Torres preps bill to open FedNow to nonbank remittance firms

First in The Vault: Rep. Ritchie Torres (D-N.Y.) is expected to unveil a bill on Friday to allow nonbank remittance companies to access federal payment rails, according to a person familiar with the effort.

The proposed legislation, titled the Affordable Remittance Act, is limited to remittance companies. But expanding nonbank access to FedNow and other federal payments infrastructure is a top priority for many fintech companies.