For more than 80 years, credit unions have provided business loans to taxi drivers and operators. During this period, lending in the taxi market was stable and credit unions that had the taxi industry within their fields of membership were successful in providing these types of business loans to their members.
However, beginning in 2014, changes in the taxi industry and the emergence of ride-sharing services caused the value of taxi medallions, which allowed taxi operators to operate in New York City, to decline in value. The collapse of the taxi medallion market placed an enormous strain on credit unions that served the taxi industry and on medallion loan borrowers and their families.
The NCUA responded to the collapse of taxi medallion market and its effects on the federally insured credit unions that historically supported the industry and their members. Where we could, and within our authority under the law, the NCUA worked with borrowers on an individual basis to provide relief including restructuring loans to reduce payments and interest rates.
As part of our efforts to support those affected, we created these webpages to provide additional resources and detailed information on the agency’s actions to date.