In light of a recently released white paper that suggested the Post Office (USPS) get into the banking business, the banks are pushing back hard against the idea, which would involve USPS using its ubiquitous outposts to offer a limited selection of banking services.
While supporters of the idea, including Sen. Elizabeth Warren (D-Mass.), argue that USPS could provide low-income customers an alternative to payday loan and check-cashing businesses, critics have pointed out that the Post Office has no experience in banking and is perceived by many as being incompetent in the responsibilities it already has.
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