line of taxis in New York City NCUA responds to taxi medallion loan oversight. (Source: Shutterstock)

An “asset bubble,” not lackluster oversight by the NCUA led to the crisis facing New York City taxi drivers and the now-closed credit unions that loaned them money, NCUA Chairman Rodney Hood said, responding to allegations made by Senate Minority Leader Charles Schumer (D-N.Y.).

Hood placed the blame for the plunge in value of taxi medallions that backed the loans squarely on “ridesharing services, a technological disruption whose impact was as severe as it was uncontrolled,” according to a letter that Hood sent Schumer.


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David Baumann


Credit Union Times

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