The House passed an appropriations amendment which included $2mn for a postal banking pilot program; postal banking has gained momentum since the onset of the pandemic as members of the House believe it can help the underbanked gain access to the financial system; “As our nation reels from the dual COVID-19 public health and economic crisis, financial resilience and interconnectivity are more important than ever,” Marcy Kaptur, D-Ohio, said in a release according to American Banker. “With a branch in every rural and urban ZIP code and trusted by all Americans, the Postal Service must provide a financial lifeline to those in need.”; the program faces an uphill battle from lawmakers across the aisle and from the banking industry who does not believe the postal service is equipped to become a financial services provider. American Banker.
