7 CFR § 1717.612 - RUS approval of borrower's bank or other depository.
---
identifier: "/us/cfr/t7/s1717.612"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "7 CFR § 1717.612 - RUS approval of borrower's bank or other depository."
title_number: 7
title_name: "Agriculture"
section_number: "1717.612"
section_name: "RUS approval of borrower's bank or other depository."
chapter_name: "RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE"
part_number: "1717"
part_name: "POST-LOAN POLICIES AND PROCEDURES COMMON TO INSURED AND GUARANTEED ELECTRIC LOANS"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 901 1921 6941"
regulatory_source: "55 FR 38646, Sept. 19, 1990, unless otherwise noted."
cfr_part: "1717"
---
# 1717.612 RUS approval of borrower's bank or other depository.
If a borrower's mortgage or loan contract gives RUS the authority to approve the bank or other depositories used by the borrower, such approval is hereby granted. However, without the prior written approval of RUS, a borrower shall not deposit funds from loans made or guaranteed by RUS in any bank or other depository that is not insured by the Federal Deposit Insurance Corporation or other Federal agency acceptable to RUS, or in any account not so insured.