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H.R. 5179 (113th): POSTAL Act of 2014

The text of the bill below is as of Jul 23, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 5179

IN THE HOUSE OF REPRESENTATIVES

July 23, 2014

(for himself, Mrs. Kirkpatrick, Ms. Kaptur, Ms. Lee of California, and Ms. Linda T. Sánchez of California) introduced the following bill; which was referred to the Committee on Oversight and Government Reform

A BILL

To amend title 39, United States Code, to provide that the United States Postal Service may provide certain basic financial services, and for other purposes.

1.

Short title

This Act may be cited as the Providing Opportunities for Savings, Transactions, and Lending Act of 2014 or the POSTAL Act of 2014 .

2.

Authority for the Postal Service to offer certain financial services

(a)

In general

Section 404(a) of title 39, United States Code, is amended—

(1)

in paragraph (7), by striking and at the end;

(2)

in paragraph (8), by striking the period at the end and inserting ; and; and

(3)

by adding at the end the following new paragraph:

(9)

to provide basic financial services, including—

(A)

small-dollar loans;

(B)

alone, or in partnership with depository institutions (as defined under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) and credit unions—

(i)

checking accounts and interest-bearing savings accounts; and

(ii)

services relating to international money transfers;

(C)

such other basic financial services as the Postal Service determines appropriate in the public interest; and

(D)

the creation of a Postal Card that allows users to engage in the financial services described under this paragraph.

.

(b)

Technical and conforming amendment

Section 404(e)(2) of title 39, United States Code, is amended by adding at the end the following: The preceding sentence shall not apply to any financial service offered by the Postal Service under subsection (a)(9)..