S. 5627, known as the "Postal Banking Act," proposes amendments to title 39 of the United States Code to allow the United States Postal Service (USPS) to offer basic financial services. These services would include low-cost loans, small checking and savings accounts,...
Simple Explanation
The Postal Banking Act wants to let the post office offer things like small loans and savings accounts to help people who can't get them from big banks, so they don't have to borrow money from places that charge a lot.