Congress Pressures Agencies on Credit Union Scandal

Aug 06, 2019
A group of New York members of Congress asked federal banking and credit union regulators how extensively the entities they regulate were involved in taxi medallion loans in the run-up to the Big Apple's medallion crisis.

In a letter to regulators, the House members expressed strong concerns about how regulators have supervised banks and credit unions engaged in taxi medallion lending. They cited a report from the National Credit Union Administration's inspector general that said the agency should improve how it monitors credit union loan concentrations in the wake of the scandal.

ICBA has called on Congress to investigate the NCUA's failure to prevent credit union lending abuses as well as the trend of large credit unions buying up community banks. Community bankers can weigh in with policymakers via ICBA's Be Heard grassroots action center.

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