,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #bgee  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #be1    
#bjah,mrs4 ,gillibrand introduced the   
following bill2 which was read twice and
 referred to the ,committee on ,homeland
 ,security and ,governmental ,affairs   
,a ,,bill  ,to amend title #ci1 ,united 
,states ,code1 to provide that the      
,united ,states ,postal ,service may    
provide certain basic financial         
services1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,postal ,banking ,act4  #b4         
,authority for the ,postal ,service to  
offer certain financial services  7a7   
,in general ,section #djd of title #ci1 
,united ,states ,code1 is amended--     
7#a7 in subsection 7a7-- 7,a7 in        
paragraph 7#g71 by striking and at the  
end2  7,b7 in paragraph 7#h71 by        
striking the period at the end and      
inserting a semicolon2 and  7,c7 by     
adding at the end the following3  7#i7  
to provide basic financial services1    

including-- 7,a7 low-cost1 small-dollar 
loans1 not to exceed #ejj at a time1 or 
#a1jjj from #a year of the issuance of  
the initial loan1 as adjusted annually  
by the ,postmaster ,general to reflect  
any change in the ,consumer ,price      
,index for ,all ,urban ,consumers of the
 ,department of ,labor2  7,b7 alone1 or 
in partnership with depository          
institutions1 as defined in section #c  
of the ,federal ,deposit ,insurance ,act
 7#ab ,u4,s4,c4 #ahac71 and ,federal    
credit unions1 as defined in section    
#aja of the ,federal ,credit ,union ,act
 7#ab ,u4,s4,c4 #ageb71 small checking  
accounts and interest-bearing savings   
accounts1 not to exceed the greater of--
  7i7 #bj1jjj per account2 and  7ii7 #be
 percent of the median account balance  
reported in the ,federal ,deposit       
,insurance ,corporation's quarterly     
,consolidated ,reports of ,condition and
 ,income2  7,c7 transactional services1 
including debit cards1 automated teller 
machines1 online checking accounts1     

check-cashing services1 automatic       
bill-pay1 mobile banking1 or other      
products that allows users to engage in 
the financial services described in this
 paragraph2  7,d7 remittance services1  
including the receiving and sending of  
money to domestic or foreign recipients2
 and  7,e7 such other basic financial   
services as the ,postal ,service        
determines appropriate in the public    
interest2  7#aj7 to set interest rates  
and fees for the financial instruments  
and products provided by the ,postal    
,service that--  7,a7 ensures that the  
customer access to the products and the 
public interest is given significant    
consideration2  7,b7 ensures that       
interest rates on savings accounts are  
at least #ajj percent of the ,federal   
,deposit ,insurance ,corporation's      
weekly national rate on nonjumbo savings
 accounts2 and  7,c7 ensures that the   
total interest rates on small-dollar    
loan amounts-- 7i7 are inclusive of     
interest1 fees1 charges1 and ancillary  

products and services2 and  7ii7 do not 
exceed #aja percent of the ,treasury #a 
month constant maturity rate2 and  7#aa7
 allow capitalization of an amount      
deemed necessary by the ,postmaster     
,general that serve the purpose of this 
section1 through of an account separate 
from products not included or allowed in
 this section1 for the purposes of      
enacting the provisions of this section4
  2 and  7#b7 by adding at the end the  
following3  7f7 ,any net profits from   
services provided under this section    
that are not greater than the amount of 
initial capitalization--  7#a7 shall be 
reported separately from mail service   
and delivery2  7#b7 in the case of any  
amount appropriated1 shall be returned  
to the general fund of the ,treasury not
 later than #i years after the date of  
enactment of this subsection2 and  7#c7 
may be repaid to the offering           
organization or organizations if the    
,postmaster ,general determines that the
 services provided in this subsection   

are not reduced as a result4  4  7b7 ,no
 bank charter ,the ,united ,states      
,postal ,service shall not be granted a 
bank charter1 become an insured         
depository institution1 as defined in   
section #c of the ,federal ,deposit     
,insurance ,act 7#ab ,u4,s4,c4 #ahac71  
or engage in traditional banking        
activities such as lending4  7c7 ,,ucc  
,the ,united ,states ,postal ,service   
shall be subject to the provisions of   
article #d of the ,uniform ,commercial  
,code4  7d7 ,regulations ,the           
,postmaster ,general1 in consultation   
with the ,secretary of the ,treasury1   
the ,bureau of ,consumer ,financial     
,protection1 and the ,federal banking   
agencies1 shall promulgate regulations  
carrying out this ,act and the          
amendments made by this ,act4  7e7      
,technical and conforming amendment     
,section #djd7;e77#b7 of title #ci1     
,united ,states ,code1 is amended by    
adding at the end the following3 ,the   
preceding sentence shall not apply to   

any financial service offered by the    
,postal ,service under subsection       
7a77#i744  7f7 ,rule of construction    
,the services offered by the ,united    
,states ,postal ,service under section  
#djd of title #ci1 ,united ,states      
,code--  7#a7 shall be considered       
permissible non-banking activities in   
accordance with section #bbe4bh of title
 #ab1 ,code of ,federal ,regulations2   
and  7#b7 shall not be considered the   
business of banking under the seventh   
paragraph of section #eacf of the       
,revised ,statutes 7#ab ,u4,s4,c4 #bd74