NCUA Issues Supervisory Letter for Taxi Medallion Lending 

NCUA issued a supervisory letter to all federally insured credit unions – 14-CU-06which establishes a consistent framework for exam and supervision field staff to use when reviewing member business loans secured by taxi medallions. A taxi medallion is a physical fixture that represents an owner’s license to operate a vehicle as a taxicab in a certain municipality. Credit unions that originate or purchase participations with interests in taxi medallions are encouraged to read the guidance. The NCUA provides a general overview of how taxi medallion loans are typically structured and identifies the key risks they pose.


Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
Subscribe to the Michigan Monitor today!
Subscribe to the Michigan Monitor at www.MCUL.org/MonitorSubscription