11 NY Lawmakers Write Regulators about Taxi Medallion Lending

Eleven New York lawmakers are calling for tougher oversight of New York City taxi medallion lending.

In a July 25 letter to federal banking regulators, the lawmakers have asked for information about:

• entities involved in providing taxi medallion loans; 
• whether the agencies have toughened oversight of the industry; 
• are the agencies cooperating with any law enforcement investigations into lending practices; 
• what extent the agencies or regulated entities have provided loan modifications, repayment plans, forbearances, or loan forgiveness options; and 
• what gaps in regulatory oversight should be addressed to better protect taxi drivers and similarly situated individuals.

The lawmakers requested that federal banking regulators respond in writing by August 30.

The letter went to the heads of the Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Administration, and the Office of the Comptroller of the Currency.

The lawmakers signing the letter were Representatives Alexandria Ocasio-Cortez, Adriano Espaillat, Nydia Velazquez, Yvette Clarke, Jerrold Nadler, Carolyn Maloney, Thomas Suozzi, Gregory Meeks, Jose Serrano, Grace Meng, and Hakeem Jeffries.

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