Mobile Menu - OpenMobile Menu - Closed

Cummings Praises IG Proposal for Post Offices to Expand Financial Services

May 21, 2015
Press Release

Cummings Praises IG Proposal for Post Offices to Expand Financial Services

 

Washington, D.C. (May 21, 2015)—Today, Rep. Elijah E. Cummings, the Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to a new White Paper by the Postal Service Inspector General that examines five potential approaches the Postal Service could take to expand its financial service offerings:

“This White Paper makes clear that the Postal Service could generate new revenue by offering an expanded range of financial products and services that American consumers want.  As part of our ongoing Middle Class Prosperity Project, Senator Elizabeth Warren and I convened a forum in Baltimore this month to examine consumer access to financial services, and the results are worrisome—currently, one in five American households are ‘under-banked’ and obtain financial services from alternative entities such as liquor stores and pay day lenders.  New authority for the Postal Service to offer financial products and services should be included in comprehensive postal reform this year.”

Last Congress, Cummings introduced the Innovate to Deliver Act, which would have authorized the Postal Service to provide an expanded range of innovative services, including financial services, and required the creation of a Chief Innovation Officer position at the Postal Service. 

 

114th Congress