U.S. Financial Services Committee highlights House passage of three bills on penny production, failed bank acquisitions and firearms merchant codes

The U.S. Financial Services Committee said the House of Representatives passed three committee bills covering coin production, failed bank acquisitions and payment card merchant coding. The measures would end production of the penny while permitting a more cost-effective nickel, require regulators to evaluate bids for failed banks fairly, and bar payment card networks from assigning or requiring merchant category codes that specifically identify firearms retailers. Under the Common Cents Act, H.R. 3074, the penny would no longer be produced and the nickel could be redesigned to lower costs, with the committee framing the bill as reducing taxpayer expense and providing clearer rules for cash handling by retailers, banks and consumers. H.R. 6556, the Failing Bank Acquisition Fairness Act, would reform the bank acquisition process by requiring fair evaluation of bids in order to promote competition, preserve access to banking services and strengthen failed bank resolution. H.R. 1181, the Protecting Privacy in Purchase Act, would prohibit payment card networks from using firearms-specific merchant category codes, which the committee said is intended to protect financial privacy and prevent tracking of lawful firearms purchases.