sa国际传媒官网网页入口

An sa国际传媒官网网页入口-based credit union was one of 10 companies barred from a federal lending program this week in an effort to reduce millions of dollars in delinquencies.

Among those removed from the U.S. Department of Agriculture鈥檚 Rural Development鈥檚 OneRD Guaranteed Lending Program was U.S. Eagle Federal Credit Union, according to a USDA news release.

The list also included the Greater Nevada Credit Union and North Avenue Capital, among others.

The 10 lenders combined for roughly $620 million in delinquent loans, about 47% of Rural Development鈥檚 delinquent loans, USDA said. U.S. Eagle, which has nearly 100,000 members, had a 90-day delinquent amount of $122.5 million with the .

Michael Moore, CEO of U.S. Eagle, said the credit union has temporarily paused its commercial lending program as a result of the removal, adding that it is still offering other loans, like mortgages and auto notes. He said U.S. Eagle stopped participating in the USDA lending program three years ago. 

鈥淭he commercial loan portfolio referenced in the USDA report reflects long-term rural development projects that were significantly affected by unprecedented economic disruptions in recent years, including pandemic-related impacts on small businesses, supply chains and rural industries,鈥� Moore said.

The OneRD program allows lenders such as U.S. Eagle to facilitate loans in different areas and industries for rural development.

鈥淥ur intent was to participate in this program, in some of the national loans, and bring those earnings back to New Mexico and redeploy them locally to create this virtuous cycle,鈥� Moore said.

The removal comes as the credit union has faced financial challenges, which last year led to a collapsed deal to acquire Southwest Capital Bank. The credit union posted a loss of $3.35 million in this year鈥檚 first quarter, according to a National Credit Union Administration call report.

In a statement, USDA Secretary Brooke Rollins said the Trump administration 鈥渉as absolutely no tolerance for the irresponsible and noncompliant actions of these lenders and has banned them from participating in USDA guaranteed lending programs.鈥�

鈥淚 will continue to protect the American taxpayer and ensure their hard-earned dollars are spent where they belong 鈥� on projects that revive and strengthen rural America,鈥� Rollins added.

But Moore said Rollins鈥� comments are 鈥渁 little disingenuous.鈥�

鈥淲e鈥檝e worked with the USDA for the duration of many of these loans,鈥� he said. 鈥淎ll of these loans, really. They were there throughout the entire process. We鈥檝e done our best to service these in accordance with the rules and regulations.鈥�

Moore said the company is 鈥渁ctively engaged鈥� with the USDA and is implementing oversight measures, strengthening borrower support programs and working to improve commercial loan performance.

鈥淲e鈥檒l continue working with federal partners to resolve this matter and ensure that our commercial lending programs meet the highest standards of compliance and accountability,鈥� he said.

Gregory R.C. Hasman covers the economy and healthcare for the Journal. He can be reached at ghasman@abqjournal.com.