115 HR 4861 RH: Ensuring Quality Unbiased Access to Loans Act of 2018 U.S. House of Representatives 2018-01-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IB Union Calendar No. 688 115th CONGRESS2d Session H. R. 4861 [Report No. 115–890] IN THE HOUSE OF REPRESENTATIVES January 19, 2018 Mr. Hollingsworth introduced the following bill; which was referred to the Committee on Financial Services August 3, 2018Additional sponsor: Mr. Barr August 3, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To nullify certain guidance on deposit advance products, to require the Federal banking agencies to establish standards for short-term, small-dollar loans made by insured depository institutions, to exempt insured depository institutions and insured credit unions from the payday lending rule of the Bureau of Consumer Financial Protection, and for other purposes.

1.

Short title

This Act may be cited as the Ensuring Quality Unbiased Access to Loans Act of 2018 or the EQUAL Act of 2018.

2.

Nullification of, and requirements for, guidance on deposit advance products

The final guidance of the Federal Deposit Insurance Corporation titled Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products (78 Fed. Reg. 70552; November 26, 2013) shall have no force or effect.

3.

Short-term, small-dollar loans

(a)

In general

Not later than 24 months after the date of the enactment of this Act, the Federal banking agencies shall each issue regulations, after providing for public notice and comment, to establish standards for short-term, small-dollar loans or lines of credit made available by insured depository institutions. (b)

Considerations

In issuing regulations to establish standards under subsection (a), the Federal banking agencies shall ensure that the standards encourage products that are consistent with safe and sound banking, provide fair access to financial services, and treat customers fairly. (c)

Coordinated efforts

In issuing regulations to establish standards under subsection (a), the Federal banking agencies shall consult and coordinate with each other. (d)

Effect on State law

Regulations issued under subsection (a) shall supersede any State law that sets standards for short-term, small-dollar loans or lines of credit made available by insured depository institutions. (e)

Definitions

For purposes of this section, the terms insured depository institution and Federal banking agency have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act.

4.

Exemption from payday rule

The rule submitted by the Bureau of Consumer Financial Protection relating to Payday, Vehicle Title, and Certain High-Cost Installment Loans (published at 82 Fed. Reg. 54472 (November 17, 2017)) shall not apply to— (1)a loan made by an insured depository institution (as defined under section 3 of the Federal Deposit Insurance Act) on or after the date that the appropriate Federal banking agency (as defined under section 3 of such Act) issues the regulations described under section 3(a); or (2)a loan made by an insured credit union or noninsured credit union (as such terms are defined, respectively, under section 101 of the Federal Credit Union Act).

August 3, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed