[mcaguru]

https://www.americanbanker.com/news/...l-banking-bill

[Ktolbert85]

Can somebody explain how the post office fits into the financial industry? I know in the past they were providing saving accounts but that did not work out very well. Are they going to be lending tax payers money or will they be backed by banks? Regardless this does not seem like a good idea.

[mcaguru]

they will be selling kosher cheeseburgers before they offer consumer loans

[fundingsmbs]

The Postal Banking Act would place a retail bank branch in each of the Postal Service’s 30,000 locations — branches that would provide “low-cost, basic financial services to all Americans,” according to a press release.

congress has to pass this first-

[mcaguru]

cant wait 1 jar will have cash the other will have candies !
Love when politicians propose business ideas.

[ScottA]

Can somebody explain how the post office fits into the financial industry? I know in the past they were providing saving accounts but that did not work out very well. Are they going to be lending tax payers money or will they be backed by banks? Regardless this does not seem like a good idea.

The USPS acted as a savings bank from June, 1910 until around 1967, but stopped the program because they weren't competitive with banks. They sold US savings bonds and accepted deposits, but didn't loan any money. I see no future where the USPS would 'fill the gap' that Senator Gillibrand speaks about in the article.

I do see a future where our industry is regulated, but even so we would be in a position to offer many more flexible options than any bank, S&L, credit union, or non-alternative landing firms.