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Filer's post office could provide banking services to the community, which otherwise no longer has a bank branch. Photo by Madeline Bumstead Need any stamps today? How about some cash or a loan? That’s what might happen in rural Idaho post offices, in a move that could both help the post offices survive and bring banking services to unbanked communities. The Postal Banking Act was announced last fall by Sens. Kirsten Gillibrand, D-NY, and Bernie Sanders, I-Vermont. It passed the House and died in the Senate, but legislators are considering bringing it back. “The Postal Banking Act would strengthen the Postal Service by establishing a nonprofit bank offering low-cost checking and savings accounts, (automated teller machines), mobile banking and low-interest loans,” according to Gillibrand’s website. “According to a report from the (United States Postal Service) Inspector General, this proposal would create $9 billion in revenue for the Postal Service each year.” In ad ....
Sen. Gillibrand calls on Congress to initiate a postal banking pilot program Gillibrand is asking Congress for $6 million to test whether a non-profit bank located in a post office would help customers in underserved communities. Author: Nate Benson (WGRZ) Updated: 11:33 PM EDT April 15, 2021 WASHINGTON, D.C., DC U.S. Senator Kirsten Gillibrand called on Congress to fund a pilot program that would implement a postal banking system. In 2015, the US Postal Service Office of the Inspector General found that offering these expanded financial services at the US Postal Service would generate $1.1 billion in annual revenue for the US Postal Service after five years, Gillibrand said during a news conference Thursday in Washington D.C. ....
Banking can be expensive, especially for low-wage workers. A score of California lawmakers has signed on to a new bill designed to offer Golden State households free financial services, taking on the state’s powerful banks at a time when easier access to banking services could help families cope with the economic fallout of the COVID-19 pandemic. If it passes, the California Public Banking Option Act would create BankCal, the first state government program in the nation to offer universal consumer banking, according to financial policy experts. The program would provide no-fee debit cards, direct deposits from employers and government agencies, electronic bill payment and ATM access, directly competing with private banks. ....
California banking bill to offer free services amid COVID-19 - The San Diego Union-Tribune sandiegouniontribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegouniontribune.com Daily Mail and Mail on Sunday newspapers.
California Tackles Banking Accessibility With New Bill California has a new bill designed to offer households free financial services, taking on the state s powerful banks at a time when easier access to banking services could help families cope with the COVID-19 pandemic. by Margot Roosevelt, Los Angeles Times / April 6, 2021 Banking can be expensive, especially for low-wage workers. A score of California lawmakers has signed on to a new bill designed to offer Golden State households free financial services, taking on the state s powerful banks at a time when easier access to banking services could help families cope with the economic fallout of the COVID-19 pandemic. ....