U.S. Department of Agriculture Secretary Brooke Rollins has announced the removal of ten lenders from participation in the USDA Rural Development (RD) OneRD Guaranteed Lending Program. These lenders will be precluded from further participation in the program.
“The Trump Administration has absolutely no tolerance for the irresponsible and noncompliant actions of these lenders and has banned them from participating in USDA guaranteed lending programs,” said Secretary Rollins. “I will continue to protect the American taxpayer and ensure their hard-earned dollars are spent where they belong – on projects that revive and strengthen rural America.”
The removed lenders listed below have portfolios with approximately $620 million in delinquent loans, accounting for approximately 47% of Rural Development’s delinquent loans:
- Bank of Montgomery (BOM) Bank
- Byline Bank
- Celtic Bank
- Community Bank & Trust – West Georgia
- Genisys Credit Union
- Greater Nevada Credit Union
- North Avenue Capital
- Optus Bank
- U.S. Eagle Federal Credit Union
- ReadyCap Commercial
By taking immediate action to root out abuse, the USDA is strengthening its commitment to responsible lending practices and program integrity. This action will allow the USDA to provide improved customer service and support to the over 750 remaining lenders who continue to provide critical access to capital for rural America through the OneRD Guaranteed Lending Program. Information on lenders in USDA’s OneRD Guaranteed Lender Program can be found online at the Lender Lens.
USDA Rural Development invests in rural America with loan, grant, and loan guarantee programs to promote rural prosperity. The commitment and resources we bring to rural communities help drive economic security and prosperity. Our programs expand access to high-speed internet, electric, and transportation infrastructure, and support business growth, healthcare, education, housing, and other community facilities. Learn more online at www.rd.usda.gov.
For more information on USDA Rural Development investments in rural America, visit the Rural Data Gateway.
***Courtesy of the U.S. Department of Agriculture***
