Bankers balk as Postal Service floats plan for payday loans, Digital Currency

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 “convert their cash to digital currency” or other electronic payment methods like prepaid cards, mobile payments and wire transfers. Two days after the paper came out, the IG held an invitation-only seminar in Virginia to discuss virtual currencies such as Bitcoin, as well as the potential benefits and disruptive effects they may have on traditional payment networks. But officials insisted to that the Postal Service isn’t entering the world of virtual currency — or peer-to-peer payment systems not subject to regulation — just yet. More


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5 Responses to Bankers balk as Postal Service floats plan for payday loans, Digital Currency

  1. Steve says:

    Funny thing, many European countries have state-run postal services that have offered full-scale banking and financial services for decades… and their private banks are doing just fine and are just as profitable as always.

    Seems to me the banks in the US just don’t like the idea of competition… any competition that could cut into their already overinflated profits.

  2. will says:

    Sorry forgot to thank Bit coin….they were the first crypto currency and even the IRS will take Bitcoin for back taxes.
    What does that tell you???

  3. will says:

    Things like Dogecoin and Fedoracoin will make a few people rich

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