Nearly 68 million Americans have limited or no access to financial services. Instead of banks, these mostly low-income individuals use check-cashing stores, payday lenders, and other financial services providers who gouge their customers.
Instead of partnering with predatory lenders, banks could partner with the USPS, which would treat customers more fairly. As the Inspector General's recent report says, “the Postal Service could greatly complement banks’ offerings,” promoting savings, expanding credit for the poor, and increasing revenue for the USPS.
Allowing the USPS to offer basic banking services would help level the playing field for millions of Americans and support one of the country's largest job creators. Best part: we don't need Congress. Lets make this a year of action.