Marblegate Gives NYC Taxi Drivers A Fourth Loan Holiday

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.

In announcing the new payment holiday, Marblegate, a Connecticut-based equity fund, repeated that its goal is to help drivers manage their payments and the expenses they face. With coronavirus restrictions in place, the drivers, already reeling from competition from ride-sharing services, have faced even larger financial problems.

Marblegate purchased an undisclosed number of loans from the NCUA earlier this year. The NCUA has refused to release the exact number of loans or the amount that Marblegate paid for them. The agency held the loans as the result of the failure of two New York Credit unions—Melrose Credit Union and LOMTO Federal Credit Union.

As it has in past months, Marblegate said it is continuing to communicate with drivers about other actions that might help them.

There are other efforts to try to assist drivers. A New York City Councilman, Ritchie Torres, has announced plans to try to form a public-private partnership with the founders of Wapanda, an app that connects passengers with ridesharing or taxi companies. That partnership, along with a loan guarantee from the City of New York, would allow drivers to make more affordable loan payments.

Related:

Marblegate Gives Beleagured NYC Taxi Drivers a Third ‘Payment Holiday’

New NYC Public-Private Partnership Proposes Plan to Help Debt-Laden Taxi Drivers

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