FINANCIAL SERVICE CENTERS OF NEW YORK HOLDS 16TH ANNUAL CONFERENCE AND VENDOR SHOW - SIXTEEN STUDENTS AWARDED $42,500 THROUGH THE FSCNY/MONEYGRAM INTERNATIONAL SCHOLARSHIP PROGRAM

Sixteen Students Awarded $42,500 Through the FSCNY/MoneyGram International Scholarship Program

BROOKLYN, NY, May 6, 2008  -- The Financial Service Centers of New York (FSCNY) today held its Sixteenth Annual Conference and Vendor Show at the New York Marriott Brooklyn. The event featured an address by Jane Azia, the Director of Non-Depository Institutions and Consumer Protection at the New York State Banking Department. In addition, a scholarship awards luncheon honored 16 New York City area high school students for their academic achievements and community service. In total, $42,500 in scholarships were awarded.

The all-day conference also included a general membership meeting with hundreds of New York’s financial service center providers and a vendor showcase featuring more than forty industry vendors with their latest products and services. As part of the conference, a Bank Secrecy Act / Anti Money Laundering seminar, co-sponsored by FSCNY and Western Union, updated attendees on latest compliance requirements.

“Every year, our Annual Conference and Vendor Show has grown, speaking to the overall vitality of the industry,” said Matthew Bardach, President of FSCNY. “Having honored guests such as Director Azia attend and speak at our event, speaks to their recognition of the important role the financial service center industry plays in this state’s economy.”

The highlight at the luncheon was the presentation of awards from the FSCNY/MoneyGram International Scholarship Program. Now in its 13^th year, FSCNY awards one-time cash grants to high school seniors who meet the following selection criteria:

• Commitment to community service
• Perseverance in the face of significant obstacles
• Display leadership skills in school
• Academic achievement

The FSCNY college scholarship program has helped more than 200 deserving students attend Ivy League and other selective universities and colleges. In total, almost $425,000 in college scholarships has been awarded since the program’s inception in 1996.

 “FSCNY members strongly support investing in our local communities and there is no better way to do that than in helping these young people; the leaders of tomorrow,” said Sanford Herman, chairman of the FSCNY Scholarship Program. “FSCNY is proud of the fact that we have helped so many students attend college. The entire New York region can be proud of these outstanding students and citizens.”

Winners of this year’s FSCNY/MoneyGram International scholarships include:

  Name                                      City                                    High School

About FSCNY

The Financial Service Centers of New York is the industry’s leading voice on legislative, regulatory and business issues and the leading advocate for the rights of consumers to access basic financial services in New York. FSCNY represents about 660 check cashing centers, which employ nearly 4,000 New York residents. FSCNY members annually cash more than 36 million checks with a face value in excess of $14.5 billion. New York has the second-lowest check cashing fee in the nation at 1.75%.