I'm just going to voice an opinion, if the bank requires this specific FA and something goes wrong, I would be concerned about "lender liability".
I think you could probably require that he maintains a FA acceptable to the bank, but I would be concerned about specifying the FA.
I would seek legal advice and also make sure nothing in your state law would come into play in such an arrangement.
I have nothing to base this on, it is strictly me thinking with my fingers.