Medallion loans

'How can I survive?': Cabbies slam NCUA's medallion loan sale

02/20/20

The credit union regulator's portfolio sale dashed the hopes of a group of New York taxi drivers looking for relief.

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Morgan Stanley to buy E*Trade; ING CEO named to head UBS

02/20/20

$13 billion deal will get Morgan Stanley "ready for prime time"; Ralph Hamers will replace Sergio Ermotti later this year.

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Bill would aid New York cabbies who can't make loan payments

01/17/20

Federal legislation introduced this week by Rep. Gregory Meeks, D-N.Y., would ensure that taxi drivers don't get taxed on medallion debt that gets forgiven. The bill dovetails with a debt forgiveness plan under development in New York, where hundreds of drivers have filed for bankruptcy.

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Capital One subpoenaed by N.Y., feds over taxi loans

10/31/19

The McLean, Va.-based company is under law enforcement scrutiny for loans that helped propel a boom and bust in the taxi medallion market in New York City.

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Credit unions get reprieve (again) on capital rule. Bankers jeer

06/20/19

The NCUA proposed Thursday to put off until 2022 implementation of a rule that would require larger credit unions to hold more risk-based capital.

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Taxi loan abuses part of a broader pattern in New York

05/24/19

In a state where laws are unusually favorable to high-cost business lenders, taxi drivers are not the only small-business people getting trapped in loans they can't afford to pay back. The question is, what are policymakers going to do about it?

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PenFed deal feeds bankers' fears of unlimited credit union membership

01/04/19

An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide.

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Signature's taxi-loan woes in the rearview mirror, CEO insists

04/19/18

“We know we've said this before, but we do feel we've put this behind us now,” Joseph DePaolo said Thursday.

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Signature Bank's profits plummet on steep writedown of taxi loans

04/19/18

The New York bank said it wrote down each taxi medallion loan to a value of $160,000. At their peak, New York City medallions were worth well over $1 million.

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Taxi loans weigh on Signature's 4Q profits

01/18/18

A large writedown on its portfolio of taxi medallion loans marred an otherwise strong fourth quarter for Signature Bank in New York.

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