WASHINGTON - A national association that represents check-cashing businesses claims that FleetBoston Financial Corp.'s proposed acquisition of Summit Bancorp of Princeton, N.J., would violate the Community Reinvestment Act.

In a protest of the proposed purchase filed with the Federal Reserve Board, the Financial Service Centers of America argued that Fleet's recent decision to terminate all accounts maintained by check cashers violates the CRA because it denies service to low- and moderate-income consumers.

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