MADISON, Wis. (2/7/13)--When the U.S. Postal Service announced Wednesday it will stop delivering mail on Saturdays, beginning the week of Aug. 5, Credit Union National Association staff began to assess what that might mean for credit unions' operations.
CUNA's regulatory staff are looking into whether any federal regulation requiring that disclosures, periodic statements, or notices be received at the credit union within a certain number of days would become problematic if Saturday mail delivery ended.
Late last year, the Postal Regulatory Commission asked CUNA for help in distributing a request for comments on how well the postal service has been fulfilling its role.
Many credit unions have been encouraging members to wean themselves from paper statements and mailed payments by accepting electronic communications from their credit union.
The Postal Service's announcement is viewed by some as an attempt to force Congress to deal with the service's financial woes (Los Angeles Times and The Washington Post Feb. 6). Congress has resisted past attempts to eliminate Saturday delivery.
At least one credit union is adopting a wait-and-see position before it makes any operational decisions. "Congress and the government have not chimed in yet," said Darryl Belinski, CEO of Trenton, N.J.-based Postal Employees CU. The Saturday delivery deadline "is six months from now, and a lot can happen in that time.
"It's way too premature to deal with anything that might be done. It took [Congress and the government] long enough to deal with the fiscal cliff," he told News Now. "As the date gets closer, we'll deal with it."
Members at the $44 million asset credit union have not expressed concern about missing a Saturday delivery. As for an impact on its operations, Belinski said, "We're closed on weekends so it won't impact us."
The Postal Service lost $16 billion in fiscal 2012, about three times more than in 2011. Ending Saturday deliveries would save about $2 billion a year. Nearly seven in 10 Americans support the switch, said officials. Package delivery on Saturdays would continue.