Millions of Americans have fallen victim to predatory payday loans. Here is how we can break this vicious cycle:https://www.huffingtonpost.com/entry/kirsten-gillibrand-postal-banking-bill_us_5ae07f9fe4b07be4d4c6feae?ncid=engmodushpmg00000004 …
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The Post Office has 30,000 locations across the country, making this an efficient and elegant solution for the millions of “unbanked” and "underbanked" in communities with no options. This bill will cost taxpayers nothing, and will also strengthen the Post Office's finances.
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And, most importantly, this bill will help many low-income workers begin to save and accumulate wealth, empowering our underserved communities to build financial success for generations.
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The federal government has backed financial institutions directly & indirectly for decades with FDIC insurance, FHA backing, & bailouts. But those “for profit” banks have left too many behind. It's time to close the gap—and this time, no one will get rich on the taxpayers dime.
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This is a simple solution to a problem facing every state in this country. In 2006, payday loans were so bad that Congress had to pass a law to ban them from preying on military service members. We should offer the same protections to everyone with an alternative to endless debt.
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Financial services and payday lender lobbyists will fight this hard, but we need to fight harder. It's simple: we should put people above profit. Join this fight: Make sure your interests are represented in Congress and raise your voice.
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End of conversation
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Since when does $50 handle a utility bill or fix a car?
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you are going to make non-secured loans of $50 ? are you insane ? your default rates will be 75%
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What bank will do that? When was the last loan you applied for?
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I guess that 50-100 tax break in people’s pay is not crumbs then.
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Well you can put them out of business with lowering taxes more and people will get even higher wages and better jobs like the first cut did.
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If you think you can profitably lend to the poor cheaper than payday lending shops, why not do it with your money, not mine? At least when banks take risk, they bear some of it.
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This is very dangerous for the Post office,. People who take bank loans are vetted by banks. But if Post office starts giving loans away indiscriminately (pardon my choice of words), and people default on the loans, Post Office will go under even faster than projected right now.
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our soft elastic currency works a theft on each user of untold amounts. the duty of gov included secure borders and then just weights and measures. Gov has failed on both of the top 2 duties. USG has abandoned its' duty!
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History says that we had USPS had a banking system until 1966 when is was discontinued under LBJ. I know this because my parents and grandparents had postal saving accounts.
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You brought back some nightmares, not memories, but nightmares lol.
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