Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 4861
115th Congress(2017-2018)
EQUAL Act of 2018
Introduced
Introduced
Introduced in House on Jan 19, 2018
Overview
Text
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Not Scanned for Linkage
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
Jump To
H. R. 4861 (Introduced-in-House)


115th CONGRESS
2d Session
H. R. 4861


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.

IN THE HOUSE OF REPRESENTATIVES

January 19, 2018

Mr. Hollingsworth introduced the following bill; which was referred to the Committee on Financial Services

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 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”.

SEC. 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.

SEC. 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.

SEC. 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).