USDA removes 10 lenders from rural development program amid 'irresponsible and noncompliant actions'

Investing.com -- The U.S. Department of Agriculture announced Tuesday the removal of ten lenders from the USDA Rural Development OneRD Guaranteed Lending Program.

Agriculture Secretary Brooke Rollins said the Trump Administration has banned the lenders from participating in USDA guaranteed lending programs due to what she described as irresponsible and noncompliant actions.

"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," Rollins said.

The removed lenders include Bank of Montgomery 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, and ReadyCap Commercial.

The ten lenders have portfolios with approximately $620 million in delinquent loans, representing about 47% of Rural Development's total delinquent loans.

The USDA stated the action will allow the department to provide improved customer service to the over 750 remaining lenders who participate in the OneRD Guaranteed Lending Program. Information on participating lenders can be found on the USDA's Lender Lens website.

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