Financial Service Centers of New York is the professional trade association representing New York's licensed check cashing industry since 1957. The industry is comprised of approximately 140 companies operating nearly 560 storefront check cashing locations throughout the State. The industry employs more than 4,000 people.
The New York check cashing industry is licensed and regulated by the New York State Department of Financial Services (formerly known as the New York State Banking Department). As a regulated industry, licensed check cashers are subject to comprehensive periodic examinations by the Department. The industry is also subject to federal regulation, including examination by the Internal Revenue Service.