N.Y. Lender to Taxi Drivers Sees Shares Slide After SEC Sues

Medallion Financial Corp. stated it's pulling away from taxi medallion loans and heading into the consumer lending market.

By Ben Bain | December 30, 2021 at 02:22 PM

Shares of Medallion Financial Corp. plunged Wednesday after U.S. regulators accused the New York-based lender to taxi drivers of seeking to illegally boost its stock price amid intense competition from Uber Technologies Inc. and Lyft Inc.

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

NOT FOR REPRINT

Lending

1 Shared Accounts With CU Times: Wescom CU Sets an AI Standard

2 Virginia Credit Unions Prepare to Officially Merge on Jan. 1

3 As Elder Fraud Explodes, Banks Beat Back Duty to Call Cops

4 The Twin Flames Credit Unions Can’t Ignore: Phishing-as-a-Service & Insider Threats

5 Coastal & Truliant Credit Unions Join Auto Forces

Insurance
Complex Claims & Litigation Forum 2025
February 24, 2025 - Las Vegas

This conference aims to help insurers and litigators better manage complex claims and litigation.
More Information
GlobeSt. Multifamily Spring 2025
April 01, 2025 - New York

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information
GlobeSt. Net Lease Spring 2025
April 01, 2025 - New York

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.
More Information

CLF & FOM Expansion Bills Introduced

By Michael Ogden | December 20, 2024

The credit union industry, for the most part, supports these efforts to encourage CU growth.

Credit Unions in Illinois, Washington, Indiana & Minnesota Appoint New CEOS

By Peter Strozniak | December 20, 2024

Roberta Kozlowicz will become CEO at DuPage CU in January, succeeding Diane Shelton, who will retire at the end of year after 40 years of service.

Credit Unions in Illinois, Washington, Indiana & Minnesota Appoint New CEOS

Coastal & Truliant Credit Unions Join Auto Forces

By Jim DuPlessis | December 20, 2024

N.C. credit unions form CUSO to sell cars with Winston-Salem car dealership with ties to other credit unions.

Coastal & Truliant Credit Unions Join Auto Forces

How to Win Customers in the Modern Marketplace link

Playbook

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
Exclusive discounts on ALM and Credit Union Times events.
Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Instant Insights /