Too Little Too Late for Taxi Medallions?

August 9, 2018 at 9:32 am 1 comment

Image result for taxi hailing

Too Little Too Late for Taxi Medallions?

I have a train to catch this morning, but there’s a couple of things I wanted to give you all a heads up on. Yesterday the NYC Council passed legislation that will put a temporary cap on new drivers for Uber and Lyft type services. This is of course good news for those of you either holding or impacted by the price of medallions, which I would suggest is basically every credit union that contributes to the Share Insurance Fund.

It remains to be seen how big of an impact this will have in stabilizing the value of medallions, but at the very least it can only help create a floor. Let’s face it, temporary bans like the one enacted by the city council tend to become permanent.

Limited Beneficial Owner Exemption Extended For 90 days

Speaking of renewals, yesterday FinCEN announced that it was extending to 90 days an exemption from the Beneficial Owner Due Diligence requirements for certain accounts, including certificate of deposits and certain loan accounts that were created before the Beneficial Owner rule took effect on May 11, 2018. Remember, just to be absolutely clear, this is just a limited exemption for certain products.

New York’s House of Cards

If House of Cards were based on a New York Congressman, he would represent the 27th District, which includes a combination of suburban and rural areas outside of Buffalo.

Yesterday, Congressman Chris Collins was indicted on federal charges of insider trading. He has vowed to stay in the race for the heavily Republican District. The 27th District has one of the most colorful histories in New York. Previous Congressmen included Christopher Lee, who resigned after it was discovered that he liked emailing shirtless pictures of himself to people other than his wife.

 

Entry filed under: New York State, Political, Regulatory. Tags: , , , .

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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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