House clears bill addressing end of penny production

The House passed bipartisan legislation addressing the end of penny production with a unanimous voice vote Tuesday. America’s Credit Unions encouraged the chamber to pass the bill prior to the vote, and the League System actively engaged in securing clarity for credit unions on issues that followed after pennies were discontinued.  

Specifically, the Common Cents Act (H.R. 3704) would:

• Establish a national framework for cash transaction rounding;
• Provide clarity regarding the treatment of federal, state, and Tribal laws on rounding;
• Require the Federal Reserve Board to develop a strategic plan and periodic reporting on coin terminal operations and the stability of the nation's coin distribution system.

Ongoing advocacy in support of H.R. 3704 by America’s Credit Unions and the League System will continue as the bill heads to the Senate for consideration.