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The U.S. Postal Service's inspector general released a report Thursday listing five potential approaches the service could take to expand financial services in locations where low-income or underserved consumers have little or no access to traditional banks.

The report, "The Road Ahead for Postal Financial Services," is a follow-up to a report the IG released in January 2014 suggesting that the USPS offer financial services.

The first approach the report lists expands the products USPS already offers under its existing legal authority. For example, payroll check cashing, domestic money transfers between post offices, bill payment services and international money transfers to additional countries.

The other approaches, the report states, involve broader, more-complex products, "some of which might be outside" USPS's current legal authority. Two approaches look at ways USPS could partner with banks or credit unions. The fourth involves creating a marketplace allowing multiple providers to offer products in an attempt to spur competition. The fifth envisions USPS having its own "full-fledged post bank," the report states.

NAFCU has concerns about this proposal. "Though well-intended, the proposal to expand financial services through USPS could have unintentional effects on credit unions and consumers, and we would oppose this move," said Alicia Nealon, NAFCU's director of regulatory affairs. "As not-for-profit, member-focused financial institutions, credit unions have a long track record of providing exemplary financial services at low fees, competitive rates and with exceptional member service.

"NAFCU and our members firmly believe that consumers are best served by institutions that can offer a full range of financial services and establish relationships with them, as credit unions do," she added.