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Credit Union, Taxi Companies Lose in Appeal of NYC Regulations

Progressive Credit Union, taxi companies and taxi owners unsuccessfully challenge the rules in federal court.

Taxi medallion loans continue to drag down credit unions.

In another blow to credit unions burdened by taxi medallion loans, a federal appeals court has ruled that city of New York rules that treat taxicabs and rider-sharing companies differently are not unconstitutional.

Three credit unions—Progressive Credit Union, Melrose Credit Union and LOMTO Federal Credit Union–taxi companies and taxi owners had unsuccessfully challenged the rules in federal court.  Progressive and taxi cab companies and drivers appealed the ruling.

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David Baumann

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