PACE Act of 2026

This bill would let state-licensed payment companies, state banks, and state credit unions register with the federal Comptroller of the Currency to provide payment services. A registered company holding at least 40 state money transmitter licenses could offer payment services in every state. Registered companies would have to hold reserves equal to what they owe customers, keep customer funds separate, follow fair access rules, and face federal examinations and enforcement. If a non-bank registered company fails, customers would be paid before most other creditors, and the company could request an account at the Federal Reserve with access to its payment systems.

Full text and official record on Congress.gov

Sponsors

• Young Kim Republican sponsor
• 2 cosponsors