#1 Should the Postal Service Handle Your Loans as Well as Your Mail? Elizabeth Warren Thinks So. by Cincinnatus 23.07.2016 16:21


I posted this under "Folly" because of the disaster it would become.

The Consumer Financial Protection Bureau is inching closer to eliminating private payday lending with restrictive new rules and, some advocates hope, paving the way for the U.S. Postal Service to take over these banking services.

The agency’s liberal supporters, including Sen. Elizabeth Warren, D-Mass., long have wanted to replace the payday lending industry with a government-run alternative. Now, they are pushing to include language in the Democratic Party platform to add banking to the line of services provided by the U.S. Postal Service.

The 2010 Dodd-Frank Act granted authority to the Consumer Financial Protection Bureau to regulate and restrict short-term credit providers and payday lenders.

One section (1205) of Dodd-Frank provided for taxpayer-subsidized alternatives to small-dollar loans. Warren, who helped establish the Consumer Financial Protection Bureau in 2011, long has advocated using public entities such as the Postal Service to compete with private payday lenders.


Merely consider a headline from today:

$1 billion Medicare bust in Florida is biggest 'criminal health-care fraud case ever'

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