NCUA refuses to discuss possible sale of thousands of taxi medallions

Despite attempts made to gain clarification on the taxi medallion auction, the agency's official statement is "No comment."

NCUA officials are refusing to discuss reports that they are preparing to auction off as many as 3,500 taxi medallions that were used as collateral for loans.

Crain’s New York Business, citing anonymous sources, last week reported that the agency was getting ready to auction off taxi medallions from New York City and Chicago.

In the past, NCUA Chairman Rodney Hood said the agency was attempting to work with taxi drivers who were hit hard by declines in business. He added that effort had to be balanced with the need to maintain the Share Insurance Fund.

New York Credit Union Association President William Mellin and Democratic members of Congress also had urged the NCUA to be flexible in negotiating with drivers.


continue reading »