Founded in 1922, Melrose Credit Union was a state-chartered, federally-insured credit union headquartered in Queens, New York. For decades, it was a leading financial institution for the New York City taxi industry, with a business model heavily concentrated on lending against taxi medallions. The rise of ride-sharing services like Uber and Lyft caused the value of these medallions to plummet, leading to widespread loan defaults and severe financial distress for the credit union. Citing unsafe and unsound practices, the National Credit Union Administration (NCUA) placed Melrose into conservatorship in February 2017 and ultimately liquidated the institution in August 2018.

Founded in

United States