Wednesday, January 22, 2020

NCUA Is Reviewing Rep. Maloney's Letter

Below is the response from the National Credit Union Administration (NCUA) to a question regarding Representative Maloney's January 17 letter about taxi medallion loans in its possession.
Q: In light of Carolyn Maloney's January 17 letter calling for a moratorium on taxi medallion loan foreclosures and sales to Chairman Rodney Hood, will NCUA stop foreclosing and selling taxi medallion loans in its possession?
A: The NCUA is reviewing Rep. Maloney’s letter. Because any disposition of these assets involves sensitive, personal financial information, the agency is unable to comment on any specifics regarding its resolution strategy. The NCUA remains committed to finding a solution that is sensitive to the needs of medallion holders and their families and that meets its statutory obligations to minimize potential losses to the Share Insurance Fund.
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