The District of Columbia's Office of Banking and Financial Institutions is preparing legislation that would require check cashers here to be licensed.

"We receive calls frequently from District residents who have had unfortunate experiences with unscrupulous check cashers," said J. Anthony Romero 3d, Washington's banking superintendent. "Fees as high as 20% of the face value of a check are not uncommon."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.