NYS Banking Superintendent Taylor Addresses

Financial Service Centers of New York

Taylor Praises Check Cashers for Important Services
They Provide to New Yorkers

BROOKLYN, NY, May 11, 2004 -- New York State Banking Department Superintendent Diana Taylor spoke to over 300 members and vendors of the Financial Service Centers of New York (FSCNY) at the statewide association’s annual conference and vendor show, praising them for the important services they provide and for working closely with the Banking Department.

“You provide such an important service to such a large, and often unbanked, segment of our society,” said Superintendent Taylor. “And the check cashing industry is an important part of our economy in New York City, employing more than 4,000 people.”

“The Banking Department shares a common goal with the Check Cashing industry to protect the interest of consumers and ensure confidence in using its services which meet a huge and important need throughout New York State.  I am committed to ensuring that your industry is as well served by us as any of the other businesses we supervise or license,” continued Taylor.

“Superintendent Taylor is a proven leader and we thank her for supporting our industry,” said Gerald Goldman, FSCNY General Counsel. “We look forward to continuing our close-working relationship with the Superintendent and the Banking Department.”

Superintendent Taylor pledged her commitment to the industry today by highlighting internal changes she is spearheading at the Banking Department, which will elevate the visibility of the Licensed Financial Services Division, which oversees the check cashing industry.  These changes she hopes will help the industry continue to provide invaluable and services to its consumers.

Superintendent Taylor headlined the daylong program that also featured the State Banking Department’s Deputy Superintendent Paul Fazio, a USA PATRIOT Act compliance seminar with representatives from the Internal Revenue Service and the U.S. Treasury Department, vendor trade show, a general member meeting and a series of special reports and updates from FSCNY, formerly the Check Cashers Association of New York.

“We were absolutely thrilled that Superintendent Taylor made speaking to our association a priority,” said Matt Bardach, FSCNY president. “The Superintendent’s remarks were most encouraging to our members and our customers.”

“Our annual conference is important to the association and our members because it provides a once-a-year opportunity for our industry in New York to get together, learn from each other and discuss ways to continue providing the very best in modern financial services to our growing customer base,” continued Bardach. “This event is a must for anyone in or working with the industry.”

FSCNY also awarded a total of $40,000 in college scholarships to 16 high school seniors from the five boroughs of New York, in partnership with Travelers Express/MoneyGram Company Inc., at a ceremony held before the Superintendent’s remarks. 

“The Association provides a wonderful public service to our future leaders, our high school students by offering them much needed scholarships,” said Superintendent Taylor. “I salute you for your commitment to our New York city communities and to encouraging continued education for the students who need financial support.”

FSCNY was also presented with a proclamation from Mayor Michael Bloomberg that reads, “I thank you (FSCNY) for your generosity on behalf of our City’s students and I congratulate the high school seniors receiving scholarships this afternoon.”

FSCNY is a not-for-profit trade association that serves 500 neighborhood financial service centers across New York State. FSCNY is the leading voice on legislative, regulatory and business issues that effect its members and the rights of consumers to access basic financial services in New York. For more information about FSCNY and check cashing services in New York please visit www.ccanyinc.org.