The U.S. Postal Service is a beloved American institution. But under the current leadership of Postmaster General Louis DeJoy, mail delivery has slowed, rates have increased five times, dozens of post offices have closed, and thousands of jobs have been lost. DeJoy continues to weaken the USPS under the guise of boosting revenue, but the USPS has instead suffered revenue loss. And still, DeJoy has failed to expand into new services and new revenue authorized by the Postal Service Reform Act passed by Congress nearly two years ago.

Congress and President Biden must immediately focus on ways to support the USPS and the communities it serves.

One service that could not only strengthen the USPS and generate new revenue, but also serve individuals underserved by private institutions, is postal banking. Postal banking is simply the provision of financial services via the USPS. By allowing consumers to open a bank account at their post office, postal banking could help over 7 million American households that are unbanked—meaning they lack access to a checking account or basic financial services.

Postal banking would not only bring basic financial services like low-cost savings and checking accounts to post offices, but also take aim at predatory practices–like high-fee prepaid debit cards and overdraft fees–that have taken advantage of unbanked and underbanked Americans. Additionally, postal banking could offer small-dollar loans that could eliminate the market for predatory payday loans.

We must demand Congress reintroduce postal banking legislation, like the Postal Banking Act, and support not only the USPS, but underserved communities across the country.