Data from the NCUA suggested that the impact of falling taxi medallion values may extend significantly past the four cooperatives that have traditionally engaged in the majority of credit union medallion lending.

As of June 30, 2015, those four New York credit unions – the $179 million, 2,900-member Montauk Credit Union of New York City; the $271 million, 3,000-member LOMTO Federal Credit Union in Woodside; the $2.1 billion, 24,000-member Melrose Credit Union in Briarwood and the $692 million, 3,800-member Progressive Credit Union in New York City – collectively sold 1,442 member business loans totaling more than $814.5 million, according to the NCUA.

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The NCUA’s records did not reveal how many of the loan participations were for loans involving taxi medallions, but the agency said a substantial portion of Montauk CU’s 136 participated business loans, worth $90.5 million, involved taxi medallions. The NCUA took over Montauk CU on Sept. 18.

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