The House Financial Services Committee held a hearing on June 24, 2026 to examine the Payments Access and Consumer Efficiency Act. The bipartisan bill was introduced on April 21, 2026 by Representatives Young Kim (R-CA) and Sam Liccardo (D-CA). The legislation would establish an optional federal supervisory framework administered by the OCC for nonbank payment service providers seeking direct access to Fedwire, FedNow, and FedACH.
Companies holding at least 40 active state money transmitter licenses could register as covered providers with the OCC. Registered providers would gain direct access to Fedwire, FedNow, and FedACH through a payments reserve account at the Federal Reserve. The bill requires 1:1 reserve backing for customer funds. Customer assets must be segregated from company assets. The OCC would have six months to decide on completed applications.
Stripe Vice Chair Eileen O'Mara testified that current frameworks force payment companies into inappropriate regulatory categories. O'Mara argued that direct Fed access would benefit small businesses through faster settlement. The Bank Policy Institute's Paige Pidano Paridon warned that expanding Fed master account access to non-bank institutions creates regulatory arbitrage and settlement risks. Davis Polk partner David Portilla acknowledged that state regulatory frameworks break down once payments companies attempt to operate nationwide.