NAFCU statement on proposal to expand USPS to include financial services
WASHINGTON, DC (July 24, 2014) — National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to the introduction today of the “Providing Opportunities for Savings, Transactions, and Lending Act (POSTAL Act), by Rep. Cedric Richmond, D-La., to include basic financial services in the United States Postal Service (USPS).
“Though well-intended, the proposal to expand financial services through USPS could have unintentional effects on credit unions and consumers,” said Hunt. “As not-for-profit, member-focused financial institutions, credit unions have been long-recognized for their low fees, competitive rates and exceptional member service. Credit unions are solid financial resources for their local communities and also offer many services for the underbanked.”
Rep. Richmond’s bill would give USPS the authority to offer checking, savings and small loans and other financial services.
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.