tag:blogger.com,1999:blog-319775530671726401.post1954907880500203515..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: Bad Taxi Medallion Loans Pushes Melrose CU into ConservatorshipKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-319775530671726401.post-72356449766150887372017-04-28T19:40:57.624-04:002017-04-28T19:40:57.624-04:00So what happens to those that had a medallion loan...So what happens to those that had a medallion loan and were half way the morgatege payments. Taty - bogotahttps://www.blogger.com/profile/17183137096837348448noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-26679147706075908602017-02-14T06:50:31.028-05:002017-02-14T06:50:31.028-05:00When you have a bad CEO, you need a good board.
Wh...When you have a bad CEO, you need a good board.<br />When you have a bad CEO and a bad board, you need a good regulator.<br />When you have a bad CEO, bad board and a bad regulator, you need a congress.<br />Any congress.<br />What's congress waiting for?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-23324460152845428442017-02-14T06:46:35.052-05:002017-02-14T06:46:35.052-05:00Nino, you need to go back and retake economics.
Un...Nino, you need to go back and retake economics.<br />Unfair competition is better for the public than no competition..<br />Before Uber yellow cabs had no competition...and...they acted like it.<br />The consumer won and always does eventually.<br />What you should be complaining about is that the transition was unnecessarily sloppy, stupid and unfair.<br />Why?<br />Bc politicians and bureaucrats work for themselves not the public.<br />THATS where you need to spend your time, derailing entrenched politicians.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-53815178848491348962017-02-13T19:04:12.498-05:002017-02-13T19:04:12.498-05:00Sally:
Only uninsured depositors lost any money a...Sally:<br /><br />Only uninsured depositors lost any money at St. Paul Croatian, when it failed.Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-40060850380961013992017-02-13T10:51:34.934-05:002017-02-13T10:51:34.934-05:00Melrose's failure belongs squarely on the shou...Melrose's failure belongs squarely on the shoulders of their Board.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-6875725014289112652017-02-12T11:55:10.293-05:002017-02-12T11:55:10.293-05:00Nino, really?
The same corrupt politicians that pr...Nino, really?<br />The same corrupt politicians that protected medallions simply took a better bid from Uber...or that couldn't hold back OVERWHELMING public acceptance of Uber and lyft.<br />You should have diversified your business...but yes, politicians are part of the blame.<br />Everyone who voted for schumer should ask themselves why, next time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-66004654068723331492017-02-12T11:48:28.858-05:002017-02-12T11:48:28.858-05:00All for exposing bad politicians but the easy way ...All for exposing bad politicians but the easy way to that is simply ask for a roster of politicians and subtract about 20% perhaps?<br />As for a "once used to be healthy industry", wake up. It's called technology and innovation. Buggy whips used to be a healthy industry too.<br />You will get no sympathy worth spit if your argument is that medallions and medallion lenders who benefitted from a cartel, now have to deal with Uber and Lyft that make a riders life less miserable.<br />Medallion lenders should've diversified their balance sheet years ago, as was suggested to king Kaufman and King Familiant. Both inherited a business and then did nothing but ride the wave until Uber showed up.<br />Tough sh--.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-75582485577484260882017-02-12T10:55:23.252-05:002017-02-12T10:55:23.252-05:00You guys obviously don't know what is going on...You guys obviously don't know what is going on. Corrupt politicians and cronies bureaucrats are destroying the industry with totally unfair competition. Thousands of us are watching our retirement going down the drain. In a free market competition is great as long is within the frame of the laws and rules that govern the industry. Anonymoushttps://www.blogger.com/profile/09290925346584924246noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-17100745702128241092017-02-12T10:48:36.153-05:002017-02-12T10:48:36.153-05:00The yellow taxi industry were a healthy industry, ...The yellow taxi industry were a healthy industry, corrupt politicians and cronies bureaucrats are destroying the industry with totally unfair competition. In a free market, competition should be within the frame of the laws and rules that govern the industry. Anonymoushttps://www.blogger.com/profile/09290925346584924246noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-71341960844155485812017-02-12T10:24:48.581-05:002017-02-12T10:24:48.581-05:00The yellow taxi industry is under assault by the c...The yellow taxi industry is under assault by the corrupt politicians of New York City and, some of Albany. Instead of throwing out numbers, why don't you see the reasons of this nightmare, the politicians along with the forth brunch(bureaucrats) are destroying what once use to be a healthy industry. Ninohttps://www.blogger.com/profile/07858147321666393859noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-29600588054340031342017-02-12T08:46:58.942-05:002017-02-12T08:46:58.942-05:00You are right about NCUA having a conflict as insu...You are right about NCUA having a conflict as insurer and charterer/regulator. The structure reminds me of the old Federal Home Loan Bank Board (FHLBB). The FHLBB was both charterer of federal savings and loans and also insurer through the FSLIC. It ended badly with a bailout of the FSLIC. Now savings and loans are insured by the FDIC, but not chartered by FDIC.Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-55949064445701676602017-02-12T08:34:21.579-05:002017-02-12T08:34:21.579-05:00Tony,
Don't be so critical. NCUA is busy in th...Tony,<br />Don't be so critical. NCUA is busy in their role as trade association promulgating new FOM and MBL powers for cus bc CUNA has failed so miserably that NCUA has had to pick up the reins.<br />They were too busy being what CUNA failed at to notice progressive, Montauk and melrose had over 70% assets in one collateral.<br />Trump,should take note that NCUA is the poster child of entrenched ineffective gvt bureaucracy.<br />Since congress doesn't seem to care.<br />If this story goes public congress and NCUA have some explaining to do, as does cuomo's morons at ny regulators.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-49791198562653504482017-02-12T08:28:14.377-05:002017-02-12T08:28:14.377-05:00There are other shoes to drop.
