ABA Statement on Treasury Guidance on Penny Phaseout

“We appreciate today’s Treasury Department guidance on handling pennies in the banking system. With the administration’s decision to end penny production, a clear path forward is essential to ensuring a smooth transition for American consumers, businesses and the banks that serve them. As we noted in our recent letter to Treasury, maintaining the ability to accept and process pennies — along with consistent rounding rules and strong public education — is critical for both customer service and operational continuity. We also appreciate that the guidance notes the Federal Reserve is committed to recirculating existing coins, and that can be demonstrated by re-opening all coin distribution locations to all penny transactions.

“The penny is a small coin with a big role in everyday transactions and has been a part of America’s currency for more than 230 years. As we move toward this next chapter, we look forward to reviewing today’s guidance and working closely with Treasury to implement any necessary steps that help banks continue meeting the needs of their customers, clients and communities.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $25.1 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $19.7 trillion in deposits and extend $13.2 trillion in loans.

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