Individual taxi medallions in New York City are worth hundreds of thousands of dollars.

App based transportation services such as Uber and Lyft have brought increased competition to New York City’s taxicab industry and have introduced an element of uncertainty into the value of New York City’s taxicab medallions. The trend could potentially affect credit unions that finance medallion purchases or use them as collateral for other loans.

Taxicab medallions are the instruments New York City uses to regulate the numbers of licensed taxicabs and can serve as a source of revenue for owners, who either drive the taxis themselves or lease out their cars to other licensed taxi drivers, according to Michael Reiver, general counsel at the $2.1 billion Melrose Credit Union.

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