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.

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