Monday, August 5, 2019

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.

Read more.

Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.