How Post Office Banking Could Help the Unbanked Without Congress

Posted on August 6, 2014August 6, 2014 by 21cpw

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…

Rep. Richmond proposes bill to allow post offices to offer banking services

Posted on July 24, 2014July 24, 2014 by 21cpw

(July 24, 2014) WASHINGTON — Rep. Cedric Richmond, D-New Orleans, proposed legislation Thursday that would allow the U.S. Postal Service to offer banking services such as check cashing, savings and checking accounts and small loans. He said the proposal, endorsed in January by the Postal Service’s inspector general, would improve the agency’s finances while offering…