United States of America: Payments Access and Consumer Efficiency (PACE) Act including registration requirements was introduced to House of Representatives

On 21 April 2026, the Payments Access and Consumer Efficiency (PACE) Act, including provisions on registration requirements, was introduced in the House of Representatives. The Act sets out a framework under which certain payment service providers may obtain direct access to federal payment systems, in place of existing arrangements involving intermediary institutions. The Act establishes a federal registration regime under which eligible providers, defined as entities holding at least 40 state money transmitter licences, a state depository institution charter, or a state credit union charter, may apply to the Comptroller of the Currency to become a registered covered provider. The Comptroller is required to assess applications against specified criteria, including the applicant’s financial resources, managerial and technical capacity, compliance with the Bank Secrecy Act, and evidence related to innovation, competition, and access to payment services. Applications that are not decided within 180 days of being deemed complete are considered approved. The Act also provides that the Comptroller may revoke a registration if the eligibility criteria are no longer met, subject to a notice and review process.