11/01/2017 - (This article first appeared in the November-December 2017 issue of the American Postal Worker magazine)
Way back in 1956, an article in the Monthly Business Review made a case for ending the Postal Savings System (see box). “It would seem that the Postal Savings System has outlived any social or economic need it may have once satisfied,” wrote the Cleveland Federal Reserve
09/01/2017 - (This article first appeared in the Sept-Oct 2017 issue of the American Postal Worker magazine)
Although the payday lending industry slowed in California in 2016, it increased dramatically among senior citizens. For the first time, seniors took out more short term loans than any other age group, according to a study California’s Department of Business Oversight released in July.
07/01/2017 - (This article first appeared in the July-August 2017 issue of The American Postal Worker magazine)
Every day, people receiving public assistance pay a portion of their benefits in fees to access their own money. It could be Social Security Disability Insurance, Supplemental Security Income, Veterans Affairs benefits, refugee benefits, or one of many state and local programs.
05/01/2017 - (This article first appeared in the May-June 2017 issue of The American Postal Worker magazine.)
The market for international remittances – sending money abroad – is rapidly expanding. Between 2010 and 2014, money transfers worldwide increased between three percent and 11 percent annually, according to the USPS Office of Inspector General (OIG). The United States ranks first worldwide for this service, with 22 percent of the global market.
03/01/2017 - (This article first appeared in the March-April 2017 issue of The American Postal Worker magazine.)
After the devastating 2008 financial crisis, Congress passed the Dodd-Frank Act that led to creation of the Consumer Financial Protection Bureau (CFPB). The Bureau has had a significant impact protecting consumers and holding big banks accountable. The CFPB recently fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized customer accounts. Since the Bureau’s inception, it returned nearly $12 billion to consumers who were cheated or misled by payday lenders, pawn shops and other financial predators. It has taken particular aim at companies that target service members and veterans.
(This article first appeared in the January-February 2017 issue of The American Postal Worker magazine.)
The recent Wells Fargo scandal, involving the nation’s third largest bank, revealed more than two million accounts and credit cards were opened largely without the knowledge of its customers. When questioned, Wells Fargo Chair and CEO John Stumpf put the blame on “rogue” employees.
(This article first appeared in the November-December 2016 issue of The American Postal Worker magazine.)
Delegates to the APWU convention in August responded enthusiastically to the possibilities that postal banking holds, both for strengthening our public Postal Service and for providing affordable, accessible financial services for consumers.
09/01/2016 - (This article first appeared in the September-October 2016 issue of The American Postal Worker magazine)
The 2015 contract campaign presented an opportunity to demonstrate broad public support for strengthening and expanding our public Postal Service.
As part of this effort, APWU and the Campaign for Postal Banking made the case for expansion of financial and other services. The effort paid off with a Memorandum of Understanding (MOU) on Enhanced and Expanded Services. The July 2016 arbitration decision MOU calls on the Postal Service and the APWU to “cooperate on identifying and developing potential opportunities to increase revenue that also provides a positive financial contribution.”