Credit unions that manage taxicab medallion loan portfolios and participation loans continue to feel the pain wrought by fierce competitive pressures from the ride-sharing services in New York City, Philadelphia, Boston and Chicago.
What's worse, however, is that no one knows when these medallion loan losses will bottom out and whether more credit unions may be forced into conservatorship. However, CEOs managing large taxi medallion loan portfolios say they see the competitive market between traditional taxicabs and app-based ridesharing companies, Uber and Lyft, stabilizing and are optimistic their credit unions will be able to survive.
In the meantime, the latest financial performance reports don't look good.
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