Newsroom
February 05, 2014
Warren, colleagues support USPS banking
Feb. 6, 2014 – Sen. Elizabeth Warren, D-Mass, and other Democrats have expressed support for the idea of the U.S. Postal Service offering financial services and products such as prepaid cards and small loans.
The USPS Office of Inspector General recently put out a white paper suggesting the agency offer financial services – pointing out that the agency could earn $9 billion by targeting underbanked customers. The Hill quoted Warren as well as Sen. Bernie Sanders, I-Vt., in support of the idea and cited legislation from Rep. Elijah Cummings, D-Md., that would authorize the USPS to move forward.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt responded, "Credit unions already offer excellent loan products and savings mechanisms for their members, and consumers are best served by institutions that can offer a full range of financial services and establish relationships with their members. Credit unions are known for their strong ties to communities and dedication to serving the underbanked."
The Hill quoted several Republican lawmakers and the CEO of the Independent Community Bankers of America, Camden Fine, questioning the agency's aptitude for banking, as well as the likelihood that banking would help the agency recover its significant losses in the past few years.
The USPS offered a saving system for consumers from 1911 until the 1960s, when it closed due to lack of demand.
The USPS Office of Inspector General recently put out a white paper suggesting the agency offer financial services – pointing out that the agency could earn $9 billion by targeting underbanked customers. The Hill quoted Warren as well as Sen. Bernie Sanders, I-Vt., in support of the idea and cited legislation from Rep. Elijah Cummings, D-Md., that would authorize the USPS to move forward.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt responded, "Credit unions already offer excellent loan products and savings mechanisms for their members, and consumers are best served by institutions that can offer a full range of financial services and establish relationships with their members. Credit unions are known for their strong ties to communities and dedication to serving the underbanked."
The Hill quoted several Republican lawmakers and the CEO of the Independent Community Bankers of America, Camden Fine, questioning the agency's aptitude for banking, as well as the likelihood that banking would help the agency recover its significant losses in the past few years.
The USPS offered a saving system for consumers from 1911 until the 1960s, when it closed due to lack of demand.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.