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Taxi Drivers Attend Board Meeting Saying the NCUA 'Sold Us Out Today'

NCUA board member J. Mark McWatters says the NCUA couldn't wait any longer to sell the loans in order to protect the Share Insurance Fund.

Bhairavi Desai (in the center), executive director of the New York Taxi Workers Alliance stands outside of the NCUA speaking with reporters on Thursday, Feb. 20, 2020. Bhairavi Desai (in the center), executive director of the New York Taxi Workers Alliance stands outside of the NCUA speaking with reporters on Thursday, Feb. 20, 2020. (Source: David Baumann)

The NCUA could not give a New York taxi medallion task force more time to prepare a plan to purchase troubled loans without risking a deal that already was on the table, board member J. Mark McWatters told taxi drivers Thursday.

Speaking at a board meeting attended by dozens of drivers, the three NCUA board members tried to assure the drivers that Marblegate Asset Management LLC, which purchased thousands of loans this week, would work with drivers to renegotiate loan terms.

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David Baumann

 

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