Postal Service to continue banking pilot opposed by credit unions
The U.S. Postal Service (USPS) is continuing its pilot financial services program even as its own regulatory commission is questioning its legality.
“No final determinations have been reached with regard to ending the pilot, or with
regard to any other potential steps that might be taken to modify the pilot,” the postal service said in response to a compliance report issued by the Postal Regulatory Commission (PRC).
In its report, the PRC reminded postal officials that it—and not the Postal Service—ultimately determines what products may be offered in Post Offices. “Any market test for an experimental product, including services ancillary to only competitive products, must be first reviewed and approved by the commission at least 30 days before initiating such tests,” the report stated.
The commission said it was requiring the Postal Service to file regular reports and that it would review the pilot if it lasts beyond the end of March.
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