Postal Service to Offer Low-Cost Banking and Small Loans.
This Act authorizes the U.S. Postal Service (USPS) to provide essential financial services, including low-cost checking and savings accounts, and small-dollar loans up to $500. The goal is to offer safe, affordable financial products, particularly to citizens who currently rely on expensive alternatives like payday lenders or check-cashing services. USPS must ensure competitive interest rates on savings and strict, low limits on loan costs.
Key points
USPS can offer small loans up to $500 (max $1,000 annually) with interest rates strictly capped at 101% of the Treasury 1-month rate.
Introduction of small checking and interest-bearing savings accounts (up to $20,000) with savings rates guaranteed to match or exceed the national FDIC rate.
Access to transactional services like debit cards, ATMs, check cashing, and money transfers, making basic banking accessible nationwide.
These services must be provided exclusively by the Postal Service, without private bank partnerships, to prioritize public interest and customer access.
Status:
Expired
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