New York check cashing companies sued to block a New York state regulation that caps their fees charged to process public benefits, paychecks, and other payments.
The suit, filed in New York State Supreme Court in Manhattan, alleges that the rules— which also eliminated automatic inflation adjustments for check-cashing fees—would result in the closings of “countless” check cashing operations across the state.
The Financial Service Centers of New York, a trade group for New York check cashers that sued, along with some of its member companies, announced the lawsuit Monday. The lawsuit was filed March 23.
“Despite its Legislative ...
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