New York CU Association CEO appointed to taxi medallion task force
William Mellin, CEO of the New York Credit Union Association, was appointed to serve on the Taxi Medallion Sale Prices Task Force this week.
Mellin will serve as a lending institution representative. The task force is intended to evaluate the evolution of the taxi medallion industry, in addition to assessing how the city can govern the industry.
“I want to extend my sincere gratitude and appreciation to Speaker Corey Johnson and the New York City Council for appointing me to serve on the task force,” Mellin said in a statement. “I look forward to working closely with my peers on the task force and relaying our findings to the City Council and Mayor.”
The task force was created in response to coverage from the New York Times that alleged abusive and predatory lending behaviors carried out by a number of credit unions. Borrowers took out loans to buy taxi medallions as prices skyrocketed from $200,000 in 2002 to over $1 million in 2011 but struggled to repay their loans after prices toppled. Many of the credit unions that made medallion loans have since been liquidated by the National Credit Union Administration.
Since the release of the scathing exposé, investigations have been launched to closely examine the burst medallion bubble. Most recently, New York City Mayor Bill de Blasio’s investigation concluded on Monday and accused the NCUA not doing enough to help struggling borrowers repay medallion loans.