• * Low-cost checking accounts for direct deposits, check cashing and bill paying.
• * Interest-bearing savings accounts that build wealth and could be used in combination with other federal, state and local savings programs.
• * Low-fee and low-interest rate micro-loans for customers.
• * Debit cards, low-fee cash machines, online services and bill payments.
• * Domestic and international wire transfers.

The bill is primarily aimed at addressing two issues.

The first is the large number of people who rely on payday lending companies, which the senator said have unreasonably high fees and interest rates. A 2014 report from the Consumer Financial Protection Bureau said that three out of five payday loans are made to borrowers whose fee expenses exceed the amount borrowed, one in five loans cost the borrower more than the amount borrowed, and four out of five borrowers default within a year. 

The second is the fact that many rural areas lack bank branches but do have post offices. The FDIC found in a survey that, in 2015, 27 percent of Americans overall are either unbanked (no access to banking services at all) or underbanked (inadequate access to banking services). Broken down by demographic, 42.1 percent of those with less than $30,000 in income are unbanked or underbanked, along with 18.8 percent of white Americans, 49.3 percent of black Americans, 45.5 percent of Hispanic Americans, 25 percent of Asian Americans and 46 percent of disabled working-age Americans. 

CNBC said that the details for how exactly this will be funded still need to be worked out. The bill, S.2755, has been referred to the Senate Homeland Security and Governmental Affairs Committee.