In mid-September, Sens. Kristen Gillibrand (NY) and Bernie Sanders (VT) reintroduced legislation aimed at amending Title 39, Section 404(a).
Known as the “Postal Banking Act”, this bill would allow the USPS® to provide “certain basic financial services” in post offices including “low-cost, small-dollar loans not to exceed $500 at a time…” and “small checking accounts and interest-bearing savings accounts.”
While the bill does not have enough support to pass in the current Congress, it may be reconsidered next year – though it is still considered highly unlikely to pass.
To read the proposed bill, click here: https://www.gillibrand.senate.gov/imo/media/doc/Postal%20Banking%20Act%202020%20Bill%20Text.pdf
