As ridesharing startup Uber continues to grab market share from traditional taxi services, the disruptive app is starting to take its toll on taxi business infrastructure.

The National Credit Union Administration (NCUA) has notified 94-year-old Melrose Credit Union that it has one month to submit a “net worth restoration plan” after losses on taxi medallion loans caused the institution to fall below the required capitalization level.

A number of financial institutions lend against the value of taxi licenses, which are known as medallions. In the past three years, the value of medallions has plummeted from above $1 million to $500,000 due to Uber’s rise.

Former senior economist at the American Bankers Association Keith Leggett isn’t optimistic about Melrose. “They’re going to have a hard time meeting the requirements,” Leggett recently said.

Last year, the state of New York seized control of struggling medallion lender Mantauk.

Uber remains…

Click here to continue reading

Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!