average loan balanceWhat 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.

According to data analyzed by Callahan & Associates for CU Times, four of the top 20 credit unions with the highest average loan balances cater to the Big Apple’s $5 billion taxicab medallion lending industry. Taxi medallions are licenses that allow for the ownership and operation of a taxi. The average cost of a medallion is $967,000, according to the New York City Taxi and Limousine Commission. The average cost for a medallion of a taxicab that is operated by a fleet company is $1.1 million.

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Peter Strozniak

Dig Deeper


Credit Union Times

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