May 22, 2014

Issa slams USPS banking idea

May 23, 2014 – House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., during a hearing Thursday sharply criticized the suggestion from the U.S. Postal Service's inspector general that the agency expand to provide non-bank financial services.

The Oversight and Government Reform Subcommittee on the Federal Workforce, U.S. Postal Service and Census held a hearing on examining innovative postal products, including digitizing mail items and allowing consumers to opt-out of certain hardcopy. During the hearing, Issa continued to promote his comprehensive postal reform proposal – based in part on President Obama's budget proposal – which would make permanent a temporary increase in the price of stamps and other postal rates and could open the door to the Postal Service rolling back Saturday delivery. While a mark-up of this legislation was originally scheduled for earlier this month, lack of consensus on several issues has hampered efforts to bring the bill to a committee vote.

NAFCU has been monitoring the postal reform debate, concerned about the impact higher rates and fewer delivery days could have on credit union operations.

While the inspector general's proposal about financial services has generated debate on the Hill and concern from NAFCU, it is not expected to be included in the postal reform effort at this time.