tag:blogger.com,1999:blog-319775530671726401.post7119658511649536710..comments2023-10-01T09:18:26.162-04:00Comments on Keith Leggett’s Credit Union Watch: New Lawsuit Highlights Dire Financial Condition of MelroseKeith Leggetthttp://www.blogger.com/profile/14794334790117033547noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-319775530671726401.post-57925497267565077322015-11-29T07:55:14.945-05:002015-11-29T07:55:14.945-05:00While NCUA has disclosed that 122 credit unions ho...While NCUA has disclosed that 122 credit unions hold taxi medallion loans, NCUA has not disclosed the name of credit unions with exposure to medallion loans.<br /><br />However, I know that Quorum FCU in it 2014 annual report disclosed it had $78.3 million in taxi medallion loans.Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-52683807768423127412015-11-28T13:30:45.086-05:002015-11-28T13:30:45.086-05:00Tony Costanzo, Which credit unions are most expose...Tony Costanzo, Which credit unions are most exposed to medallion loans via participations?Mr. Gothamnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-40762970442243523792015-11-27T12:44:57.494-05:002015-11-27T12:44:57.494-05:00Meanwhle for the past 20+ years these credit union...Meanwhle for the past 20+ years these credit unions have been selling to other unsuspecting credit unions "loan participations" consisting of these taxi medallions. The medallion toxic waste has now traveled to other credit union balance sheets and deliqnuency reports. The defaults on these loans will travel beyond these NY credit unions. Resulting NCUSIF losses will be huge as these credit unions drive into conservatorship. NCUA can fix this and they will take from their toolbox the grand tool: Assessments. Actually it is a vice they will apply to the healthy credit unions to cover the losses. The healthy credit unions that avoided these taxi medallions will shortly pay for them and the NCUA gets another 'free ride' at credit union expense.Tony Costanzohttps://www.blogger.com/profile/10461373744223574687noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-56905964760335325312015-11-27T09:37:39.791-05:002015-11-27T09:37:39.791-05:00Unfortunately, I don't know the answer to this...Unfortunately, I don't know the answer to this question. Keith Leggetthttps://www.blogger.com/profile/14794334790117033547noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-90092705008721885052015-11-27T07:32:00.804-05:002015-11-27T07:32:00.804-05:00I heard that some of the medallion credit unions w...I heard that some of the medallion credit unions wanted to convert charter to be banks and so NCUA "allowed" the higher concentration of business loans, cause that's what a medallion is, so that they wouldn't convert. Is that true?<br />Congress is derelict in not dealing with this.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-17449351210188520302015-11-26T17:20:01.526-05:002015-11-26T17:20:01.526-05:00Do you see a trend here? The NCUA allows WesCorp,...Do you see a trend here? The NCUA allows WesCorp, USCentral, MembersUnited, etc. to load up on credit risk investments that go bust. These credit unions go into conservatorship. The surviving credit unions pay the assessments to cover the losses. Now, we have Taxi Medallion credit unions in the groove to enter conservatorship. Again, the surviving credit unions will pay the assessments to cover the losses. Why the losses? Because once again the NCUA failed the industry be permitting these rogue credit unions to go all in balls to the wall on Taxi Medallions. Can you say NCUA INCOMPETENCE? 3 Village Idiots control an agency with more of the same.Tony Costanzohttps://www.blogger.com/profile/10461373744223574687noreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-36039019682480532532015-11-26T12:19:24.712-05:002015-11-26T12:19:24.712-05:00If you are a credit union, YOU will be paying for ...If you are a credit union, YOU will be paying for it.<br />The bad assets in these credit unions add up to a lot more than the reserves of ncusif.<br />Deal with THAT by paying assessments.<br />Can you say wescorp?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-15090168867001266672015-11-25T18:03:53.118-05:002015-11-25T18:03:53.118-05:00So the NCUA permits Melrose CU, Progressive CU, LO...So the NCUA permits Melrose CU, Progressive CU, LOMTO FCU to go all in load up at 100+% loan to share ratio on these Taxi Medallions. The Medallions go POP when Uber comes to market. These Medallions were a result of government price fixing. The free market has killed the price fix. Blame the free market. Blame the NCUA. The credit unions have to own up to concentration risk and eat. They had no complaints when they were getting grease like pigs at the trough. Deal with it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-319775530671726401.post-90224622821743438682015-11-24T06:41:47.289-05:002015-11-24T06:41:47.289-05:00Where's congress when you need them. This is b...Where's congress when you need them. This is being allowed to fester which could make the hit to the fund even greater?<br />A bank regulator would be taking it over. <br />But I guess a real regulator would not allow concentration of 70% of assets. Anonymousnoreply@blogger.com