More reasons we need postal banking


Dear Chris,



Wells Fargo Scandal: One More Reason We Need Postal Banking

The recent Wells Fargo scandal, involving the nation’s third largest bank, revealed more than two million accounts and credit cards were opened largely without the knowledge of its customers. And, more recently, we learned the bank leads the industry in overdraft fee revenue.

This is more evidence of the need for an alternative to the big banks. Consumers want, need and deserve access to fair, non-profit and affordable financial services. With more than 30,000 locations across the country, a mission to serve the public and accountability to the people of the United States – rather than shareholders – the U.S. Postal Service can do the job.

Consumer Financial Protection Under Attack

After the devastating 2008 financial crisis, Congress passed the Dodd-Frank Act that led to creation of the Consumer Financial Protection Bureau (CFPB). The Bureau has protected consumers and held big banks accountable. The CFPB recently fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized customer accounts, and they're scheduled to issue rules on overdraft charges in 2017.

Proposed legislation that would significantly weaken the CFPB is now pending in both houses of Congress. And Steven Mnuchin, Treasury Secretary nominee, is in favor of destroying at least certain aspects of the Dodd-Frank Act which could eliminate the agency itself.

The incoming administration and Congress should resist big business interests that want to see a weakened agency and fewer protections for consumers. Click here to sign a petition to defend the CFPB.

Payday Lenders on the Run

In the first few weeks of the 2017 legislative session, lawmakers in several states and localities are introducing legislation to curb the abusive practices of payday lenders. Legislators are working on or have introduced legislation in Virginia, Alabama, Nebraska, Ohio, New Mexico, Delaware, Missouri, and Utah.

This comes at a time when 9 million Americans are without a bank account and 24 million more are underbanked and dependent on the predatory "alternative financial services" market. And, in California, a study conducted by the state found that payday lenders had concentrated their store fronts in poorer areas.

Our mailing address is:
PO Box 34492
Washington, DC 20043-4492
Phone: 202 842-8589
Email: [email protected]
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