ABA Statement on Passage of the Common Cents Act

"We applaud Congress for passing the Common Cents Act and appreciate the bipartisan leadership that made this commonsense legislation possible.

"This legislation establishes a clear and practical framework for cash rounding when exact change cannot be provided while making clear that checks, credit cards and other noncash payment methods are not subject to rounding. It will help consumers, businesses and financial institutions adapt with minimal disruption under a consistent set of rules.

"The Common Cents Act is a practical step that will modernize the nation's coinage system, reduce unnecessary costs and preserve stability in the cash distribution system. We thank lawmakers for their leadership and look forward to the bill being signed into law."

Background:

• Letter to the U.S. House of Representatives on H.R. 3074, the Common Cents Act July 13, 2026
• ABA Applauds Fed Decision to Resume Accepting Penny Deposits January 8, 2026
• ABA Statement on Treasury Guidance on Penny Phaseout December 23, 2025
• Letter Requesting the Federal Reserve to Maintain Full Penny Deposit Services October 17, 2025

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $26.5 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.7 trillion in deposits and extend $13.9 trillion in loans.