IB 

Union Calendar No. 688 

115TH CONGRESS 

2D SESSION H. R. 4861 

[Report No. 115–890] 

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 

AUGUST 3, 2018 

Additional 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 


amozie on DSK3GDR082PROD with BILLS
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•HR 4861 RH

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. 


amozie on DSK3GDR082PROD with BILLS
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•HR 4861 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Ensuring Quality Un5 biased Access to Loans Act of 2018’’ or the ‘‘EQUAL Act 

6 of 2018’’. 

7 SEC. 2. NULLIFICATION OF, AND REQUIREMENTS FOR, 

8 GUIDANCE ON DEPOSIT ADVANCE PROD9 UCTS. 

10 The final guidance of the Federal Deposit Insurance 

11 Corporation titled ‘‘Guidance on Supervisory Concerns 

12 and Expectations Regarding Deposit Advance Products’’ 

13 (78 Fed. Reg. 70552; November 26, 2013) shall have no 

14 force or effect. 

15 SEC. 3. SHORT-TERM, SMALL-DOLLAR LOANS. 

16 (a) IN GENERAL.—Not later than 24 months after 

17 the date of the enactment of this Act, the Federal banking 

18 agencies shall each issue regulations, after providing for 

19 public notice and comment, to establish standards for 

20 short-term, small-dollar loans or lines of credit made avail21 able by insured depository institutions. 

22 (b) CONSIDERATIONS.—In issuing regulations to es23 tablish standards under subsection (a), the Federal bank24 ing agencies shall ensure that the standards encourage 

25 products that are consistent with safe and sound banking, 


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1 provide fair access to financial services, and treat cus2 tomers fairly. 

3 (c) COORDINATED EFFORTS.—In issuing regulations 

4 to establish standards under subsection (a), the Federal 

5 banking agencies shall consult and coordinate with each 

6 other. 

7 (d) EFFECT ON STATE LAW.—Regulations issued 

8 under subsection (a) shall supersede any State law that 

9 sets standards for short-term, small-dollar loans or lines 

10 of credit made available by insured depository institutions. 

11 (e) DEFINITIONS.—For purposes of this section, the 

12 terms ‘‘insured depository institution’’ and ‘‘Federal bank13 ing agency’’ have the meaning given those terms, respec14 tively, under section 3 of the Federal Deposit Insurance 

15 Act. 

16 SEC. 4. EXEMPTION FROM PAYDAY RULE. 

17 The rule submitted by the Bureau of Consumer Fi18 nancial Protection relating to ‘‘Payday, Vehicle Title, and 

19 Certain High-Cost Installment Loans’’ (published at 82 

20 Fed. Reg. 54472 (November 17, 2017)) shall not apply 

21 to— 

22 (1) a loan made by an insured depository insti23 tution (as defined under section 3 of the Federal 

24 Deposit Insurance Act) on or after the date that the 

25 appropriate Federal banking agency (as defined 


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1 under section 3 of such Act) issues the regulations 

2 described under section 3(a); or 

3 (2) a loan made by an insured credit union or 

4 noninsured credit union (as such terms are defined, 

5 respectively, under section 101 of the Federal Credit 

6 Union Act). 


amozie on DSK3GDR082PROD with BILLS
Union Calendar No. 688 

115TH CONGRESS 

2D SESSION H. R. 4861 

[Report No. 115–890] 

A BILL 

To nullify certain guidance on deposit advance 

and for other purposes. of the Bureau of Consumer Financial Protection, sured credit unions from the payday lending rule to exempt insured depository institutions and inlar loans made by insured depository institutions, to establish standards for short-term, small-dolproducts, to require the Federal banking agencies 

AUGUST 3, 2018 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


amozie on DSK3GDR082PROD with BILLS