WASHINGTON—Ahead of the House committee markup of appropriations bills (FSGG), NAFCU has again expressed its concerns over efforts to provide banking services through the postal service.
In the letter to the House Committee on Committee on Appropriations markup of the fiscal year 2022 budget for legislative branch, financial services, and general government, Brad Thaler, NAFCU vice president of legislative affairs, warned that allowing the United States Postal Services to provide banking services is beyond its core competencies and raises a number of serious regulatory and consumer protection questions.
"We believe there are better approaches to address access to financial services, such as allowing all credit unions the ability to add underserved areas to their field of membership," wrote Thaler.
Thaler also offered support for increased funding for the community development financial institution (CDFIs) fund and the community development revolving loan fund (CDRLF).
"These programs have proven to be an invaluable means of providing financial services to underserved areas and proved their worth during the pandemic," wrote Thaler. "Congress has already recognized their worth in previous coronavirus response legislation, and we urge you to continue with this commitment to these important institutions."