When USDA's Rural Development arm pulled 10 lenders from its OneRD Guaranteed Lending Program on May 12, three of them were credit unions — US Eagle Federal Credit Union in Albuquerque, Greater Nevada Credit Union in Carson City, and Genisys Credit Union in suburban Detroit. The 10 institutions together held roughly $620 million in delinquent loans against the program, about 47% of Rural Development's total delinquent guaranteed portfolio.
The other seven names on USDA's revocation list are banks and nonbank specialty lenders: Bank of Montgomery, Byline Bank, Celtic Bank, Community Bank & Trust — West Georgia, North Avenue Capital, Optus Bank, and ReadyCap Commercial. More than 750 lenders remain approved to originate OneRD-guaranteed loans.
USDA Secretary Brooke Rollins framed the action as zero-tolerance enforcement against irresponsible and noncompliant lender behavior. The structural read from the credit union side is harder to ignore: cooperatives are a small share of the OneRD approved-lender base, but they account for three of the ten revocations announced this week.
The local angle: US Eagle
The Albuquerque Journal first reported the local story, in reporting by Gregory R.C. Hasman. US Eagle is a roughly $1.4 billion New Mexico credit union with about 100,000 members and ten branches across Albuquerque, Bernalillo, Farmington, and Santa Fe. According to USDA filings cited in the Journal's reporting, US Eagle carried approximately $122.5 million in 90-day delinquent loans tied to the OneRD program — the largest single-credit-union exposure on the revocation list.
The Journal reported that US Eagle had stopped originating new OneRD-backed loans roughly three years ago and recently paused its commercial-lending program entirely. The credit union posted a $3.35 million net loss in the first quarter of 2026.
That $122.5 million in 90-day delinquencies is concentrated in a commercial book sitting on top of a primarily retail credit union. The arithmetic is consistent with a small number of large rural commercial credits going bad rather than broad portfolio deterioration — the kind of concentration that NCUA examiners flag in member-business loan programs at mid-sized cooperatives.
What OneRD actually is
OneRD is USDA Rural Development's umbrella guarantee program, which consolidated the agency's separate Business & Industry, Community Facilities, Rural Energy for America, and Water & Waste guaranteed loan programs into a single framework. Approved banks and credit unions originate loans to rural businesses, utilities, and community facilities; USDA guarantees a portion of each loan against default. When defaults concentrate at one originator, USDA pays out on the guarantee — and, as this week's action shows, can pull the originator off the approved list entirely.
For the 750-plus credit unions and banks still approved, the signal from Tuesday's announcement is that portfolio performance is now a participation gate, not a back-office metric tracked quietly. Credit unions running OneRD-guaranteed commercial books are about to see the kind of scrutiny most of them associate with NCUA exams arriving from a second federal direction.
Why three credit unions showed up at all
Most credit union commercial books are too small to land on a federal delinquency list. The cooperatives that built aggressive commercial-lending platforms on top of federal guarantees were always more exposed when the guarantees turned into payouts — because the guarantee draws the institution toward the larger, longer-duration rural credits that don't fit a normal CU underwriting profile.
US Eagle's $3.35 million Q1 loss is not, by itself, an existential number for a credit union with roughly $124 million in net worth at year-end 2025. It's a quarter of capital. The harder question is what happens to the $122.5 million in delinquencies now that the federal guarantee backstop has been removed. The decision to pause commercial lending suggests US Eagle is treating that question as the live one.
This piece draws on first-hand reporting by the Albuquerque Journal for the New Mexico angle, and on the USDA Rural Development press release of May 12, 2026 for the full lender list and program figures.