A group of New York House Democrats is accusing the NCUA of unfairly punishing members of Melrose Credit Union who have loans backed up by taxi medallions—treatment they say is driving many members into bankruptcy.
NCUA was appointed as conservator of the credit union in February, after the New York Department of Financial Institutions placed the credit union into conservatorship. The New York agency cited several unsafe and unsound practices at the credit union, which had $1.5 billion in loans backed by taxi medallions.
The value of those medallions has been plunging as a result of ride-sharing services such as Uber and Lyft.
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