board unanimously approved the 2023 Annual Performance Plan.

The plan sets out performance indicators and associated targets in support of the goals outlined in the agency’s Strategic Plan and is intended to draw a clear line from the agency’s mission to the strategic goals, strategic objectives, performance goals, and performance indicators and targets.

The plan also describes the means, strategies and specific actions the agency has resourced and intends to undertake to achieve each strategic objective.

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