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Niche Groups Build Trust, Grow CU Balances

Credit unions that make taxicab medallion loans dominate the largest average loan balance list. Find out

By Peter Strozniak | Updated on December 15, 2014

average loan balanceWhat do New York City yellow taxicabs drivers, Evangelical Christians and eastern European immigrants have in common? They all depend on credit unions to own a business, worship at their church and own a home.

According to data analyzed by Callahan & Associates for CU Times, four of the top 20 credit unions with the highest average loan balances cater to the Big Apple’s $5 billion taxicab medallion lending industry. Taxi medallions are licenses that allow for the ownership and operation of a taxi. The average cost of a medallion is $967,000, according to the New York City Taxi and Limousine Commission. The average cost for a medallion of a taxicab that is operated by a fleet company is $1.1 million.

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Peter Strozniak

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