NAFCU statement on USPS Inspector General Report recommending USPS expansion into financial services

WASHINGTON, DC (May 21, 2015) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alicia Nealon issued the following statement regarding the U.S. Postal Service Office of Inspector General’s (OIG) White Paper recommending that the Postal Service begin offering financial services. 

“Though well-intended, the proposal to expand financial services through USPS could have unintentional effects on credit unions and consumers and we would oppose this move,” said Nealon. “As not-for-profit, member-focused financial institutions, credit unions have a long track record of providing exemplary financial services at low fees, competitive rates and with exceptional member service.  Among their nearly 100 million members, credit unions already reach many underserved and rural areas. NAFCU and our members firmly believe that consumers are best served by institutions that can offer a full range of financial services and establish relationships with them, as credit unions do.” 

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.

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