UPDATE: POST OFFICE DOES BANKING FOR MAIN STREET
USPS = BANK Partner with PUBLIC to make a critical difference for millions of Americans WITH NO BANKING OPTIONS
PO BANKING = 68 million Americans = 25% of American Households
25% of Americans have no checking or savings account
PO BANKING = $89 Billion on interest and fees on payday loans and check cashing
PO BANKING = Avg $2,412 Interest/Household = 10% of Annual Income = same as FOOD
10% of income on INTEREST = More than a Month of Income on INTEREST
INTEREST = TRAPS the poor at the bottom of the economic ladder.
Remarkable report on the USPS offering basic banking services
PO BANKING = bill paying, check cashing, small loans to its customers.
USPS = AVOID sky-high interest rates and tricks and traps in the loan’s fine print.
Michael Barr, assistant secretary of the Treasury and law professor at University of Michigan = Pushed USPS Banking
FDIC Chair Sheila Bair = commonsense rules to protect consumers and ensure that payday lenders are held accountable.
Postal Service offering basic banking services = bill paying, check cashing and small dollar loans = Affordable financial services for underserved families
USPS = Shore up its own financial footing like MANY OTHER COUNTRIES
The report = worth reading David Dayen’s article in the New Republic
Post Office Become a Bank: Obama can save USPS and ding check-cashing joints
Postal Service = 5OO,OOO PEOPLE = an issue WARREN believes in spending a lot of time working on to SAVE FAMILIES FUTURES.”
POST OFFICE PRIVATIZATION = ANOTHER GOP SCAM FOR $35 PER LETTER DELIVERY
POST OFFICE WOULD HAVE MADE $1.5 BILLION WITHOUT GOP 75 YEARS OF PRE-FUNDING OF PENSIONS IN ONLY 10 YEARS!
RECEIVES NO TAX DOLLARS FOR OPERATIONS
RUN AS AN INDEPENDENT AGENCY
FORCED BY GOP TO PRE-FUND 75 YEARS OF PENSIONS IN ONLY 10 YEARS