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Timeline of the NYC Taxi Medallion Crisis

Left: Taxi cabs driving through the streets of New York City. Right: A New York City taxi medallion is pictured.

Date Description
2006-2014 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.
May 2011 The first ride-sharing service arrives in New York City.
October 2012 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.
June 2013 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.
April 2014 The NCUA issues Letter to Credit Unions, 14-CU-06, that included updated supervisory information on taxi-medallion secured lending.
July 2014 A second ride-sharing service enters the New York City market.
May 2015 NCUA issues FAQs and additional clarifications and guidance on taxi-medallion secured lending in Letter to Credit Unions, 15-CU-03.
September 2015 Montauk Credit Union is conserved by the State of New York’s Department of Financial Services.
April 2016 Montauk Credit Union is merged into Bethpage Federal Credit Union.
April 2016 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.
February 2017 The New York Department of Financial Services places Melrose Credit Union into receivership and appoints NCUA as conservator.
June 2017 The NCUA Board approves the conservatorship of LOMTO Federal Credit Union.
February 2018 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.
August 2018 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.
August 2018 NCUA files notice of charges against the former CEO of Melrose Credit Union.
September 2018 NCUA liquidates LOMTO Federal Credit Union. Teachers Federal Credit Union assumes LOMTO’s members, most shares as well as some loans and other assets.
November 2018 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.
January 2019 Progressive Credit Union merges into PenFed.
July 2019 NCUA Chairman Rodney E. Hood publishes an op-ed in the New York Daily News outlining the agency’s actions to assist borrowers affected by the collapse of the taxi medallion credit unions.
August 2019 NCUA issues an order prohibiting the former CEO of Melrose Credit Union from participating in the affairs of any federally insured financial institution.
September 2019 NCUA begins the bidding process on a majority of its taxi-medallion loan holdings.
December 2019 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.
February 2020 NCUA completes the sale of a majority of its taxi-medallion loan holdings.
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