House Passes Postal Banking Pilot Program

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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.