WASHINGTON—The U.S. Postal Service (USPS) is being asked to “end its experiment” in postal banking and “return its focus to the core mission of making sure Americans get their mail in a timely manner.”
The request was by America’s Credit Unions President/CEO Jim Nussle in a letter to the Senate Committee on Homeland Security and Governmental Affairs ahead of its hearing on oversight of the USPS.
As CUToday.info has reported, credit unions and other financial services providers have long opposed any move by the postal service into banking services.
In a letter to the committee, Nussle expressed credit union concerns around the USPS’ expansion of financial services and postal banking. He stated that expanding into financial services “would both go beyond the USPS’s purpose and powers and add responsibilities in which the USPS has no expertise and does not currently have the infrastructure and capacity to manage.”
Limited Interest
In addition, Nussle argued that interest in postal banking is limited and the recent pilot program serviced just six customers.
“Postal banking is not one of the solutions to the current issues facing the USPS, nor is it a viable solution for providing financial services to historically underserved communities,” Nussle wrote. “If Congress would like to expand access to financial services, we urge you to consider other steps, such as legislation to allow all credit unions to add underserved communities to their fields of membership.”
Daily News Headlines. To Your Inbox. Every Day. And It’s Free
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance.
And did we mention it’s free?