| The Financial Service Centers
of America, Inc. (FiSCA), established in 1987, is a professional organization representing
the expanding check cashing industry which provides financial services for America's local
communities. The professional check cashing industry in the U.S. is composed of
approximately 4,500 neighborhood financial service centers, which cash upwards of 150
million checks annually with an aggregate face value of more than $45 billion. In recent
years, as a broader spectrum of consumers have sought increased financial service
convenience, including flexibility of hours and faster delivery of financial services,
community-based check cashing centers have proliferated. The Association is the leading
voice on legislative, regulatory, and business issues. WBHB&K partner, Gerald Goldman, serves as General Counsel to
FiSCA as well as to the Check Cashers Association of New York, Inc. and the New Jersey
Check Cashers Association.
Over the years, check cashers have
introduced a range of financial services to complement basic check cashing. While the
cashing of checks -- including payroll checks, government checks, personal checks, and
insurance drafts -- remains the check cashing centers' primary activity, other financial
services are available, including the sale of money orders, money wire transfers, welfare
benefit and food stamp distribution, public transportation fare and token sales, and
prepaid telephone debit cards.
FiSCA forged adoption of a national Code
of Conduct that specifies that ethical standards for the industry. FiSCA created a
Statement of Principles that commits members to vigorously combat money laundering. In
this context, FiSCA has proposed that the U.S. Congress encourage a national registration
program, under the auspices of the U.S. Treasury Department, for check cashers, money
order sellers, and agents of money transmitters.
Practice area members are:
Gerald Goldman, Scott K.
McClain, Edward P.
D'Alessio and Roman
Vaccari. The Executive Director of FiSCA is Henry
F. Shyne. The direct dial numbers of the organization are telephone
201-487-0412 and fax
201-487-3954. For more information, please visit the
FiSCA website at www.fisca.org.
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