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New York City taxis. Source: Shutterstock.

New York credit unions with heavy concentration of taxi loans operated within federal regulations and their members were devastated by new and unforeseen technology that placed them at a competitive disadvantage, the president/CEO of the New York Credit Union Association said Wednesday.

In a letter to Senate Majority Leader Charles Schumer, William Mellin asked the senator to examine all the causes of the taxi loan debacle and not just focus on credit unions that made the loans. He blamed city taxi regulators for much of the financial crisis facing the taxi industry and the credit unions that served them.

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David Baumann


Credit Union Times

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