Page 1 of 5 123 ... LastLast
Results 1 to 10 of 44
Thanks Tree33Thanks

Thread: Sick of Shady Banks? Get a Loan from the Post Office!

  1. #1
    Veteran Member
    Joined
    Sep 2013
    Posts
    34,220
    Thanks
    26999

    From
    On a hill

    Sick of Shady Banks? Get a Loan from the Post Office!

    MAY 18, 2018

    by BRIAN WAKAMO

    Millions of Americans live in “banking deserts,” without adequate access to brick and mortar banks and the services they provide. Rural and poor communities, where local banks left town thanks to the recession or the big banks buying them out, are especially affected.

    Often it’s risky payday lenders who come along to fill the void.

    They exploit America’s 88 million “underbanked” people, making ridiculous profits by charging sky-high interest rates on people just trying to survive paycheck to paycheck.

    In some places, annual interest rates for these lenders average over 500 percent. That badly hamstrings low-income people with fees and interest payments, all because they lack simple banking services.

    snip

    One solution could come from your friendly neighborhood Post Office. What if you could get a low-interest loan there, rather than an extortionate payday loan from a for-profit payday loan company?

    Postal banking used to be widespread. Now it could be coming back.

    New York Senator Kirsten Gillibrand recently announced a bill to reintroduce the practice, aiming to put the Post Offices scattered throughout the country for a broader use: providing banking to the unbanked. The bill would allow postal banks to make loans of up to $1,000 at low interest rates, cash people’s paychecks free of charge, and provide other basic services such as checking accounts.

    https://www.counterpunch.org/2018/05...e-post-office/
    Thanks from Babba, BigLeRoy, BDBoop and 4 others

  2. #2
    Cat-tastic Babba's Avatar
    Joined
    Jul 2007
    Posts
    67,913
    Thanks
    49359

    From
    So. Md.
    This would be a wonderful thing. I hope it happens.
    Thanks from labrea

  3. #3
    Southern Strategy Liberal OldGaffer's Avatar
    Joined
    Jul 2013
    Posts
    41,398
    Thanks
    43506

    From
    Nashville, TN
    Republicans will hate that idea, they feel the poor are their designated prey.
    Thanks from Panzareta, labrea, Babba and 4 others

  4. #4
    Veteran Member
    Joined
    Sep 2013
    Posts
    34,220
    Thanks
    26999

    From
    On a hill
    Quote Originally Posted by Babba View Post
    This would be a wonderful thing. I hope it happens.
    So do I.

  5. #5
    Established Member
    Joined
    Mar 2010
    Posts
    5,729
    Thanks
    3638

    From
    out
    My bank IS the post office: La Banque postale

    The less shady of them all.
    Last edited by Paris; 21st May 2018 at 08:07 AM.
    Thanks from EnigmaO01

  6. #6
    Southern Strategy Liberal OldGaffer's Avatar
    Joined
    Jul 2013
    Posts
    41,398
    Thanks
    43506

    From
    Nashville, TN
    Mulvaney requests zero funding for the Consumer Financial Protection Bureau
    This is what Republicans think about consumers, especially poor consumers.

    In another sign of the bureau's shifting priorities, on Thursday it moved to dismiss a suit filed in April under its former director — Richard Cordray, an appointee of President Obama — against four online payday lenders affiliated with a Northern California Native American tribe.
    The lenders — Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial — are affiliated with the Habematolel Pomo of Upper Lake tribe. The lawsuit accuses them of violating federal consumer protection laws by making and collecting on loans with annual interest rates starting at 440% in at least 17 states.
    Why any working class or poor person would vote Republican is mind-boggling, they live to fuck over the poor and working class.
    Thanks from labrea, Babba, Friday13 and 1 others

  7. #7
    Veteran Member
    Joined
    Sep 2013
    Posts
    34,220
    Thanks
    26999

    From
    On a hill
    Quote Originally Posted by OldGaffer View Post
    Republicans will hate that idea, they feel the poor are their designated prey.
    Yeah, its doubtful that the party that wants to privatize the postal service would sign on to expanding it services.

    Service to the peeps be damned.
    Thanks from Babba and Friday13

  8. #8
    Veteran Member bajisima's Avatar
    Joined
    Mar 2012
    Posts
    45,390
    Thanks
    27467

    From
    New Hampshire
    Bernie Sanders proposed this idea years ago. Vermont often has a local bank and PO together in one building..

    https://www.theatlantic.com/business...-banks/411589/

  9. #9
    Member
    Joined
    Sep 2014
    Posts
    3,962
    Thanks
    1118

    From
    TN
    Congress gives USPS monopoly on first-class mail and is given uniqie access to mailboxes. The USPS also enjoys a range of other benefits including: Low interest loans from UST. It is exempt from state and local sales, income, and property taxes. It is not bound by local zoning ordinances, is immune from a range of civil actions, and has the power of eminent domain. It also possesses government regulatory power, which it has used to impede competitors.

    All that and the USPS has managed to lose somewhere on the order of $50bn +/- in the last decade alone in the industry in which its supposed to possess a core competence.

    So we're going to make them a bank? That's insane.
    Thanks from orangecat

  10. #10
    Southern Strategy Liberal OldGaffer's Avatar
    Joined
    Jul 2013
    Posts
    41,398
    Thanks
    43506

    From
    Nashville, TN
    Quote Originally Posted by publius3 View Post
    Congress gives USPS monopoly on first-class mail and is given uniqie access to mailboxes. The USPS also enjoys a range of other benefits including: Low interest loans from UST. It is exempt from state and local sales, income, and property taxes. It is not bound by local zoning ordinances, is immune from a range of civil actions, and has the power of eminent domain. It also possesses government regulatory power, which it has used to impede competitors.

    All that and the USPS has managed to lose somewhere on the order of $50bn +/- in the last decade alone in the industry in which its supposed to possess a core competence.

    So we're going to make them a bank? That's insane.
    Right on time.....
    Thanks from StanStill

Page 1 of 5 123 ... LastLast

Similar Threads

  1. In Memoriam - The Victims of Shady Hook
    By roberthughey in forum Current Events
    Replies: 17
    Last Post: 16th December 2012, 12:23 PM
  2. Replies: 0
    Last Post: 6th July 2012, 07:25 AM
  3. What to do if banks refuse to loan?
    By mikeyy in forum Economics
    Replies: 5
    Last Post: 31st December 2008, 06:57 AM
  4. Obama's shady ALLIANCES
    By lakeman in forum Political Discussion
    Replies: 2
    Last Post: 7th October 2008, 12:01 PM
  5. China banks told to halt lending to US banks
    By michaelr in forum Political Discussion
    Replies: 17
    Last Post: 25th September 2008, 02:32 PM

Tags for this Thread


Facebook Twitter RSS Feed