Reckless Loans Devastated a Generation of Taxi Drivers

Walter Rabin, who led Capital One’s medallion lending division between 2007 and 2012 and has led Signature Bank’s medallion lending division since, said he was one of the industry’s most conservative lenders. “It’s the City of New York that took the biggest advantage of the drivers,” said Joseph J. DePaolo, the president and chief executive of Signature. New York Commercial Bank said in a statement that it began issuing medallion loans before the housing crisis and that they were a very small part of its business.

Source: www.nytimes.com