Financial Services

PACE has had an active presence in the financial services sector for more than 20 years, with clients ranging from bank trade associations to the fintech industry. We focus on providing relationship-based support for our financial services clients, gardening bipartisan support from Members of Congress and Senators to help troubleshoot a variety of parochial and broader issues. In particular, we have a long track record of helping to educate lawmakers and the Administration about emerging fintech companies, the unique services they provide, and guide them towards a regulatory framework that allows the technology to thrive with responsible guardrails.

The emergence of cryptocurrency and its expanded use has been a focus of PACE advocacy in this sector. We've worked on behalf of clients to encourage regulators to provide clear guidance and assist states with enforcing cryptocurrency-related laws, without strangling the nascent industry as a whole. Congress is poised to act in this space in the next decade and PACE will continue to be at the forefront of policy discussions both on the Hill and within the Administration.

PACE also has an active tax policy practice focused on serving both for-profit and nonprofit organizations. PACE helps our clients identify inequitable provisions in the code and find ways to address those challenges. The best solutions do not always require a change in the law; our clients have also realized great success when pursuing regulatory changes, updates to guidance, or private letter rulings.

With major tax reform opportunities on the horizon, PACE actively works with our clients and congressional leaders to prioritize issues. We are skilled coalition builders and understand that successful and durable tax policy change requires sustained advocacy, often over years or even decades. Thanks to our years-long relationships with key members and staff on the House Ways and Means and Senate Finance Committee Members, our team is prepared to help clients navigate any high stakes tax discussions.

Select Accomplishments for Clients in the Financial Services Sector:

PACE helped a regional bank client navigate overly punitive agency action, successfully securing Member and Senator support to reduce client exposure by more than 90%, saving them millions.

At the peak of the veteran homelessness crisis, a PACE client applied for a Low-Income Housing Tax Credit (LIHTC) to facilitate the development of a multifamily housing building that would serve exclusively veterans. The application was rejected on the grounds that it failed to meet the “general public use,” requirement because it excluded non-veterans. This was absurd: decades of clinical research and experience suggests that veterans can best address the underlying issues that lead to housing instability when living in a community of other veterans. After a short but intense advocacy effort, PACE secured Revenue Procedure 2019-17, which clarified that veteran-only housing does not run afoul of the general public use requirement.