New York City taxicabs
Net losses nearly doubled to $93.5 million in the second quarter for three New York credit unions heavily saddled with taxi medallion loans.
More than three quarters of the losses came from two Queens credit unions that were placed into NCUA conservatorship last year: Melrose Credit Union, Briarwood, N.Y. ($1.1 billion in assets, 19,864 members) and LOMTO Federal Credit Union, Woodside, N.Y. ($156.2 million in assets, 2,283 members).
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
