Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA: CUs, not USPS, best to serve communities' financial services needs
WASHINGTON (1/29/14)--The Credit Union National Association has strong reservations about the U.S. Postal Service's potential move to provide financial services to underserved communities, and questions why the postal service would step into such a role.
 
The CUNA comments follow this week's release of a USPS Inspector General white paper which noted that "postal financial services may appeal to many customers who feel abandoned by major financial institutions." The USPS paper noted that many international postal service providers are already garnering significant new revenue through providing financial services. Providing such services could bring in $8.9 billion per year in new revenues, according to the white paper.
 
CUNA General Counsel Eric Richard said some credit unions would be happy to explore possible creative partnerships with USPS or anyone else who can help bring financial services to more people at less cost. "But, to the extent that the goal here is more profit for USPS, there could be some problems," he said.
 
"The field of financial services is already extremely crowded and competitive, and credit unions already provide a cooperative, not-for-profit alternative that benefits consumers, including many who would otherwise be unbanked. This is not an area in which there is a lot of low-hanging fruit that others have not picked," Richard noted.
 
For the full USPS white paper, use the resource link.
RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
10 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
13 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
14 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
15 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
16 hours ago