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Taxi medallion losses bring an end to a NY credit union.

The NCUA liquidated Melrose Credit Union Friday after the New York credit union lost $744.6 million over the past three years as its taxi medallion loans soured.

The New York State Department of Financial Services placed Melrose into conservatorship on Feb. 10, 2017, and named the NCUA as conservator. At that point, its losses over the previous 30 months were $282.6 million. It lost another $290.2 million in 2017, and $171.8 million in the first half of 2018.

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Jim DuPlessis

A journalist for decades.

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