Lomto and Progressi...There are other shoes to drop.<br />Lomto and Progressive will follow.<br />The total exposure of medallion loans in credit unions is something like $6.5 B according to NCUA.<br />if melrose was a bank they would never have been allowed to put 70% of loans in medallions. If melrose was a bank they'd have been shut by fdic 2 years ago when NCUA simply did a dor.<br />This insurer has a conflict of mission with its supervision and congress has known about it for years and done nothing. <br />If someone in authority was doing the right thing they'd tell the people with u insured deposits to withdraw from melrose bc they're not protected, just ask St. Paul Croatian members.<br />It's weird to think that NCUA just let this happen.<br />There's no excuse and congress should take the insurance fund.<br />What do you think dr. Leggett?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-29148885666549905972017-02-12T01:13:01.358-05:002017-02-12T01:13:01.358-05:00Let's be fair here. All of the government depo...Let's be fair here. All of the government deposit programs will be on the hook for this mess. The FDIC is very low key on one of their lenders who is selling some of the family art in a desperate attempt at to salvage what is left. There is no such thing a loss free loan. All lending has risk and a diverse loan portfolio with at least quarterly monitoring of the the value of the collateral done. Government guarantees should not reward bad lending under any type of charter. Like or not in this country the tax payers don't seem to mind. Anonymoushttps://www.blogger.com/profile/17480118234470606317noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-46148366638820440602017-02-12T00:04:48.646-05:002017-02-12T00:04:48.646-05:00Melrose FCU should be called the CLOWNCAR FCU. NC...Melrose FCU should be called the CLOWNCAR FCU. NCUA understands CONCENTRATION RISK like they understand CONSTIPATION RISK. NCUA learned nothing from WesCrap FCU, Members United FCU, or USCentral FCU. Melrose FCU has been over 100% loan-2-share ratio & NCUA did not a damn thing. Melrose FCU is the CLOWNCAR. The NCUA are the CLOWNS. Now the surviving credit unions pay the assessments to cover these Bozo's on Duke Street. tony costanzohttps://www.blogger.com/profile/05410579521294240535noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-28458563350043738992017-02-11T15:10:07.638-05:002017-02-11T15:10:07.638-05:00Sally:
Bankruptcy is not an option for credit unio...Sally:<br />Bankruptcy is not an option for credit unions. <br /><br />Also, there are no bail-in provisions in the Federal Credit Union Act or in NCUA's regulations. <br /><br />If NCUA liquidates the credit union, uninsured depositors are likely to take a hit.Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-1527240005731468992017-02-11T12:59:01.823-05:002017-02-11T12:59:01.823-05:00When will congress figure out that NCUA shouldn...When will congress figure out that NCUA shouldn't have its own insurance fund?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-42479051342381975532017-02-11T08:54:31.130-05:002017-02-11T08:54:31.130-05:00You have asked the right question. Credit union r...You have asked the right question. Credit union regulators -- NCUA and NY DFS -- did not exercise appropriate supervisory oversight to limit concentration risk.Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-1796856552401432252017-02-11T08:20:02.817-05:002017-02-11T08:20:02.817-05:00Why was this institution allowed to concentrate so...Why was this institution allowed to concentrate so much of its assets in one collateral type?<br />Anonymousnoreply@blogger.com