The money businesses gripe the changed rules limit the fees they can charge customers, a potential death blow as they struggle to stay afloat during record-high inflation.
The money businesses gripe the changed rules limit the fees they can charge customers, a potential death blow as they struggle to stay afloat duringState Department of Financial Services Superintendent Adrienne Harris imposed new regulations in January that slashed the existing 2.27% check-cashing rate to a 1.5% maximum for certain government benefit checks and 2.2% for all other checks, a move that the lawsuit says is “arbitrary and capricious.
“I have limited mobility and there are no other check cashers in the area,” she said. “When this location closes it will be devastating to me and others in the community. The government might think it is doing what is best for me, but it is wrong.” But DFS Superintendent Harris defended the new fee structure when she implemented it in January, saying the old rules that provided check cashiers automatic cost-of-living increases were outdated and burdened lower-income customers.
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