What do New York City yellow taxicabs drivers, Evangelical Christians and eastern European immigrants have in common? They all depend on credit unions to own a business, worship at their church and own a home.
App-based transportation services such as Uber and Lyft have brought increased competition to the city of New York's taxicab industry and introduced an element of uncertainty on the value of taxi medallions and potentially to those credit unions that finance their purchase or use them as collateral for other loans.
A New York credit union says for now, taxi medallions that serve as loan collateral are holding value.
Credit unions that sued over medallions say they are holding their own.
The 25,000-member, $1.8 billion Melrose Credit Union has deployed an ATM which offers both traditional ATM services and shared branching services.
State high court decision allows the city of New York to sell 2,000 additional medallions for wheelchair-accessible yellow taxicabs.
Three credit union witnesses testified April 10 in a House Financial Services Committee Financial Institutions Subcommittee hearing that rules and regulations mandated by the Dodd-Frank Act are interfering with credit unions’ ability to serve their members.
These photos by John Cooke capture some of the action of the first day of sessions Monday at the 2013 GAC in Washington, D.C.
SNL Financial tracking firm says total loans were $27.48 billion then, $41.64 billion in second quarter 2012.
New York State Acting Supreme Court Justice Arthur Engoron issued a temporary injunction against Mayor Michael Bloomberg’s 2011 plan to create a new class of up to 18,000 liveries authorized to pick up street hails in Brooklyn, Queens, the Bronx, Staten Island and much of Manhattan.