Section 1 Short title
This Act may be cited as the “Providing Opportunities for Savings, Transactions, And Lending Act of 2017” or the “POSTAL Act of 2017”.
Providing Opportunities for Savings, Transactions, And Lending Act of 2017
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.
Sec. 2 Authority for the Postal Service to offer certain financial services
In general— Section 404(a) of title 39, United States Code, is amended—
in paragraph (7), by striking “and” at the end;
in paragraph (8), by striking the period at the end and inserting “; and”; and
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.”
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).”.