The Senate passed legislation Monday that would formally end penny production and establish a nationwide framework for rounding cash transactions when exact change is unavailable. The bill now heads to President Trump.

The bipartisan Common Cents Act would direct the Treasury Department to cease penny production and permit cash transactions to be rounded up or down to the nearest five cents when exact change cannot be provided. Checks, credit cards, debit cards and other noncash payment methods would not be subject to rounding.

For credit unions, the measure could have implications for branch cash operations, coin inventories and member communications as pennies gradually become less available in circulation.

The legislation also requires Treasury to provide Congress with 60 days’ notice before discontinuing any circulating coin and allows the Treasury secretary to explore alternative metal compositions for nickels as a cost-saving measure.

The House approved the Senate’s changes earlier this month, clearing the legislation for the president’s consideration.