Financial data from the NCUA show more credit unions may suffer losses as a result of the declining value of predominately New York City-based taxi medallions than previously thought.
While the agency said its data appeared to indicate the situation would not grow into a crisis, information from several other sources pointed to a growing struggle for credit unions involved with taxi medallion lending.
As of June 30, 2015, four New York credit unions – the $179 million, 2,900-member Montauk Credit Union of New York City; the $271 million, 3,000-member LOMTO Federal Credit Union in Woodside; the $2.1 billion, 24,000-member Melrose Credit Union in Briarwood and the $692 million, 3,800-member Progressive Credit Union in New York City – collectively sold 1,442 member business loans totaling more than $814.5 million, according to the NCUA.
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