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Bill

A 8761

Directs the superintendent of financial services to conduct an analysis of the financial stability of the check cashing industry and review the current system of licensing for such industry

2025 Regular Session Introduced by Catalina Cruz

Directs NY DFS to analyze check‑cashing industry financial stability and review licensing, aiming to guide oversight, reforms, and stronger consumer protections.

REFERRED TO BANKS
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Bill Summary · A 8761

Bill A 8761 — Summary

Overview

Bill A 8761 directs the New York State Department of Financial Services (DFS) to perform two interrelated tasks focused on the check cashing industry: (1) analyze the financial stability of the industry and (2) review the current licensing system governing check cashing businesses. The bill is currently in the legislative referral stage.

  • Bill Number: A 8761
  • Title: Directs the superintendent of financial services to conduct an analysis of the financial stability of the check cashing industry and review the current system of licensing for such industry
  • Status: Refereed to Banks
  • Introduced: June 2, 2025
  • Sponsor: Catalina Cruz (primary)
  • Related/Companion: S 8279 (companion bill)

Purpose and Intent

The bill aims to improve oversight and understanding of the check cashing sector by:
- Assessing the sector’s financial stability, including risks to consumers and the broader financial system.
- Evaluating the effectiveness, structure, and sufficiency of the current licensing framework for check cashing businesses.

Key Provisions (as stated)

  • Directs the DFS superintendent to conduct a comprehensive analysis of the financial stability of the check cashing industry.
  • Requires a review of the current licensing system for check cashing businesses.
  • The bill does not specify reporting requirements, timelines for completion, or particular metrics within the statutory text provided; these details may be elaborated in the bill’s full language or subsequent amendments.

Who Is Affected

  • Check cashing businesses: Subject to any findings, recommendations, or potential licensing reforms that may flow from the DFS analysis and licensing review.
  • Consumers: Potential indirect impacts through improved oversight, consumer protections, and licensing standards.
  • DFS (Department of Financial Services): Lead agency responsible for carrying out the required analysis and licensing review.

Procedural and Timeline Aspects

  • Introduced and immediately referred to the Assembly Banks Committee on June 2, 2025.
  • Status indicates ongoing consideration within the Banks committee; no final passage timing is indicated in the information provided.
  • Companion legislation exists in the Senate (S 8279), which may inform or parallel the Assembly’s consideration.

Potential Impact and Considerations

  • If enacted, the bill could lead to more robust data on the check cashing sector's stability and potential regulatory improvements to licensing.
  • May prompt future regulatory reforms or guidance based on DFS findings.
  • Signals legislative interest in consumer protection and systemic oversight within non-bank financial services.

Next Steps

  • Monitor the DFS analysis scope and findings as the Banks committee conducts hearings or amendments.
  • Compare with companion Senate bill S 8279 for alignment on provisions and policymaker intent.

Compiled from official sources — confirm details with the bill’s official record.

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