What is Postal Banking? Allowing post office banking services could benefit low income areas, communities of color
Allowing post office banking services could benefit low income areas, communities of color Advocates say that postal banking systems would help low-income individuals and communities of color. 2012 data from Pew found that African-Americans are 105 percent highter to use payday loans than other races and ethincities.
Introduced to a federal appropriations bill, the amendment expresses the House’s support for the postal service exercising its existing statutory authority to offer a wider range of postal financial services. The Postal Service could, without a change in law, expand its money order services, allow customers to cash checks and pay bills at the post office, install ATMs, and expand and enhance wire transfer services.
Congress Is Sabotaging Your Post Office . The Postal Service was once one of the world’s most impressive institutions.. $9 billion into the post’s coffers. Postal banking could even unite.
This post. unions could demand that their employers establish public banks to create a public banking sector that supports local economic development rather than Wall Street bonuses. The Postal.
The idea was revived this past April, when Senator Kristen Gillibrand (D-NY) introduced a bill to create a postal bank that would "effectively end predatory payday lending industry practices overnight by giving low-income Americans, particularly communities of color and rural communities, access to basic banking services that they currently.
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Introducing the amendment on the House floor, Pascrell emphasized the reason for bipartisan agreement for expanded postal financial services: "Ninety percent of zip codes lacking a bank or credit union are in rural areas. Bank branches are also sparse in low income urban areas.
Postal Banking’s Public Benefits. It is the federal government that enables banks, through low-cost federal deposit insurance, to use other people’s money with minimal risk. Banks also have direct access to money held at the Federal Reserve at low interest (not to mention the "discount window" loans).
Postal banking would be particularly helpful for people living in rural areas and First Nations communities, few of which have bank branches, and for low-income people in cities, including the close to two million people per year who use payday lenders.