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HR 5816 115th Congress House Government Operations and Politics Bank accounts, deposits, capital Financial services and investments Interest, dividends, interest rates Postal service U.S. Postal Service

Postal Banking Act

Introduced: May 15, 2018 Introduced by: Clarke, Yvette D. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 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.
May 15, 2018
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now May 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.

 Committees of jurisdiction 2