USDA revokes U.S. Eagle's approval to make federally backed business loans.
U.S. Eagle was one of ten lenders the U.S. Department of Agriculture removed from the program that day. The credit union has stopped making business loans.
Duke City Ledger
The U.S. Eagle story hub
How an Albuquerque credit union's out-of-state business loans went bad, from the federal records.
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: U.S. Eagle asks the court to throw out the Fidelity lawsuit.
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Where it stands
From 2019 to 2024, U.S. Eagle lent $416 million in federally backed business loans, about 91 percent of it to businesses in other states, and $165 million of it is now more than three months behind. USDA revoked its approval to make the loans in May. In September a Texas bank sued the credit union over a piece of one loan. On Oct. 22 U.S. Eagle asked the court to throw the case out; the judge has not ruled.
Updated Oct. 22
Timeline
The Colorado developer behind U.S. Eagle's largest loans files for bankruptcy.
Future Legends, a youth sports and stadium project in Windsor, Colo., filed in federal bankruptcy court in Colorado. U.S. Eagle made three loans to the project totaling $48.6 million.
U.S. Eagle tells the bankruptcy court it is owed at least $61 million on the Windsor project.
The figure counts interest, fees and nearly $5 million of the credit union’s own legal bills. U.S. Eagle asked the court for permission to move against the Windsor property.
A judge throws out the first of the developer's bankruptcy cases.
The case was the one Future Legends LLC filed in July.
Fidelity Bank of Texas sues U.S. Eagle in federal court in Albuquerque.
The bank alleges breach of contract and fraud over a $5 million piece of a U.S. Eagle loan it bought in early 2024. The allegations are the bank’s, and a court has not ruled on them. The Ledger publishes the complaint in full.
Analysis · U.S. Eagle lent most of its business money out of state. $165 million of it isn't being paid back.
Between 2019 and 2024 the Albuquerque credit union lent $416 million in federally backed business loans, about 91 percent of it to businesses in fifteen other states. In May, USDA revoked its standing as an approved lender.
U.S. Eagle's deadline to answer the lawsuit passes.
As of Oct. 15, the court’s docket showed no answer, no appearance by a lawyer for U.S. Eagle and no request for more time.
U.S. Eagle hires lawyers in the Fidelity lawsuit.
Twelve days after its answer was due, the Albuquerque firm Jennings Haug Keleher McLeod Waterfall told the court it represents U.S. Eagle. The one-page filing doesn’t respond to the bank’s claims. As of Oct. 21, there was no answer and no request for more time.
U.S. Eagle asks the court to throw out the Fidelity lawsuit.
U.S. Eagle’s lawyers asked the judge to dismiss the case. They say the bank’s fraud claims are too vague: the complaint never says who at U.S. Eagle made a false statement, what was said or when. U.S. Eagle “categorically denies any wrongdoing,” the filing says. The judge has not ruled.
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U.S. Eagle asks the court to throw out the Fidelity lawsuit.
U.S. Eagle’s lawyers asked the judge to dismiss the case. They say the bank’s fraud claims are too vague: the complaint never says who at U.S. Eagle made a false statement, what was said or when. U.S. Eagle “categorically denies any wrongdoing,” the filing says. The judge has not ruled.
-
U.S. Eagle hires lawyers in the Fidelity lawsuit.
Twelve days after its answer was due, the Albuquerque firm Jennings Haug Keleher McLeod Waterfall told the court it represents U.S. Eagle. The one-page filing doesn’t respond to the bank’s claims. As of Oct. 21, there was no answer and no request for more time.
-
U.S. Eagle's deadline to answer the lawsuit passes.
As of Oct. 15, the court’s docket showed no answer, no appearance by a lawyer for U.S. Eagle and no request for more time.
-
Story, part 1 Analysis · U.S. Eagle lent most of its business money out of state. $165 million of it isn't being paid back. Between 2019 and 2024 the Albuquerque credit union lent $416 million in federally backed business loans, about 91 percent of it to businesses in fifteen other states. In May, USDA revoked its standing as an approved lender. -
Fidelity Bank of Texas sues U.S. Eagle in federal court in Albuquerque.
The bank alleges breach of contract and fraud over a $5 million piece of a U.S. Eagle loan it bought in early 2024. The allegations are the bank’s, and a court has not ruled on them. The Ledger publishes the complaint in full.
-
A judge throws out the first of the developer's bankruptcy cases.
The case was the one Future Legends LLC filed in July.
-
U.S. Eagle tells the bankruptcy court it is owed at least $61 million on the Windsor project.
The figure counts interest, fees and nearly $5 million of the credit union’s own legal bills. U.S. Eagle asked the court for permission to move against the Windsor property.
-
The Colorado developer behind U.S. Eagle's largest loans files for bankruptcy.
Future Legends, a youth sports and stadium project in Windsor, Colo., filed in federal bankruptcy court in Colorado. U.S. Eagle made three loans to the project totaling $48.6 million.
-
USDA revokes U.S. Eagle's approval to make federally backed business loans.
U.S. Eagle was one of ten lenders the U.S. Department of Agriculture removed from the program that day. The credit union has stopped making business loans.