Industry News
Federal Legislation Introduced to Eliminate the Penny
By the Ulman Public Policy Team In February 2025, President Trump directed the U.S. Treasury Department to stop minting new pennies. Following this announcement, two pieces of federal legislation were introduced to eliminate penny production. Common Cents Act On April 30, 2025, Representatives Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.), with Senators Cynthia Lummis (R-Wyo.)…
DOT Seeks to Identify Regulatory Obligations for Repeal or Modification
By Michael Deutsch and Amanda Geary Losacco at Cozen O’Connor On April 3, 2025, the U.S. Department of Transportation (the Department or DOT) issued a Request for Information (RFI) seeking public comment to assist DOT in identifying existing regulatory obligations “that can be modified or repealed…to ensure that DOT administrative actions do not undermine the…
U.S. Mint Officially Ends Mutilated Coin Exchange Program
By ABA Banking Journal The U.S. Mint, today, published a final rule officially ending a program that redeemed bent and partial coins for full face value. The Mutilated Coin Redemption Program was suspended in 2018 because of the cost and resources needed to identify counterfeit coins being submitted for redemption. The final rule permanently ends…
What the Payment Choice Act Means for Cash
By Scarlett Heinbuch, Atlanta Fed Since the first paper bills emerged in the United States in 1690, cash has been a payment choice for governments, merchants, and consumers in our nation. The pandemic, though, changed things for cash users. Notices appeared at merchant locations like coffee shops, restaurants, and other retail sites throughout the country: “Credit…
Why Cash is Important for Businesses
By the Brinks Team, Disadvantages of Businesses Going Cashless Swipe. Tap. Sign. Done. It’s that easy: paying for goods these days can usually be done in a combination of these steps or less. With the popularity of electronic payment methods among shoppers, it may seem like there’s not a strong need for businesses to accept cash.…
Cash Discounting with ATMs Delivers Win-Win for Deployers, Merchants
By Yonas Marcos, ATM Marketplace It’s no secret on-site ATMs offer merchants a wealth of benefits. As an ATM deployer you know having a machine in a business provides customers with convenient cash access, can be a draw for new customers and increase business traffic, too. And let’s not forget the additional revenue retailers receive…
It May Soon Be Illegal For Businesses to Refuse Cash: An Update on the Payment Choice Act
By the Loomis Team The Payment Choice Act was reintroduced to the House of Representatives in July 2021 by Representatives Smith and Payne and recently passed earlier this month making its next stop in the Senate. The goal of the Payment Choice Act is to preserve cash as an essential payment choice so customers have…
Three Myths About Retail Cash Handling and Why They’re False
By the Loomis Team Many people believe we are moving toward a cashless society and that the future of payments is digital. However, it is important for retailers to understand the true use of cash by consumers when it comes to setting best practices for accepting payments. Below, we discuss three myths surrounding cash and…
Dollars Evolved: The Future of Cash Automation
Cash is one of the longest standing methods of payment in history. While the bank notes and coin we use to transact have changed over time, the fundamental principles of physical currency have remained the same. The accessibility, ease of use and privacy associated with cash are just a few reasons that it remains a…
Cash and Crises: No Surprises by the Virus
Over the past years, there has been an intense discussion about restricting the use of or even abolishing cash (Rogoff, 2016, Summers, Sands, 2016). The advocates of such drastic measures typically refer to the fact that cash will become obsolete anyway as electronic payments gain more and more importance. However, global cash in circulation increased enormously since the beginning…