Medallion Financial Corp. Applauds the Passing of the New York City Council’s Taxi and For-Hire Vehicle Reform Legislation
August 08 2018 - 5:30PM
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180808005836/en/
Company:Medallion Financial
Corp.Investor
Relations212-328-2176InvestorRelations@medallion.com
Medallion Financial (NASDAQ:MFIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medallion Financial (NASDAQ:MFIN)
Historical Stock Chart
From Apr 2023 to Apr 2024