May 12, 2021
Supervised Bank Accounts
This Unnumbered Letter (UL) is reissued in response to questions on Supervised Bank Accounts (SBA) and the need for Rural Development employees to provide identification. This UL replaces any previous ULs on this subject. This guidance is only applicable to Single Family and Multifamily programs with Supervised Bank Accounts. Multifamily property owners no longer using Form RD-402-1 “Deposit Agreement” do not require countersignature and thus do not have identification
requirements.
Click here to view the entire reissued UL.