Author Topic: Keith Leggett’s Credit Union Watch: Taxi Medallion Lender Melrose CU Closed  (Read 360 times)

YELLO

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The National Credit Union Administration on August 31 liquidated taxi medallion lender Melrose Credit Union of Briarwood, New York.

Teachers Federal Credit Union, of Hauppauge, New York, immediately assumed all of Melrose’s members and shares as well as some loans and other assets.

http://creditunionwatch.blogspot.com/2018/08/taxi-medallion-lender-melrose-cu-closed.html


YELLO

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The Teachers Federal Credit Union did not acquire the taxi loans that contributed to the downfall of Melrose Credit Union when it merged with the credit union—a development that could leave the NCUA Share Insurance Fund on the hook for any losses from those troubled loans.

The share insurance fund would be responsible for losses from those loans. The amount of those loans was not available Wednesday, but Melrose has some $833 million in commercial loans not backed by real estate—much of that total is likely taxi-related loans.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.cutimes.com/2018/09/05/share-insurance-fund-could-take-hit-as-ncua-is-lef/&ved=0ahUKEwj_nuz7wKTdAhUwnOAKHavSDDkQxfQBCCQwAA&usg=AOvVaw1YphIN3uxUD_ZQLLldkHjs

YELLO

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The NCUA has retained some Melrose loans. Members should contact the NCUA’s Asset Management and Assistance Center to see if their loans have been retained:

Melrose Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
512.231.7940
The existing Melrose office located at 13930 Queens Blvd., Briarwood, will remain open.

YELLO

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NCUA retained all taxi medallion loans. Teachers Federal Credit Union did not assume any of the taxi medallion loans.

Midland Loan Service is servicing all of the taxi loans held by Melrose/NCUA. Their number is 800-447-8690.
The NCUA has retained some Melrose loans. Members should contact the NCUA’s Asset Management and Assistance Center to see if their loans have been retained:

Melrose Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
512.231.7940
The existing Melrose office located at 13930 Queens Blvd., Briarwood, will remain open.