The perpetually-struggling U.S. Postal Service has bankers in a tizzy after floating a plan to branch into what it called "non-bank financial services" that somehow sound a lot like what lenders do.
In a white paper distributed late last month, the Postal Service's inspector general discussed getting into an array of financial services as a means of keeping the money-losing mail operation afloat. Payday loans, check cashing and digital currency exchanges were among the possibilities outlined in the Jan. 27 report.
“The Office of Inspector General is not suggesting that the Postal Service become a bank or openly compete with banks,” the paper’s executive summary reads. “To the contrary, we are suggesting that the Postal Service could greatly complement banks’ offerings.”
The 27-page document also notes that as the country moves toward a cashless economy, the Postal Service could also provide simple ways for underserved consumers to ...