New York’s financial regulator issued an emergency rule halting annual increases on check-cashing fees and locking the current maximum at 2.27%.
“As our world evolves, so must our approach to regulation,” Harris said in an emailed statement following those comments. “DFS has a responsibility to take a hard look at the impacts of financial products and services on New Yorkers, especially members of underserved communities.”
The regulator has been in talks with lawmakers and consumer advocates ...