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The American Bankers Association (ABA) implored the National Credit Union Association (NCUA) to withdraw a proposal that would allow federal CUs to have 50 percent of their deposits come from other CUs and government entities, boosting the current 20 percent cap. CUs are facing more scrutiny in the U.S.,
In fact, CU interest rates are capped by federal regulations. Roosevelt in 1934, gave the National Credit Union Administration (NCUA) the authority to set maximum credit union interest rates. Traditional banks have no cap on credit card interest, but the advantage is a relatively recent development.
Regulators launched a series of financial inclusion initiatives including the OCC’s Project REACh aimed, in part, at expanding access to credit for the non-scorable population and NCUA’’s ACCESS which features four pillars focused on credit, education, stability, and support.
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