Elizabeth Warren Proposes Replacing Payday Lenders With The Post Office

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5. K and R!

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The new Consumer Financial Protection Bureau (CFPB), for example, is a cop on the beat that is putting in place commonsense rules to protect consumers and ensure that payday lenders are held accountable when they break the law.

There has been momentum in the right direction, but there is so much more work to do to make sure that families have access to affordable and fair financial services.

That is why the OIG report is so interesting. If the Postal Service offered basic banking services -- nothing fancy, just basic bill paying, check cashing and small dollar loans -- then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing. (The postal services in many other countries, it turns out, have taken steps in this direction and seen their earnings increase dramatically.) The report has provoked a great deal of discussion, and it is worth reading David Dayen's article about it at the New Republic -- "The Post Office Should Just Become a Bank: How Obama can save USPS and ding check-cashing joints."

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http://www.huffingtonpost.com/elizabeth-warren/coming-to-a-post-office-n_b_4709485.html