LOMTO

AcronymDefinition
LOMTOLeague of Mutual Taxi Owners (New York, NY)
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References in periodicals archive ?
Kroeber's Yokuts Language of South Central California transcribes the prayer's core this way: nim yet.au t.ikexo texal my together is-tied talk maiayiu lomto with-the-large mountain maiayiu silelhaliu with-the-large rocks maiayiu witsetaliu with-the-large trees (woods} yet.au polut-nim together body my ucuk-nim heart my
The National Credit Union Administration took over Melrose and LOMTO, liquidating them on Aug.
Like Island Federal, Teachers Federal gained a foothold in New York City where it too already had members with its acquisitions of Melrose and LOMTO. Melrose had one branch in Briarwood, Queens, while LOMTO's two branches were in Woodside, Queens and Manhattan's Upper West Side.
The National Credit Union Administration liquidated LOMTO Federal Credit Union yesterday.
Both LOMTO and Melrose had considerable taxi medallion loan portfolios, which were largely delinquent and were retained by NCUA, which contracted with a third party to handle the collection process.
The agency did not specify those issues, but LOMTO's call reports with NCUA show its net worth fell into the "undercapitalized" range as of Sept.
LOMTO will continue normal operations under conservatorship as NCUA tries to work out its problems.
Since 2015, the delinquency and charge off rates of taxi medallion loans have soared for Melrose, Progressive and LOMTO because of fierce competition from the mobile app ridesharing services.
Additionally, LOMTO is undercapitalized with a net worth of 5.87%, according to NCUA financial performance reports.
LOMTO posted a net loss of $3.1 million at the end of 2016's first quarter.
The medallions have been very stable," said Richard Kay, president/treasurer of Lomto and TSA president.
The association's members are the New York-based $1.7 billion Melrose Credit Union, the $578 million Progressive Credit Union, the $133 million Montauk Credit Union and the $232 million Lomto Federal Credit Union.