S 3891
Postal Banking Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Postal Banking Act would allow the U.S. Postal Service to offer basic financial services to the public, including low-dollar loans, checking and savings accounts, and remittance services. The USPS would not become a bank but would be subject to the Uniform Commercial Code. The bill aims to provide access to financial services for underserved communities and reduce reliance on alternative financial products like payday loans. It also establishes a mechanism for funding these services and requires regular reporting on program participation and usage.
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