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New York City taxis.

Federal prosecutors in Manhattan have reportedly opened a new investigation into possible lending fraud involving New York City’s taxi medallion industry.

The New York Times reported Tuesday that prosecutors have been interviewing cab drivers who were allegedly exploited by lenders, including credit unions, to take out loans to buy medallions, city-issued permits that allowed drivers to own and operate cabs. 

The investigation is reportedly being conducted by the United States Attorney’s Office for the Southern District of New York, which declined to provide a comment to the newspaper.

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Peter Strozniak

Credit Union Times

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