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US Postal Service Explores Providing Non-Bank Financial Services

The US Postal Service's Office of Inspector General has published a new white paper titled: "Providing Non-Bank Financial Services for the Underserved". From the Executive Summary:

The Postal Service is well positioned to provide non-bank financial services to those whose needs are not being met by the traditional financial sector. It could accomplish this largely by partnering with banks, who also could lend expertise as the Postal Service structures new offerings. The Office of Inspector General is not suggesting that the Postal Service become a bank or openly compete with banks. To the contrary, we are suggesting that the Postal Service could greatly complement banks’ offerings.

They conclude the introduction by writing: "There is a clear market need for innovative financial products, and millions of families would benefit from more affordable solutions. The Postal Service could be exactly what they are looking for."

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The postal service is losing money providing services for their core business why would they want to take on more responsibilities and become even less profitable.

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