Representatives Sam Liccardo and Young Kim introduced the Payments Access and Consumer Efficiency Act on April 21. The bipartisan bill creates an optional federal registration framework administered by the Office of the Comptroller of the Currency. Registered nonbank payment providers would gain direct access to Fedwire, FedNow, and FedACH under a single federal registration, replacing the current patchwork of state-by-state money transmitter licensing.
Covered providers must maintain reserves equal to 100% of customer funds. Consumer funds must be segregated from company assets and cannot be reused or placed at risk. The bill establishes federal examination authority and consumer-first insolvency protections that prioritize fund recovery.
The Financial Technology Association, Blockchain Association, Digital Chamber, and Crypto Council for Innovation endorsed the legislation. FTA polling shows 76% of voters support modernizing payment regulations. No Senate companion bill has been introduced.