The U.S. Coin Task Force has designated October the month to #GetCoinMoving to highlight coin circulation problems that began during the pandemic and are still ongoing. The Federal Reserve estimates that as many as 15 billion coins are lying dormant with consumers. As a result, the agency is rationing coin orders, making it difficult for banks to meet commercial customer demands. The American Bankers Association will hold a staff coin drive in October to support the #GetCoinMoving effort. Banks that process coin deposits are encouraged to launch consumer campaigns asking customers to redeem coins at their local branches in October. Resources for launching a campaign are available on the U.S. Coin Task Force website.
ABA, associations reaffirm support for federal preemption of Illinois interchange law
ABA joined other national associations and state bankers associations in submitting a trio of letters expressing their support for recent actions by the OCC to reaffirm federal preemption of state attempts to regulate interchange fees, as in Illinois.
