Are NCUA’s Lending Standards Too Tough?

May 15, 2017 at 9:21 am Leave a comment

When state chartered credit union Melrose CU was placed in conservatorship in February, New York’s Department of Financial Services put NCUA in control. Fast forward to Friday: The WSJ is reporting that the Committee for Taxi Safety, a Long Island City-based organization advocating for the medallion industry, sent a letter to NCUA Chairman J. Mark McWatters complaining that, in the aftermath of NCUA’s takeover, Melrose’s medallion loan terms have become too severe. It is demanding large down payments, imposing high interest rates and seeking peoples’ homes as collateral. Neither NCUA nor the DFS was willing to respond publicly to these concerns. According to the committee’s President David Beier, medallion owners can survive, but only if lenders (i.e. NCUA) show more flexibility.

The letter comes at a key time for the medallion industry. One medallion sold for a new low of $241,000, but many within the industry argue that this sale was an outlier and that medallion prices are stabilizing at approximately $550,000.

Department of Homeland Security Issues Warning on Ransomware Attacks

With the world- wide ransomware cyberattack threats likely to continue today, here is a press release from the DHS urging all persons and business to do the following;

  • Update your systems to include the latest patches and software updates.
  • Do not click on or download unfamiliar links or files in emails.
  • Back up your data to prevent possible loss, whether you are at a home, work or school computer.

Movie night at the Meier house

I watched The Founder starring Michael Keaton on pay-per-view last night. Great movie for anyone interested in business, ethics, fast food or really good acting.

Entry filed under: General, New York State. Tags: , .

NYC Makes Compensation History Off limits for Prospective Employers Reports of CFPB’s Demise have been greatly exaggerated

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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