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Autumn

(46,508 posts)
Tue Feb 4, 2014, 09:02 AM Feb 2014

Elizabeth Warren Proposes Replacing Payday Lenders With The Post Office

That woman

http://thinkprogress.org/economy/2014/02/03/3239261/elizabeth-warren-post-office-financial-services/

The Postal Service (USPS) could spare the most economically vulnerable Americans from dealing with predatory financial companies under a proposal endorsed over the weekend by Sen. Elizabeth Warren (D-MA).

“USPS could partner with banks to make a critical difference for millions of Americans who don’t have basic banking services because there are almost no banks or bank branches in their neighborhoods,” Warren wrote in a Huffington Post op-ed on Saturday. The op-ed picked up on a report from the USPS’s Inspector General that proposed using the agency’s extensive physical infrastructure to extend basics like debit cards and small-dollar loans to the same communities that the banking industry has generally ignored. The report found that 68 million Americans don’t have bank accounts and spent $89 billion in 2012 on interest and fees for the kinds of basic financial services that USPS could begin offering. The average un-banked household spent more than $2,400, or about 10 percent of its income, just to access its own money through things like check cashing and payday lending stores. USPS would generate savings for those families and revenue for itself by stepping in to replace those non-bank financial services companies.

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Elizabeth Warren Proposes Replacing Payday Lenders With The Post Office (Original Post) Autumn Feb 2014 OP
Wonderful proposal. Aristus Feb 2014 #1
what a simple, humane and helpful idea for EW to suggest! CTyankee Apr 2014 #2

Aristus

(68,522 posts)
1. Wonderful proposal.
Tue Feb 4, 2014, 10:21 AM
Feb 2014

But the Satanically evil payday industry is gonna hate it.

If it gets out of committee, I will be very much surprised...

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