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) Chairm...

CU Taxi Medallion Lender Likened to Last Decade's Predatory Subprime Lenders "Credit News 24"

The Philadelphia Inquirer is compares the collapsing of the Philadelphia taxi market to the mortgage meltdown last decade and has some harsh...

46 NYC Taxi Medallions Sell for Under $200,000 in Auction "Credit News 24"

Crain's New York Business is reporting that 46 foreclosed New York City (NYC) taxi medallions sold at auction for $186,000 each. The for...

Auction of Foreclosed Taxi Medallions Did Not Get Any Bidder at $300,000 "Credit News 24"

An auction of 49 foreclosed New York City taxi medallions held by Capital One did not get any bids. According to Crain's New York Busin...

Ahead of Auction, Minimum Bid for 46 New York City Taxi Medallions Set at $165,000 Each "Credit News 24"

The Wall Street Journal is reporting that trustee liquidating part of New York taxi mogul Evgeny “Gene” Freidman’s holdings has found a bidd...

Other CUs Impacted by Troubled Taxi Medallion Loans "Credit News 24"

While the remaining three New York City taxi medallion lending credit unions garner most of the attention, there are other credit unions tha...

Taxi Medallion Participation Loan Defaults Rose at Quorum FCU during Q2 2018 "Credit News 24"

Quorum Federal Credit Union (Purchase, NY) reported an increase in delinquent loans during the second quarter of 2018 driven by poor perform...

Taxi Medallion Lender Progressive CU Recorded YTD Loss of $45 Million "Credit News 24"

Progressive Credit Union (New York, NY) reported a loss of $45 million through the first six months of 2018, as troubled taxi medallion loan...

Melrose CU Sinks Under the Weight of Bad Taxi Medallion Loans "Credit News 24"

Melrose Credit Union (Briarwood, NY) saw its performance deteriorate during the second quarter as problem taxi medallion loans weight on its...

Taxi Medallion Lender LOMTO FCU is Critically Undercapitalized as of Q2 2018 "Credit News 24"

LOMTO Federal Credit Union (Woodside, NY) is critically undercapitalized as the credit union was battered by nonperforming taxi medallion lo...

New York City Taxi Medallions Valued at $358,000 "Credit News 24"

Signature Bank in its earnings press release provided a new data point on the value of New York City taxi medallions. According to its secon...

New York City Taxi Medallion Prices in June Show Further Signs of Distress "Credit News 24"

New York City taxi medallion prices continue to fall in June. The nine medallion asset sales ranged in price from $150,000 to $475,000. Six...

LOMTO Federal Credit Union Placed into Conservatorship "Credit News 24"

The National Credit Union Administration (NCUA) on June 26th placed LOMTO Federal Credit Union in Woodside, New York, into conservatorship. ...

Is the Chicago Taxi Industry on the Verge of Collapse? "Credit News 24"

USA Today is reporting that ride-sharing companies are pushing the Chicago taxi industry to the brink of extinction. According to the story,...

Bad Taxi Medallion Loans and New York Credit Union Merger "Credit News 24"

Credit Union Times is reporting that potential losses from taxi medallion loans played a role in the merger of Northwell Health Federal Cred...

Group Asks NCUA to Stop Bullying Medallion Owners "Credit News 24"

The Committee for Taxi Safety has requested that the National Credit Union Administration (NCUA) stop its assault on the taxi industry and s...

Additional NY CUs with Problem Taxi Medallion Loans "Credit News 24"

The following credit unions either have or appear to have exposure to taxi medallion loans. These credit unions continue to report a growth...

How Underwater Are Medallion Loan Portfolios? "Credit News 24"

Medallion Financial's Form 10-Q filed with the Securities and Exchange Commission discloses how underwater its medallion loans are. Acco...

Q1 2018 Delinquent Loans Fall at Progressive CU, as Net Charge-off Rate Surges "Credit News 24"

Taxi medallion lender Progressive Credit Union (New York, NY) reported a loss of $25.6 million for the first quarter. The loss was primaril...

LOMTO FCU Posted Small Profit in Q1 2018, As Delinquent Loans Increase "Credit News 24"

Taxi medallion lender LOMTO Federal Credit Union (Woodside, NY) posted a small profit for the first quarter of 2018, despite an increase in ...