Bankers have long opposed the idea of the U.S. Postal Service taking deposits and making loans directly, but some in the industry are open to the idea of letting banks and credit unions offer services at post offices.
If Congress wants to provide better access to banking services for low-income and rural Americans, they would be wise to consider financial services partners that operate as a not-for-profit model.
If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.
A decision by some banks to replace in-person campus visits with video interviews is intended to increase diversity by reaching beyond the handful of elite business schools and Ivy League universities long associated with the finance industry.
The largest bank in the U.S. is reportedly in negotiations to lease space from the U.S. Postal Service where it would have ATMs and perhaps take deposits.
JPMorgan Chase is funding a two-year initiative in which nonprofit Commonwealth will study the impact of artificial intelligence and other technologies on financially vulnerable Americans.
The promise, made by the chief executive officers of 27 companies including JPMorgan Chase, Citigroup and Bank of America, is part of a new initiative called the New York Jobs CEO Council.
Deferrals on residential mortgages and home-equity loans have been a common theme at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup since the start of the coronavirus pandemic.
