WASHINGTON—NAFCU has written to Senate Banking Committee Ranking Member Pat Toomey, (R-PA) to “share appreciation for his leadership” in prohibiting the United States Postal Service (USPS) from offering banking services, through an amendment to H.R. 3076, the Postal Service Reform Act of 2022.
As CUToday.info previously reported, in September 2021 the USPS introduced a small banking pilot program at four of its branches that allowed customers to use payroll or business checks to purchase single-use gift cards of up to $500 at post office locations in four cities.
But as CUToday.info also reported, several months into the pilot just six people had actually used the service.
“As we have communicated to Congress previously, NAFCU and our member credit unions are very concerned that allowing the USPS to provide banking services will be beyond its core competencies, raise a number of serious regulatory and consumer protection questions, and will present significant competitive issues for private sector entities,” wrote Vice President of Legislative Affairs Brad Thaler. “We do not support expanding the capabilities of the USPS to provide additional banking services and do not believe it would be a panacea to solve the current problems plaguing the USPS.”
‘Violation of PAEA’
Rep. Blaine Luetkemeyer (R-MO), the Ranking Member of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, also wrote to Postal Regulatory Commission (PRC) Chairman Michael Kubayanda last week, stating that the USPS pilot program has not been approved by the PRC and is in direct violation of the Postal Accountability & Enhancement Act (PAEA).
NAFCU noted the Senate continues its consideration of the bipartisan Postal Service Reform Act of 2022 this week, which aims to improve the financial stability of the nation’s mailing service.
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WASHINGTON—NAFCU has written to Senate Banking Committee Ranking Member Pat Toomey, (R-PA) to “share appreciation for his leadership” in prohibiting the United States Postal Service (USPS) from offering banking services, through an amendment to H.R. 3076, the Postal Service Reform Act of 2022.
As CUToday.info previously reported, in September 2021 the USPS introduced a small banking pilot program at four of its branches that allowed customers to use payroll or business checks to purchase single-use gift cards of up to $500 at post office locations in four cities.
But as CUToday.info also reported, several months into the pilot just six people had actually used the service.
“As we have communicated to Congress previously, NAFCU and our member credit unions are very concerned that allowing the USPS to provide banking services will be beyond its core competencies, raise a number of serious regulatory and consumer protection questions, and will present significant competitive issues for private sector entities,” wrote Vice President of Legislative Affairs Brad Thaler. “We do not support expanding the capabilities of the USPS to provide additional banking services and do not believe it would be a panacea to solve the current problems plaguing the USPS.”
‘Violation of PAEA’
Rep. Blaine Luetkemeyer (R-MO), the Ranking Member of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, also wrote to Postal Regulatory Commission (PRC) Chairman Michael Kubayanda last week, stating that the USPS pilot program has not been approved by the PRC and is in direct violation of the Postal Accountability & Enhancement Act (PAEA).
NAFCU noted the Senate continues its consideration of the bipartisan Postal Service Reform Act of 2022 this week, which aims to improve the financial stability of the nation’s mailing service.
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