House Bill Would Create New Federal Regime for Nonbank Payment Firms

U.S. Representatives Young Kim (R-CA) and Sam Liccardo (D-CA) introduced the Payments Access and Consumer Efficiency Act of 2026 (PACE Act). The bill would create an optional federal framework for large state‑regulated payment companies, giving qualifying firms Office of the Comptroller of the Currency (OCC) supervision and potential direct access to Federal Reserve payment rails, in exchange for bank‑like prudential and customer‑protection standards.... By: Troutman Pepper Locke