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Cabbies Protest Lenders On Underwater Loans

Cab medallion owners in Chicago say banks should be doing more to help them climb out of financial troubles they say were brought about by ride-sharing companies like Uber and Lyft. Dozens are raising the concern with LOMTO Credit Union, a New York-based lender that has financed medallions in Chicago. They said LOMTO has been unwilling to modify their underwater loans — but the bank has faced its own financial troubles since federal regulators took control of it last month.

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