House GOP Demands Info About ‘Secret’ Postal Banking Pilot

Key House Republicans want to know why the U.S. Postal Service “quietly” launched a banking pilot program without consulting with members of Congress.

“As you know, we strongly object to the concept of postal banking, and the Postal Service lacks the statutory authority to expand its non-postal banking services absent Congressional approval,” House Oversight and Reform Committee ranking Republican James Comer of Kentucky and House Financial Services Committee ranking GOP member Patrick McHenry of North Carolina wrote in a letter to Postmaster General Louis DeJoy on Friday.

Banker–But No CU Official–to Testify at House Competition Hearing

A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks.

The Sept. 29 hearing of the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee, will not feature a representative of the credit union industry.