Friday, September 18, 2015

Taxi Medallion Lender Montauk CU Seized

The New York State Department of Financial Services (NYDFS) took possession of taxi medallion lender Montauk Credit Union, located in New York City, and appointed the National Credit Union Administration (NCUA) as conservator.

NYDFS placed Montauk Credit Union into conservatorship because of unsafe and unsound conditions at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations.

See discussion on Montauk CU's Q2 financial performance here.

Read the press release.
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