NEW YORK--(BUSINESS WIRE)--Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) announced today that the New York City Council approved legislation to cap the number of for-hire vehicles as the Taxi and Limousine Commission (TLC) conducts a study on the impact these vehicles have on New York City. In addition, the legislation waives licensing fees for wheelchair accessible taxis and for-hire vehicles, creates a high-volume for-hire service license category which the TLC will regulate, and requires the TLC to set a minimum wage that high-volume for-hire services pay their drivers.
“We want to commend the New York City Council for implementing sensible regulations for the industry and not exempting any company that chooses to provide their services to the City of New York,” stated Andrew Murstein, President of Medallion Financial. “These new regulations are arguably the most significant steps that have been undertaken so far. New Yorkers will now sit in less traffic, air quality will improve, and wheelchair users will get better service. We hope these regulations will restore confidence and profits to the many hard-working taxi medallion owners and drivers navigating the streets of New York City.”
About Medallion Financial Corp.
Medallion Financial Corp. is a specialty finance company that originates and services loans in various industries, and its wholly-owned subsidiary, Medallion Bank, also originates and services consumer loans. The Company and its subsidiaries have lent approximately $7 billion to small businesses since the Company’s initial public offering in 1996.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading “Risk Factors,” in Medallion’s 2017 Annual Report on Form 10-K.