,,ii #aafth ,,congress #b;d ,session ,s4 #dfad ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #ag1 #bjbj,mrs4 ,gillibrand 7for herself and ,mr4 ,sanders7 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 #djd7;a7 of title #ci1 ,united ,states ,code1 is amended-- 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 small dollar lending servicing1 which shall ensure that the customer's access to the products and the public interest is given significant consideration2 and 7,c7 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,d7 transactional services1 including debit cards1 automated teller machines1 online checking accounts1 check-cashing services1 automatic bill-pay1 mobile banking1 or other products or partnerships that allow users to engage in the financial services described in this paragraph2 7,e7 remittance services1 including the receiving and sending of money to domestic or foreign recipients2 and 7,f7 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 to provide all financial products and services in subsection 7a7 exclusively1 ensuring that the customer's access to the products and the public interest is given significant consideration1 and not through a partnership or contract with private institutions1 including insured depository institutions4 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 for the purpose of capital requirements4 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 7#a7 ,in general ,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 7#b7 ,federal ,reserve ,act ,section #aa of the ,federal ,reserve ,act is amended-- 7,a7 by redesignating the second subsection 7s7 7relating to assessments1 fees1 and other charges for certain companies7 as subsection 7t72 and 7,b7 by adding at the end the following3 7u7 ,funding for ,postal financial services ,the ,board1 in consultation with the ,chairman of the ,board and the ,postmaster ,general1 shall transfer to the ,postmaster ,general such sums as may be necessary to carry out the services described in section #djd7;a77#i7 of title #ci1 ,united ,states ,code1 which shall-- 7#a7 be sufficient to ensure that the products described in that section shall substantially decrease the number of people who do not have a bank account or use alternative financial products such as payday lending1 check cashing1 prepaid debt cards1 and overdraft fees2 and 7#b7 be provided to the ,postmaster ,general through of an account separate from products not included or allowed under section #djd of that title4 4 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 7g7 ,,gao report ,the ,comptroller ,general of the ,united ,states shall submit to ,congress an annual report that includes the demographics1 number of participants1 and average balances and uses for all products described in paragraphs 7#i7 and 7#aj7 of section #djd7;a7 of title #ci1 ,united ,states ,code1 as added by subsection 7a7 of this section4