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Medallion Loans on Books at 122 Credit Unions

In the wake of Montauk's conservatorship, some experts say other CUs involved with taxi medallion lending may soon face challenges.

By David Morrison | Updated on October 02, 2015

Financial data from the NCUA show more credit unions may suffer losses as a result of the declining value of predominately New York City-based taxi medallions than previously thought.

While the agency said its data appeared to indicate the situation would not grow into a crisis, information from several other sources pointed to a growing struggle for credit unions involved with taxi medallion lending.

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As of June 30, 2015, four New York credit unions – the $179 million, 2,900-member Montauk Credit Union of New York City; the $271 million, 3,000-member LOMTO Federal Credit Union in Woodside; the $2.1 billion, 24,000-member Melrose Credit Union in Briarwood and the $692 million, 3,800-member Progressive Credit Union in New York City – collectively sold 1,442 member business loans totaling more than $814.5 million, according to the NCUA.

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