Baker McKenzie published an analysis in May 2026 identifying several unresolved regulatory questions in the Payments Access and Consumer Efficiency Act. The bill, introduced on April 21 as H.R. 8395, would create a registered covered provider category under the Office of the Comptroller of the Currency. Non-bank payment firms holding money transmitter licenses in at least 40 states could register and apply for payments reserve accounts at Federal Reserve Banks, gaining direct access to Fedwire, FedNow, and FedACH.
The most significant gap, according to Baker McKenzie, is the absence of an express preemption clause. The current draft does not specify whether OCC registration would displace existing state money transmission licensing requirements. The bill uses the 40-state license count as an eligibility threshold but is silent on whether those licenses must be maintained after registration. Federal Reserve Banks would also retain discretion over payments reserve account applications, meaning OCC registration alone would not guarantee access.
Registered providers would face bank-grade prudential obligations including one-to-one reserve backing with liquid assets, customer fund segregation, and OCC examination authority. The bill aligns with the skinny master account framework advocated by Federal Reserve Governor Christopher Waller, under which account holders receive payment access without discount window borrowing or interest on balances. H.R. 8395 has been referred to the House Financial Services Committee with no hearing date scheduled.