Licensing and Monitoring of Check Cashing Firms (Follow-Up Review) Businesses providing check cashing services in New York State must be licensed by the Banking Department. In our prior audit report 97-S-19, we examined this licensing process as well as other aspects of the Department's oversight of check cashing firms. We found that many aspects of the Department's oversight were effective, but improvements were needed if the firms were to be reviewed by the Department as frequently as required and if the problems identified during the reviews were to be adequately addressed. In our follow-up review, we found that all the recommendations contained in our prior report have been implemented by the Department.
For a complete copy of Report 99-F-35 click here.