Internet-based or platform lenders are stepping up their efforts to capture consumer loans.
With claims that a plan from the mayor of New York’s office to create up to 18,000 livery cabs would create unfair competition with the city’s yellow cabs, an association of credit union lenders has filed a lawsuit to halt the effort.
Lenders group says New York law violates constitutional mandate prohibiting state, mayor from interfering in the regulation of the local taxi industry.
The question of whether a CUSO can act as a loan broker for loans used to finance the purchase of New York City taxi medallions was recently addressed by the NCUA.
A CUSO seeking to act as a loan broker for loans used to finance the purchase of New York City taxi medallions is permitted to do so, the NCUA said.