Late last month, postal banking progressed from policy circle rumblings to proposed legislation. Rep. Cedric Richmond (D-LA) sponsored the Providing Opportunities for Savings, Transactions, and Lending (POSTAL) Act on July 23rd. This legislation would empower your local post office to provide both checking and savings accounts, offer small-dollar loans and prepaid “postal cards,” distribute money…
Published on Jul 17, 2014 At a July 16 conference hosted by The Pew Charitable Trusts, Senator Elizabeth Warren (MA) shares her support for the U.S. Postal Service Inspector General report proposing that the USPS offer financial services targeted to consumers without access to mainstream, affordable financial products. Senator Warren says that, “It’s not unusual…
Many families do not have access to traditional banks, and postal offices could help fill the gap. (July 7, 2014) More than a quarter of all American households – about 68 million people – rely at least in part on nonbank financial services like check cashing or payday lending. These unbanked and underbanked households pay…
OTTAWA, June 4, 2014 – A study of banks and payday lending companies in the United States and Canada shows a real need for a postal bank exists, especially in areas where post offices abound but few banks offer their services. The paper, presented at the 22nd Rutgers University Conference on Postal and Delivery Economics,…
