JPMorgan, postal service discussions ingnite ICBA to demand transparency

The Independent Community Bankers of America is asking for an investigation regarding reports the U.S. Postal Service is mulling an exclusive agreement with JPMorgan Chase to provide banking services via the postal brand network.

The organization’s President and CEO Rebeca Romero Rainey has sent a letter to U.S. Postal Regulatory Commission Chairman Robert G. Taub, requesting the investigation and is calling for a transparent process. Romero Rainey is also asking the commission to follow federal regulations and issue a request for a proposal before proceeding further due to JPMorgan Chase’s past record of discriminatory consumer practices, according to a press release.

“Any exclusive arrangement, negotiated behind closed doors, to allow a profit-driven entity to leverage the USPS branch network is a formula for corruption and should be a serious concern to all Americans who care about the integrity of our public institutions,” Romero Rainey wrote in the letter. “If USPS is considering creating exclusive access to their network, it should do so through a transparent and fully competitive process.”

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