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Postal Unions Support Move to Offer Non-Banking Financial Services Through the USPS

The National Postal Mail Handlers Union has joined with the three other postal unions (NALC, NRLCA, and APWU) to announce their support for offering non-banking financial services through the U.S. Postal Service.  The postal unions are part of a broad coalition of supporters for expanding USPS financial services, to include faith-based organizations, financial reform advocates, civil rights groups, and community organizations.

In making the announcement, NPMHU National President John Hegarty said that “the time is now to offer financial services to the underserved, some tens of millions who have been exploited by ‘prey-day’ lenders to the tune of almost 90 billion dollars in 2012.”  This equates to one out of four workers nationwide.  These underserved families are middle class and poor workers, as well as the unemployed still hurting from the worst economic times in recent history.

Foreign postal systems for many years have offered financial services to the underserved, similar to what our own Postal Service did from 1911 to 1967.  There is little reason that such services cannot be offered by the Postal Service once again.

A report released last year by the USPS Inspector General called Providing Non-Bank Financial Services for the Underserved explains how an expansion of financial services would fill a great social need and strengthen the finances of the entire Postal Service.

With this unique coalition, we will work together to break the predatory grip of lenders who prey on those who can least afford it, and offer financial services that will help the Postal Service stay viable and, just as important,  assist the underserved.

The National Postal Mail Handlers Union stands together with our sister Unions and our newly formed coalition.  We look forward to moving this expansion of USPS financial services from an idea to reality.

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