This resolution encourages the San Francisco Federal Credit Union to work with the SFMTA to establish fair prices for taxi medallions, consider loan forgiveness for medallion holders, and implement other necessary reforms. It has been officially passed by the city.
Resolution urging the San Francisco Federal Credit Union to collaborate with the San Francisco Municipal Transportation Agency (SFMTA) on agreeable medallion prices, loan forgiveness for medallion holders, and other reforms.
How it got here
The legislation originated from ongoing issues surrounding taxi medallion loans and the need for collaboration between the San Francisco Federal Credit Union and the SFMTA.
A jury found that the SFMTA did not breach its lender agreements with the San Francisco Federal Credit Union regarding taxi medallion loans.
At an SFMTA Board meeting, Tumlin urged the Credit Union to engage with SFMTA on solutions to support the taxi industry and medallion holders.
The Board of Supervisors adopted Resolution No. 536-21 urging the Credit Union to collaborate with SFMTA on medallion prices and loan forgiveness.
The resolution became effective without the Mayor's signature, as it was not signed within the required time frame.
Reconstructed from attached documents & the official record
