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New York Agency Freezes Maximum Check-Cashing Fee at 2.27% (1)

Feb. 14, 2022, 5:22 PM

New York’s financial regulator issued an emergency rule halting annual increases on check-cashing fees and locking the current maximum at 2.27%.

Adrienne Harris, superintendent of the state’s Department of Financial Services, disclosed the decision in a online interview with the nonprofit Brookings Institution Monday.

“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 ...