Exhibit 23.1

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS


As independent public accountants, we hereby consent to the inclusion in this
Form 10-K of our report dated February 19, 1997.  It should be noted that we
have not audited any financial statements of Medallion Financial Corp.
subsequent to December 31, 1996 or performed any audit procedures subsequent to
the date of our report.



                                             /s/ Arthur Andersen LLP
    
    
                                             ARTHUR ANDERSEN LLP


Boston Massachusetts
March 27, 1997