The credit union's TDR loans totaled $376 million at the end of the first quarter of this year, compared to $87 million at the end of last year's first quarter, according to Melrose's Call Reports.

Melrose posted a net income loss of $176 million in 2015 and $5.5 million at the end of the first quarter of this year. At the end of last year's first quarter, the credit union turned a net gain of $4.9 million at the end of last year's first quarter, according to NCUA financial performance reports.

What's more, the credit union's net worth has fallen sharply from 18% in March 2015 to 10% in March 2016.

Melrose's 2014 IRS 990 documents showed Kaufman's total compensation amounted to $1.1 million, which included $354,001 in base compensation, $665,329 in bonuses and incentives, $70,249 in retirement and other deferred compensation, and $21,345 in nontaxable benefits.

Efforts to reach Kaufman (pictured) for comment were unsuccessful.

The Melrose spokesperson would not comment on whether a search for Kaufman's replacement has begun.

Even though the credit union has taken substantial losses over the last two years, the spokesperson said Melrose will not be placed into conservatorship.

The New York Department of Financial Services said Monday it is unable to comment at this time and the NCUA declined to comment.

"It's business as usual," the credit union spokesperson added.

However, just how long it will remain business as usual for Melrose and other credit unions that manage high concentrations of taxi medallion loans is uncertain.

The medallion crisis forced the $162 million Montauk Credit Union in New York City into conservatorship in September 2015 because of its troubled taxi medallion loan portfolio. Six months later in March 2016, Montauk was merged into the $6.6 billion Bethpage Federal Credit Union in Bethpage, N.Y.

Last year, Montauk posted a $17.6 million net loss, according to NCUA financial performance reports. It was critically undercapitalized with 1.74% net worth and reported an ROAA of -10.74% as of year-end.

Of the credit union's 683 member business loans valued at $163 million, 135 were classified as troubled debt restructured loans that totaled $33 million, according to Montauk's December 2015 call report. In addition, the credit union reported 183 delinquent loans that were valued at about $40 million.

According to a federal court lawsuit filed by Melrose against the city of New York and its Taxi and Limousine Commission in November 2015, the harm caused by Uber and Lyft to medallion owners and businesses has been "catastrophic" and "devastating."

The lawsuit also claimed the "pace of deterioration continues to accelerate," which means that  many medallion owners will continue to struggle to repay their loans to the credit unions and some owners may be forced to declare bankruptcy.

Even worse, the value of taxi medallions also has substantially declined over the last two years.

For example, in July 2014, medallion transfers sold from $980,000 to $1 million, while in June 2016 medallion transfers sold from $525,000 to $610,000, according to New York's Taxi and Limousine Commission. Additionally, the erosion of the value of medallions forced 22 taxicab companies to file for bankruptcy protection because of their inability to repay medallion loans.

Other credit unions named as plaintiffs along with Melrose in the federal lawsuit are the $635 million Progressive Credit Union in New York City and the $267 million LOMTO Federal Credit Union in Woodside, N.Y.

Progressive posted a net loss of $15.8 million at the end of March, in addition to the $19.5 million it lost last year. Even though the credit union's net worth is 37%, compared to a peer average of 10%, its ROAA was -9.87% at the end of the quarter, compared to a peer average of 0.68%.

LOMTO posted a net loss of $3.1 million at the end of 2016's first quarter. Its net worth dropped from 16% in March 2015 to 14% in March 2016, and its ROAA declined from 0.95% to -4.64% in the same time period, according to NCUA financial performance reports.

Both credit unions have said they are taking steps to diversify their loan portfolios. For example, Progressive said it is expanding into the commercial loan market in New York City and its tristate area.

The lawsuit accused the city of New York and its Taxi and Limousine Commission of deliberately eviscerating the medallion taxicab industry.