Three New York-based credit unions that specialized in loaning money against taxi cab medallions, the hard-to-get licenses that allow the city's traditional cab fleet to operate, have been placed into conservatorship as the value of those medallions has plummeted.LOMTO Federal Credit Union, which was founded by taxi drivers in 1936 for mutual assistance, was placed into conservatorship by the National Credit Union Administration on June 26 "because of unsafe and unsound practices."The New York State Department of Financial Services took possession of Melrose Credit Union in February and appointed the NCUA as conservator.Critics say the federal agency is playing hardball with medallion owners like Granvil, who have been making their payments, by demanding that they pay off their loans in full or face foreclosure.Supporters of the yellow cab industry have sued and pushed for city legislation to try to level the playing field between taxis and ride-hailing apps, which they say enjoy advantages like not paying a public transportation improvement surcharge that's levied on yellow cabs and not having to outfit a percentage of cars with disabled-access features.According to a Morgan Stanley report, there were 11.1 million yellow cab trips in the city in April 2016, compared with 4.7 million Uber trips and 750,000 Lyft trips.
NYS Entity Status
NYS Filing Date
DECEMBER 19, 2013
NYS DOS ID#
NYS Entity Type
DOMESTIC LIMITED LIABILITY COMPANY
2013 - CITY TAXI CAB, LLC
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