ICBA told Congress that postal banking is not the solution to reaching more unbanked Americans and lawmakers should reject such proposals.
Issue Brief: In the first issue brief in a three-part series, ICBA said community banks are committed to bringing all members of their communities into the banking system, but postal banking would merely jeopardize the U.S. Postal Service’s core mission.
Pushing Back: ICBA has consistently opposed postal banking, including in an open letter to Congress earlier this year.
Making News: A recent Pennsylvania Association of Community Bankers letter to the editor of the Pittsburgh Post-Gazette notes that postal banking would neither increase financial inclusion nor improve USPS financial stability.
Next: Future ICBA issue briefs will focus on how the USPS is unfit for the inherent risk of financial services and how more realistic alternatives to postal banking would more successfully reach the unbanked.