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Eight Lawmakers Write NCUA over Melrose's Treatment of Taxi Medallion Borrowers "Credit News 24"

Crain's New York Business is reporting that eight New York Democratic lawmakers wrote National Credit Union Administration (NCUA) Chairman McWatters urging the agency to review its treatment of taxi medallion loans originated by Melrose Credit Union, which is in conservatorship.

The letter stated that NCUA was unfairly punishing taxi medallion borrowers, who "through no fault of their own", were adversely impacted by the disruption of the taxi industry by riding sharing apps.

The letter urges the agency "to work with medallion owners, on a case-by-case basis, and to cease the practices of doubling interest rates, demanding homes be offered as additional collateral, refusing loan assumptions by willing third-parties, and requiring additional guarantors such as spouses be added to loans."

The letter was signed by Representatives Grace Meng, Joseph Crowley, Adriano Espaillat, Carolyn Maloney, Gregory Meeks, José Serrano, Nydia Velázquez, and Hakeem Jeffries.

Read the story (letter appears at the end of the story).
Title : Eight Lawmakers Write NCUA over Melrose's Treatment of Taxi Medallion Borrowers "Credit News 24"
link : Eight Lawmakers Write NCUA over Melrose's Treatment of Taxi Medallion Borrowers "Credit News 24"