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The Postal Service could raise $8.9 billion annually by offering reloadable debit cards, loans, remittances and other financial services products that target the underbanked, according to a report issued Monday by the agency's Office of Inspector General.
January 27 -
The proposal to let the U.S. Postal Service become a bank is a hard sell, but the idea has legs for political, legal and business reasons. Here are answers to the top questions about the provocative idea.
February 13 -
David Williams, the U.S. Postal Service's inspector general, defends a proposal that the Postal Service should get into banking that has come under fire from many in the financial industry.
March 28
The U.S. Postal Service's inspector general
The office is looking for research on ways for the post office to expand its offerings to include alternative financial services, such as check cashing and mobile payments.
The research would take a closer look at the types of products that could be offered at postal branches. It would also assess implementation strategies, including potential partnerships with a single bank or "multiple financial institutions based on region or product."
"In laying out potential plans of action and analyzing the pros and cons of each one, the [inspector general's office] aims to inform the Postal Service and other stakeholders as they consider how to move forward," the office said in its request.
The research would serve as a follow up to a controversial
The proposal sparked a fierce debate within the industry. Liberal lawmakers, including
But postal banking has so far failed to gain traction among bankers. Shortly after the IG's proposal was released, Cam Fine, the chief executive of the Independent Community Bankers of America, called it the "worst idea since t
The deadline for the proposals is Nov. 18.
