Discover more from AutoMarketplace
⏰ DORIS Says NYC TLC Has Not Filed Required Taxi Medallion Report
NYC's Department of Records and Information Services (DORIS) says Taxi & Limousine Commission's Office of Financial Stability needs to submit report that was due on November 1st
In 2020, NYC Council approved (49-0) the creation of the Taxi & Limousine Commission’s (TLC) Office of Financial Stability. The Office, which became active in November 2020, was to oversee the financial stability of the NYC taxi medallion industry.
Starting in November 2021 and each year thereafter, the Office of Financial Stability would assess and create recommendations using key data points with the “goals of strengthening and supporting medallion owners and drivers.”
According to TLC’s website, the Office of Financial Stability would evaluate the following factors (but not limited to):
The short and long-term financial stability of the medallion market.
Potential market manipulation, speculation, or collusion by any participant in a medallion auction or transfer.
The number of bankruptcy proceedings involving medallion owners.
Common terms and conditions of loans used to finance a medallion purchase or transfer.
Income and expenses associated with operating a medallion.
Missing TLC Report
As we’ve mentioned previously in an article and a podcast, the TLC’s Office of Financial Stability had (at least it appeared) not submitted any report, as it was required to.
Well, it seems like others in City government are finally beginning to notice as well. NYC’s Department of Records and Information Services (DORIS) has issued a notice to the TLC that it is late in submitting the annual Office of Financial Stability report, which was due on November 1st.
Frankly, we’re confused how David Do’s TLC is enacting any new legislation that impacts the existing taxi medallion fleet, when it hasn’t even issued this required report (a requirement stemming from legislation passed three years ago in a 49-0 City Council vote!). What’s the breaking point, before David Do’s TLC loses all credibility. The City itself, is also beginning to realize, the TLC is not being properly run.
The letter below is dated on November 21, 2023. As of today (December 8, 2023) we still do not see any Office of Financial Stability report on TLC’s website. This is nearly 40 days pass the report’s due date.
We also wanted to give a special thanks to AutoMarketplace friend Carolyn Protz for flagging this.
As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️
https://legistar.council.nyc.gov/LegislationDetail.aspx?ID=4666136&GUID=49D454AC-E7E7-460C-8CE1-AFB28D35B236&Options=&Search=