PACE Act of 2026 regulates state payment service providers, ensuring consumer protection and financial stability.

The PACE Act of 2026 establishes a framework for the federal registration of eligible state payment service providers. It mandates that these providers, termed "registered covered providers," must apply to the Comptroller of the Currency for registration. The Comptroller evaluates applications based on specified factors, including compliance with consumer financial law and the ability to meet financial and operational requirements. Registered providers must maintain reserves, keep detailed records, and adhere to fair access and risk management standards.

PACE Act of 2026 regulates state payment service providers, ensuring consumer protection and financial stability.

The PACE Act of 2026 establishes a framework for the federal registration of eligible state payment service providers. It mandates that these providers, termed "registered covered providers," must apply to the Comptroller of the Currency for registration. The Comptroller evaluates applications based on specified factors, including compliance with consumer financial law and the ability to meet financial and operational requirements. Registered providers must maintain reserves, keep detailed records, and adhere to fair access and risk management standards.