NATSO sent a letter on March 21 to the Treasury Department urging the Agency to use its platform to highlight the coin circulation issue some travel centers and truckstops are currently facing.
Retailers, including NATSO members, began reporting during the summer of 2020 a shortage of coins at their location, which was followed by the Federal Reserve instituting restrictions on coin orders made by banks that were subsequently passed to retailers. The Federal Reserve convened a task force in July 2020 to investigate the coin issue and ultimately determined COVID-19 has impacted consumers’ use of coins since more people are using card-based payments.
Following a public campaign encouraging participants in the payments ecosystem to push coins into circulation, the coin circulation issue improved enough for the Federal Reserve to lift its coin order restrictions. Retailers and financial institutions are once again noting that the circulation of coins is slowing.
In a letter addressed to Secretary Yellen, NATSO urged the Department of the Treasury to “raise public awareness of this coin circulation slowdown and the need to get coin moving in the economy.” NATSO further cited the outsized impact the coin slowdown has on consumers that rely on cash transactions.
The American Bankers Association, Credit Union National Association, FMI - The Food Industry Association, Independent Community Bankers of America, National Association of Convenience Stores, National Association of Federally Insured Credit Unions, National Grocers Association, Retail Industry Leaders Association, and SIGMA, America’s Leading Fuel Marketers joined NATSO in sending the letter.
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