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Get to know melrose credit union

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.

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melrose credit union

United States

Founded in

1922 (104 Years)

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Last online: No recent activity

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Cyprus

2017

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A Grade License

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B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

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