The private equity fund that purchased New York City taxi medallion loans from the National Credit Union Administration is so far unwilling to negotiate reasonable settlements with drivers who are unable to repay the money they borrowed from credit unions and banks, Bhairavi Desai, executive director of the New York Taxi Workers Alliance said Wednesday.
Marblegate Asset Management, the company that purchased thousands of New York City taxi loans from the National Credit Union Administration, is extending a fourth 30-day payment holiday for drivers whose business has been devastated by the coronavirus pandemic.
The National Credit Union Administration will not disclose the financial details surrounding its sale of thousands of taxi medallion loans, agency Acting General Counsel Frank Kressman said in a recent letter.
A public-private partnership plan to help debt-burdened New York City taxi drivers is being revived by a city councilman and the founders of a mobile app designed for the taxi industry.
The private equity fund that purchased New York City taxi medallions from the NCUA has announced a third payment holiday for owner-drivers whose business has plunged as a result of the coronavirus crisis.
A key New York City official is renewing a push to convince the city to provide debt forgiveness for taxi drivers left drowning in debt after they took out huge loans from financial institutions, including two credit unions that later were liquidated.