POSTAL Act of 2017

Bill: 115-hr-3617
Sponsor: full_name: Rep. Richmond, Cedric L. [D-LA-2]
Introduced: 2017-07-28
Policy area: Government Operations and Politics
Subjects: Bank accounts, deposits, capital

Executive agency funding and structure

Financial services and investments

Postal service

U.S. Postal Service
Latest action: action_date: 2017-07-28
text: Referred to the House Committee on Oversight and Government Reform.

Summaries:
action_date: 2017-07-28
action_desc: Introduced in House
text: <p><b>Providing Opportunities for Savings, Transactions, and Lending Act of 2017 or the POSTAL Act of 2017</b></p> <p>This bill expands the specific powers of the U.S. Postal Service (USPS) to include the provision of basic financial services, including: (1) small-dollar loans; (2) checking accounts, interest-bearing savings accounts, and services relating to international money transfers, each of which may be provided by the USPS alone or in partnership with depository institutions and credit unions; (3) other basic financial services as appropriate in the public interest; and (4) the creation of a Postal Card that allows users to engage in such financial services.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3617 IN THE HOUSE OF REPRESENTATIVES July 28, 2017 Mr. Richmond (for himself, Mr. Grijalva , Mr. Conyers , Ms. Kaptur , Mr. Blumenauer , and Mr. Rush ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To amend title 39, United States Code, to provide that the United States Postal Service may provide certain basic financial services, and for other purposes.

1. Short title This Act may be cited as the Providing Opportunities for Savings, Transactions, And Lending Act of 2017 or the POSTAL Act of 2017 . 2. Authority for the Postal Service to offer certain financial services (a) In general Section 404(a) of title 39, United States Code, is amended— (1) in paragraph (7), by striking and at the end; (2) in paragraph (8), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following new paragraph: (9) to provide basic financial services, including— (A) small-dollar loans; (B) alone, or in partnership with depository institutions (as defined under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) and credit unions— (i) checking accounts and interest-bearing savings accounts; and (ii) services relating to international money transfers; (C) such other basic financial services as the Postal Service determines appropriate in the public interest; and (D) the creation of a Postal Card that allows users to engage in the financial services described under this paragraph. . (b) Technical and conforming amendment Section 404(e)(2) of title 39, United States Code, is amended by adding at the end the following: The preceding sentence shall not apply to any financial service offered by the Postal Service under subsection (a)(9). .