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The Office of Financial Stability (OFS) is the part of TLC that keeps an eye on the money side of the yellow taxi medallion business. Local Law 111 of 2020 set it up "to monitor and evaluate the financial stability of the medallion industry" (TLC: Office of Financial Stability). In one sentence: OFS collects owners' financial data, tracks sales, loans and foreclosures, and reports on them every year.
What OFS looks at
TLC's page lists the factors OFS evaluates, including:
- the short- and long-term financial stability of the medallion market;
- possible market manipulation, speculation or collusion in medallion auctions or transfers;
- the number of bankruptcy cases involving medallion owners;
- common terms of loans used to buy medallions;
- income and expenses of running a medallion.
Its two main outputs
Key numbers from the latest report
The OFS Annual Report 2024 (calendar year 2024) is the most recent full report as of October 12, 2026:
In the same report, OFS made four recommendations: help owners buy and run wheelchair accessible vehicles after the federal court order, keep monitoring the Medallion Relief Program, get more owners to file the disclosure, and build more programs for small medallion businesses. Don't confuse OFS with TLC's Business Practices Accountability Unit, which reviews the yearly disclosures of licensed agents and brokers.
Foreclosure and transfer trends are charted on medallion transfers and foreclosures.
Where you'll meet OFS
- As an owner: the yearly disclosure. Your agent may file it for you; the form is English only. Help: OFS@tlc.nyc.gov. Step-by-step: medallion owner financial disclosure.
- As a lease driver: in the numbers people quote about the taxi business, such as industry farebox (how much NYC taxis collect), and in OFS's reports on agents, the businesses many drivers lease from.
- When you need help: OFS works with the Owner/Driver Resource Center, which offers free legal services for small owners and financial counseling referrals. See free financial counseling for drivers. The Center is at TLC's Long Island City office in Queens.
Related terms: medallion-only lease · taxi fleet · Medallion Relief Program. More on the medallions hub.
Frequently asked questions
What is TLC's Office of Financial Stability?
A TLC office created by Local Law 111 of 2020 'to monitor and evaluate the financial stability of the medallion industry', according to TLC's OFS page.
What does OFS collect from medallion owners?
The Annual Medallion Owner Financial Disclosure: income and expenses from running the taxi, insurance premiums, the number and balances of medallion loans, medallions used as collateral, bankruptcy filings, and related business interests.
When is the disclosure due?
For the 2025 disclosure, TLC extended the deadline from June 15, 2026 to July 15, 2026. It must be filed online; email, mail and in-person filings are not accepted.
Do I have to file if my medallion is in storage?
Yes. TLC's OFS page says you must file even if the medallion is in storage. An agent may file for you, and one filing can cover several medallions.
Does OFS help drivers directly?
Not one-on-one. OFS collects and reports data; free legal help and financial counseling referrals come through TLC's Owner/Driver Resource Center, which OFS works with.
Sources
Last reviewed against the official sources on .
- TLC: Office of Financial Stability nyc.gov
- TLC Office of Financial Stability Annual Report 2024 nyc.gov
Spotted something out of date? Tell us and we'll check it against the official source.
TLC Help is not a law firm and is not affiliated with the NYC Taxi & Limousine Commission or OATH. Explanations on this site are general information, not legal advice. Legal representation is provided by independent attorneys and OATH-registered representatives in our network.