Market Overview

Medallion Financial Corp. Applauds the Passing of the New York City Council's Taxi and For-Hire Vehicle Reform Legislation

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Medallion Financial Corp. (Nasdaq: MFIN, "Medallion Financial" or the
"Company") announced today that the New York City Council approved
legislation to cap the number of for-hire vehicles as the Taxi and
Limousine Commission (TLC) conducts a study on the impact these vehicles
have on New York City. In addition, the legislation waives licensing
fees for wheelchair accessible taxis and for-hire vehicles, creates a
high-volume for-hire service license category which the TLC will
regulate, and requires the TLC to set a minimum wage that high-volume
for-hire services pay their drivers.

"We want to commend the New York City Council for implementing sensible
regulations for the industry and not exempting any company that chooses
to provide their services to the City of New York," stated Andrew
Murstein, President of Medallion Financial. "These new regulations are
arguably the most significant steps that have been undertaken so far.
New Yorkers will now sit in less traffic, air quality will improve, and
wheelchair users will get better service. We hope these regulations will
restore confidence and profits to the many hard-working taxi medallion
owners and drivers navigating the streets of New York City."

About Medallion Financial Corp.

Medallion Financial Corp. is a specialty finance company that
originates and services loans in various industries, and its
wholly-owned subsidiary, Medallion Bank, also originates and services
consumer loans.
The Company and its subsidiaries have lent
approximately $7 billion to small businesses since the Company's initial
public offering in 1996.

Please note that this press release contains forward-looking
statements that involve risks and uncertainties relating to business
performance, cash flow, costs, sales, net investment income, earnings,
and growth.
Medallion's actual results may differ significantly
from the results discussed in such forward-looking statements.
Factors
that might cause such a difference include, but are not limited to,
those factors discussed under the heading "Risk Factors," in Medallion's
2017 Annual Report on Form 10-K.

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