Postal Banking Act

“(9) to provide basic financial services, including—

“(A) low-cost, small-dollar loans, not to exceed $500 at a time, or $1,000 from 1 year of the issuance of the initial loan, as adjusted annually by the Postmaster General to reflect any change in the Consumer Price Index for All Urban Consumers of the Department of Labor;

“(B) alone, or in partnership with depository institutions, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), and Federal credit unions, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752), small checking accounts and interest-bearing savings accounts, not to exceed the greater of—

“(i) $20,000 per account; and

“(ii) 25 percent of the median account balance reported in the Federal Deposit Insurance Corporation’s quarterly Consolidated Reports of Condition and Income;

“(C) transactional services, including debit cards, automated teller machines, online checking accounts, check-cashing services, automatic bill-pay, mobile banking, or other products that allows users to engage in the financial services described in this paragraph;

“(D) remittance services, including the receiving and sending of money to domestic or foreign recipients; and

“(E) such other basic financial services as the Postal Service determines appropriate in the public interest;

“(10) to set interest rates and fees for the financial instruments and products provided by the Postal Service that—

“(A) ensures that the customer access to the products and the public interest is given significant consideration;

“(B) ensures that interest rates on savings accounts are at least 100 percent of the Federal Deposit Insurance Corporation’s weekly national rate on nonjumbo savings accounts; and

“(C) ensures that the total interest rates on small-dollar loan amounts—

“(i) are inclusive of interest, fees, charges, and ancillary products and services; and

“(ii) do not exceed 101 percent of the Treasury 1 month constant maturity rate; and

“(11) allow capitalization of an amount deemed necessary by the Postmaster General that serve the purpose of this section, through of an account separate from products not included or allowed in this section, for the purposes of enacting the provisions of this section.”