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The New York State Department of Financial Services took possession of the $178 million Montauk Credit Union in New York City Friday and appointed the NCUA as conservator, according to a prepared statement.

Montauk CU, one of the four New York cooperatives that serves the taxi medallion industry, posted a net income loss of $2 million at the end of the second quarter of 2015, according to NCUA financial performance reports. At the end of the second quarter of 2014, the credit union showed a net income gain of $1.6 million.

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Peter Strozniak

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