In CommitteeFiled Apr 21, 2026
Sponsor: Rep. Kim, Young [R-CA-40] (R)
Latest Action
Referred to the House Committee on Financial Services.
Apr 21, 2026
Summary
The PACE Act requires payment service firms that hold many state money‑transmitter licenses or a depository or credit‑union charter to register with the Comptroller of the Currency. Once registered, they must meet financial‑resource, governance, and anti‑money‑laundering standards and keep a reserve account at a Federal Reserve bank. The goal is to give the federal government clearer authority to supervise these providers and protect consumers who use their services.
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