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NAFCU thanks Toomey for pushing back on USPS providing banking services
NAFCU Vice President of Legislative Affairs Brad Thaler Monday wrote to Senate Banking Committee Ranking Member Pat Toomey, R-Pa. to share appreciation for his leadership in prohibiting the United States Postal Service (USPS) from offering banking services, through an amendment to H.R. 3076, the Postal Service Reform Act of 2022.
The USPS last September, quietly launched a banking pilot program that would allow customers to use payroll or business checks to purchase single-use gift cards of up to $500 at post office locations in four cities.
Representative Blaine Luetkemeyer, R-Mo., the Ranking Member of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, wrote to Postal Regulatory Commission (PRC) Chairman Michael Kubayanda last week, stating that the USPS pilot program has not been approved by the PRC and is in direct violation of the Postal Accountability & Enhancement Act (PAEA).
Of note, the Senate continues its consideration of the bipartisan Postal Service Reform Act of 2022 this week, which aims to improve the financial stability of the nation’s mailing service.
NAFCU will continue to reiterate the industry's concerns regarding the pilot program and provide updates on this issue via NAFCU Today.