News Topic: Medallion loans

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

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 ... Read full article

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. ... Read full article

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. ... Read full article

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? ... Read full article

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. ... Read full article

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

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. ... Read full article

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

A New York banker who mastered the art of buying low and selling high, broke industry norms and learned from his mistakes in commercial real estate, Kanas became a model regional bank builder and a central figure in the post-crisis recovery. ... Read full article

Strong loan growth at the Miami Lakes, Fla., company more than offset an increased loan-loss provision tied to Hurricane Irma and continued weakness in taxi medallion lending. ... Read full article

Provision costs surged to $44.5 million from $1.2 million. The company attributed that increase to higher chargeoffs in its taxi book. ... Read full article

The Miami Lakes company’s chargeoffs of medallion loans increased fivefold, but profits rose thanks to gains in C&I, CRE and other types of loans. ... Read full article

With the first half of 2017 drawing to a close, bank executives gathered this week at the Morgan Stanley Financial Services conference to discuss their companies’ performance thus far and, more important, outline their priorities for the rest of the year ... Read full article

The Florida company relied on loan growth and loan sales to offset higher expenses and ongoing issues in its taxi medallion lending operations. ... Read full article