PACE Act of 2026

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8395 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8395 To provide for the regulation of registered covered providers, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 21, 2026 Mrs. Kim (for herself and Mr. Liccardo) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To provide for the regulation of registered covered providers, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Payments Access and Consumer Efficiency Act of 2026'' or the ``PACE Act of 2026''. SEC. 2. DEFINITIONS. In this Act: (1) Board.--The term ``Board of Governors'' means the Board of Governors of the Federal Reserve System. (2) Comptroller.--The term ``Comptroller'' means the Comptroller of the Currency. (3) Covered provider.--The term ``covered provider'' means a person that provides payment services and-- (A) holds at least 40 active money transmitter licenses issued in accordance with the laws of each applicable State in which the applicant seeks to offer such payment services; (B) holds a depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c))) charter from the State in which the applicant seeks to offer such payment services; or (C) holds a State credit union (as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)) charter from the State in which the applicant seeks to offer such payment services. (4) Covered state regulator.--The term ``covered State regulator'' means a State agency that has issued a charter or license to a registered covered provider. (5) Deposit.--The term ``d