Capital One Racks Up Bad Cab Loans
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The value of Capital One Financial Corp.’s taxi medallion lending portfolio has declined for at least eight consecutive quarters, while the percentage of those loans deemed nonperforming has skyrocketed. More than half of the company’s cab loans are now considered in or near default, up from 39 percent last quarter. The credit-card issuer noted as early as April 2015 that medallion values had softened due to competition from Uber Technologies Inc.