Some taxi owners say they cannot hold on much longer as they lose riders and fares to Uber and other rivals, and their taxi medallions plummet in value.
NYS Entity Status
NYS Filing Date
JUNE 02, 2014
NYS DOS ID#
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2014 - MEDALLION FINANCIAL SERVICES, INC.
Around the Web
- Taxi Medallions, Once a Safe Investment, Now Drag Owners Into Debt
By WINNIE HU - Sunday Sep 10, 2017
- Economic Trends: To Understand Rising Inequality, Consider the Janitors at Two Top Companies, Then and Now
By NEIL IRWIN - Sunday Sep 3, 2017
Focusing on core competence and outsourcing the rest has made U.S. companies lean, nimble and productive. It has also left lots of people worse off.
- Affirm Wants To Move Beyond Simple Lending to Provide Financial Advice
Wednesday Oct 18, 2017
Online financial services company Affirm Inc. wants to move beyond simple lending to provide financial advice to customers, its founder and chief executive said Wednesday.
- Uber, Lyft take down not just cab drivers, but also lenders
By KAREN MATTHEWS, Associated Press - Saturday Jul 15, 2017
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.
- Music service Pandora names Dish streaming exec Lynch as CEO
Monday Aug 14, 2017
[...] its user base has stagnated and its financial losses deepened as new competitors have gained steam.Pandora also said Monday that it is adding to its board Michael Lynton, the chairman of Snapchat's owner Snap Inc. and former head of film studio Sony Pictures.
- School apologizes for suggesting students masturbate to avoid sex assault
By Associated Press - Friday Sep 8, 2017
ROCHESTER, N.Y. — A university that during a student orientation session showed a slide that appeared to suggest masturbation as a deterrent to sexual assault has apologized. The Rochester Institute of Technology’s slide featured the Winnie the Pooh character Roo, using the kangaroo character’s name as an acronym about masturbation. A screenshot of the slide...