Should the Postal Service Handle Your Loans as Well as Your Mail? Elizabeth Warren Thinks So.

[Geee]

Heritage Foundation:

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.

[SrWoodchuck]

It's a continual wealth redistribution scheme with these idiots! Yeah, lets put a loan department inside the USPS...as they are so frugal & have never had to raise the cost of stamps, since they always stay within their budget. BTW: Whose money will they be loaning out? They've never been on the black side of the ledger...so it has to be someone else's....