WASHINGTON—A white paper that calls for the U.S. Postal Service to expand into financial services has been met with opposition by credit unions.
The USPS’ Office of Inspector General made the recommendation in its recent analysis. Postal services are active in financial services in a number of countries, but not the U.S.
“Though well-intended, the proposal to expand financial services through USPS could have unintentional effects on credit unions and consumers and we would oppose this move,” said NAFCU’s Director of Regulatory Affairs, Alicia Nealon. “As not-for-profit, member-focused financial institutions, credit unions have a long track record of providing exemplary financial services at low fees, competitive rates and with exceptional member service. Among their nearly 100 million members, credit unions already reach many underserved and rural areas. NAFCU and our members firmly believe that consumers are best served by institutions that can offer a full range of financial services and establish relationships with them, as credit unions do.”