PACE Act of 2026
BEARISHHR 8395 (PACE Act) is an early-stage bill imposing new federal regulatory structure on large money transmitters. Affects $PYPL, $FISV, $GPN directly with compliance costs. $MA and $Visa are not covered providers under the bill's definition. Market has not reacted — bill is in committee with zero legislative momentum.
→ Global Payments must comply with federal registration and reserve rules, increasing compliance costs for its U.S. money transmission operations by an estimated $5-10 million annually.