In January 2017, we announced our plans to transform our overall strategy. Pursuant to such law, the TLC began issuing street hail livery licenses in June 2013. We try to identify markets that are profitable and where we can be an industry leader. Generally, we retained the medallion loans we originated. See Note 6 to the consolidated financial statements for additional information. ( The minimum total risk-based capital ratio requirement is 8%. See "Brokered Deposits" below for additional information. SBICs must maintain certain records and make them available for SBA examination. 8226; The response of governmental and non-governmental authorities. There have also been recent decreases in the values of our medallion loan collateral. Any changes or volatility in these benchmarks could cause us to suffer losses. Most of our credit facility debt is subject to cross default provisions. Certain other events can constitute an event of default. As of December 31, 2020, Medallion Bank's Tier 1 leverage ratio was 16.9%. We are subject to regulation and supervision by the FDIC and the Utah DFI. These demands on their time may distract them or slow the rate of investment. We are dependent upon our key investment personnel for our future success.