GOP Lawmakers Call Out USPS’ Expansion of Financial Products

A group of Republican lawmakers led by Rep. Blaine Luetkemeyer (R-Mo.) today expressed concern about a recent attempt by the U.S. Postal Service to circumvent a statutorily required product approval process and expand its financial services offerings. Under the Postal Accountability and Enhancement Act, the USPS is required to file with the Postal Regulatory Commission and publish in the Federal Register when seeking to add a product. The USPS recently launched a pilot program through which consumers can exchange a paycheck or business check for a gift card in value of up to $500 but did not seek approval from the PRC before doing so, the lawmakers pointed out.

They added that the pilot is yet another indication that the USPS “is expanding its footprint by offering additional financial product and services,” and called on the PRC to assert its statutory authority with regards to the pilot program, and block USPS from adding any additional financial services in the future.

“Considering the USPS is $188 billion in debt, it is apparent the USPS is not in a position to expand financial services to consumers before they get their own fiscal house in order,” the lawmakers wrote.