Montauk Credit Union in New York has taken numerous steps to improve its operations since being placed into a conservatorship in September, according to the National Credit Union Administration.

The New York State Department of Financial Services took possession of the $162 million-asset institution in September due to "unsafe and unsound conditions." Montauk had been overwhelmed by nonperforming taxi-medallion loans; delinquencies on its business loans had surged to 10%.

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