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Credit unions that have substantial concentrations in taxi medallion lending – loans made to purchase a medallion or loans in which the medallion is used as collateral – have come under fire in the last two years as the NCUA, auditors and loan review specialists recognize increasing risk from this segment of borrowers.

With the rise of Uber, Lyft and ridesharing services, the demand for taxi services is not as strong as in previous years, leading to lower revenues for taxi firms and depressed market values for the medallions. As you’d expect, institutions that are centered in former taxi havens, like New York City or Chicago, have been hit the hardest by the changes in transportation preferences.

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