Timeline of the NYC Taxi Medallion Crisis

Date	Description
Date 2006-2014	Description During this period, taxi medallion values were stable or rising. Limited supply and other factors led to speculation in the medallion market. At the market’s peak, the price of a single New York City taxi medallion exceeded $1.2 million.
Date May 2011	Description The first ride-sharing service arrives in New York City.
Date October 2012	Description NCUA opens discussions with other regulators on the changing conditions in the taxi market and its potential impact on financial institutions that support the industry.
Date June 2013	Description The Boro Taxi Program is launched permitting street hails for green medallion holders in the outer boroughs of the Bronx, Brooklyn, Queens, Staten Island, and Northern Manhattan.
Date April 2014	Description The NCUA issues Letter to Credit Unions, 14-CU-06, that included updated supervisory information on taxi-medallion secured lending.
Date July 2014	Description A second ride-sharing service enters the New York City market.
Date May 2015	Description NCUA issues FAQs and additional clarifications and guidance on taxi-medallion secured lending in Letter to Credit Unions, 15-CU-03.
Date September 2015	Description Montauk Credit Union is conserved by the State of New York’s Department of Financial Services.
Date April 2016	Description Montauk Credit Union is merged into Bethpage Federal Credit Union.
Date April 2016	Description NCUA issues additional internal guidance for its examination staff on specific areas of emphasis that must be incorporated into examinations of credit unions with concentrations of loans or loan participations with taxi medallions as the collateral.
Date February 2017	Description The New York Department of Financial Services places Melrose Credit Union into receivership and appoints NCUA as conservator.
Date June 2017	Description The NCUA Board approves the conservatorship of LOMTO Federal Credit Union.
Date February 2018	Description New Jersey State Department of Banking and Insurance liquidates First Jersey Credit Union. US Alliance Federal Credit Union assumes most of the assets, shares and liabilities.
Date August 2018	Description NCUA liquidates Melrose Credit Union and Teachers Federal Credit Union immediately assumed all of Melrose’s members, shares as well as some loans and other assets.
Date August 2018	Description NCUA files notice of charges against the former CEO of Melrose Credit Union.
Date September 2018	Description NCUA liquidates LOMTO Federal Credit Union. Teachers Federal Credit Union assumes LOMTO’s members, most shares as well as some loans and other assets.
Date November 2018	Description NCUA discloses the failures of St. Elizabeth’s Credit Union, First Jersey Credit Union, Louisville Metro Police Officers Credit Union, Greater Christ Baptist Church Credit Union, Melrose Credit Union, and LOMTO Federal Credit Union resulted in a $744.9 million loss to the National Credit Union Share Insurance Fund.
Date January 2019	Description Progressive Credit Union merges into PenFed.
Date July 2019	Description NCUA Chairman Rodney E. Hood publishes an This is an external link to a website belonging to another federal agency, private organization, or commercial entity. op-ed in the New York Daily News (Opens new window) outlining the agency’s actions to assist borrowers affected by the collapse of the taxi medallion credit unions.
Date August 2019	Description NCUA issues an order prohibiting the former CEO of Melrose Credit Union from participating in the affairs of any federally insured financial institution.
Date September 2019	Description NCUA begins the bidding process on a majority of its taxi-medallion loan holdings.
Date December 2019	Description At a Dec. 4, 2019 hearing before the House Financial Services Committee, NCUA Chairman Rodney E. Hood responds to questions about the NCUA’s efforts to provide relief to borrowers.
Date February 2020	Description NCUA completes the sale of a majority of its taxi-medallion loan holdings.