In an American Banker op-ed, a senior fellow at the Cato Institute argues against the idea of allowing post offices to offer banking services as a way to support financial inclusion; some candidates running for President have put forward proposals supporting this idea particularly around allowing post offices to offering small dollar loans; but that is a complex business and ill-suited to today’s post office; the author suggests that a better idea would be to change regulations forbidding a company like Walmart from offering banking services; we should encourage competition and innovation when it comes to serving low income consumers. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.