Bank groups send letter urging House leaders to prohibit Postal Service banking | PostalReporter.com
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Bank groups send letter urging House leaders to prohibit Postal Service banking

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CUNA joined other trade association in sending a letter to House leaders urging the adoption of Rep. Patrick McHenry’s (R-N.C.) amendment to the Financial Services and General Government (FSGG) appropriations bill to prohibit the U.S. Postal Service from providing banking services.

Joining CUNA in the letter addressed to House Speaker Paul Ryan (R-Wis.) and Minority Leader Nancy Pelosi (D-Calif.) were the American Bankers Association, the Independent Community Bankers of America, and the National Association of Federally Insured Credit Unions.

postal banking

“Although there have been a number of proposals over the past few years to turn the U.S. Postal Service into the world’s largest shadow banking system, we are very concerned that allowing the U.S. Postal Service to provide banking services will be beyond the Postal Service’s core competencies, will raise a number of serious regulatory and consumer protection questions, and will present significant competitive issues for private sector entities,” the letter reads. “Congress should encourage the Postal Service to focus on its core business of physical mail delivery, and not be distracted by expanding the mission to businesses outside of the Postal Service’s area of expertise.”

The letter went on to encourage Congress to enact legislation that would reduce costs and increase efficiencies to put the U.S. Postal Service on a sound and sustainable financial path over the long run

12 thoughts on “Bank groups send letter urging House leaders to prohibit Postal Service banking”

  1. with the run away theft they have now, with the new hires dumping mail left and right, and the GED, low IQ, po mismanaging bureaucrats losing 210 Billion since 2007….what could go wrong?

  2. As a former bank employee who now works for the PO, there is no way the PO can handle banking properly. Seriously, no way.

  3. A-PEE-U will ask for bullet proof vests for the window clerks……mismgt will say no……A-PEE-U will say never mind, they can do that! what a joke this dump has become!

  5. I agree. With all the wasteful spending I have seen in the past 33 years, the USPS should stick to what it does best. Which can always use improvement! Becoming a banking institute would only deter our goals of achieving better customer service.

  8. I think the USPS should give mortgage loans like the banks. Then the USPS could screw the American people too, just like 2008.

  9. With the political clout the banking and financial industry have, the USPS mgmt. bozos are so out of their league the USPS will never be allowed to offer banking services.

    Which is a good thing. Postal mgmt. refuses to provide quality customer service with the mail; imagine how badly they’d screw up your finances.

  10. What does one expect business/ Business thinks the only function of government is to protect business from the laze, stealing employees and those nasty customers! It is the obligation of the Federal government to provide services to the People! The way the Ratpublicans feel is that Americans must depend on private business to run everything in America, At a big profit of course! I noticed because of all the gun violence Senator John Thune said ” Americans must protect themselves” And Senator Mc Connell said All the gun violence is ” The cost of Freedom” It’s about time the Dis Connected government officials earn their pay and easy life! Work for the people, rich AND poor. They are too busy looking for their election cash.

  11. don’t worry about it, the post office can’t even delivery the right amazon prime package to the right house. Bank services not going to happen.

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