From 2002 to 2007, he was senior vice president for the business concierge group for North Fork Bank.

Even though Krauser joined Melrose two years ago, Melrose CU said in a prepared statement, he was one of several new hires. "It's part of a larger plan to expand the focus and strengthen the institution, which has long been known for its taxi medallion loans," the Melrose statement read. "While medallions will still be prominent in the Melrose Credit Union portfolio, Krauser is leading the credit union in a new direction, putting together a team that will allow it to effectively deal with other lending and investment products."

In the prepared statement, Krauser said that the credit union has increased its staff by 10%, including doubling its credit analysis and lending team staff, and adding business people to senior management. The senior managers were not identified in the prepared statement.

"The board of directors and management has teamed up and refocused. We have added people with expertise in business and the banking industry," Krauser said in the prepared statement. "We're confident we have the right people in the right place."

Although the prepared statement did not say anything about Melrose CU's troubled taxi medallion portfolio, Krauser noted that all member deposits are federally insured, and he is working with regulators and insurers to protect Melrose CU's 26,000 members and help the credit union grow soundly and diversify.

The growing popularity of app-based ride-sharing services, such as Uber and Lyft, have taken a significant toll on Melrose's bottom line. The credit union manages more than 3,000 taxi medallion loans totaling approximately $1.5 billion.

The credit union's troubled debt restructuring 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 the first quarter in 2015, the credit union posted a net gain of $4.9 million, 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.

Second quarter NCUA financial performance reports were not posted to NCUA.gov on Friday.

According to a federal court lawsuit filed by Melrose and other taxi medallion cooperatives 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 rate of deterioration continues to accelerate, which means many medallion owners will continue to struggle to repay their loans and some owners may be forced to declare bankruptcy.

The medallion crisis led to 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.

In addition to the credit risk, 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.