Postal Banking Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 15, 2018)
Postal Banking Act
This bill grants the U.S. Postal Service (USPS) the power to provide basic financial services, including:
- low-cost, small-dollar loans, in specified amounts;
- small checking accounts and interest-bearing savings accounts in specified amounts, alone or in partnership with depository institutions and federal credit unions;
- transactional and remittance services; and
- other basic financial services in the public interest.
It grants the USPS the power to: (1) set interest rates and fees for the financial instruments and products provided by the USPS that meet specified requirements, and (2) allow capitalization of an amount deemed necessary by the USPS to finance the services provided by this bill.
The USPS: (1) shall not be granted a bank charter, become an insured depository institution, or engage in traditional banking activities such as lending; and (2) shall be subject to the provisions of the Uniform Commercial Code regarding bank deposits and collections.
What just happenedMay 15, 2018
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who’s behind it
- Introduced in HouseMay 15, 2018
- May 15, 2018IntroReferralH11100
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Financial Services Committee - May 15, 2018IntroReferralH11100
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oversight and Accountability Committee - May 15, 2018IntroReferralIntro-H
Introduced in House
- May 15, 2018IntroReferral1000
Introduced in House