Monday, January 13, 2020

NCUA Seeks to Unload Portfolio of Taxi Medallion Loans

Crain's New York (subscription required) is reporting that the National Credit Union Administration (NCUA) is seeking to unload its entire portfolio of approximately 3,500 taxi medallion loans.

NCUA wants bidders to take all medallion loans, not just those loans for New York City medallions. The agency is hoping to wrap up the sale by the end of January.

NCUA took possession of these loans after the failure of several credit unions that specialized in taxi medallion loans.

To enhance transparency, NCUA should summarize the book value, appraised value, and sales price of these loans. The agency should report this information by whether the loan is performing or nonperforming.

The Federal Deposit Insurance Corporation publishes this information on loan sales.

If NCUA fails to disclose this information, the NCUA's Inspector General should disclose this information.
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1 comment:

  1. AnonymousJanuary 14, 2020 at 3:14 PM

    yes, youre correct.
    mr.transparency mark mcwatters, where art thou?
    too busy buying expensive shots of whiskey with lobbyists, I guess.

    ReplyDelete

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