NYC taxi drivers getting relief from loans made by CUs, others

by David Baumann, CUCollaborate

Beleaguered New York City taxi drivers may finally be getting some debt relief from huge taxi medallion loans they took out from financial institutions, including two defunct credit unions.

City officials on Tuesday announced a new Medallion Relief Program that will guarantee loans now owned by Marblegate Asset Management.

The deal calls for decreasing the loan principal owed by taxi drivers. The city will guarantee the loans and monthly payments will be reduced.

Background

The move could end the debacle that saw the NCUA left holding loans made to taxi drivers by Melrose and LOMTO Federal credit unions.

 

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