The NCUA has taken control of a New York credit union that lost millions as taxi investments lost value with competition from Uber and other ride-sharing apps.
NCUA said on Monday it conserved LOMTO Federal Credit Union in Queens ($256.1 million in assets, 2,910 members) "because of unsafe and unsound practices at the credit union."
The agency did not specify those issues, but LOMTO's call reports with NCUA show its net worth fell into the "undercapitalized" range as of Sept. 30, and has remained there at each quarter's end through March 31.
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