I 

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. 

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


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Ensuring Quality Un3 biased Access to Loans Act of 2018’’ or the ‘‘EQUAL Act 

4 of 2018’’. 

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

6 GUIDANCE ON DEPOSIT ADVANCE PROD7 UCTS. 

8 The final guidance of the Federal Deposit Insurance 

9 Corporation titled ‘‘Guidance on Supervisory Concerns 

10 and Expectations Regarding Deposit Advance Products’’ 

11 (78 Fed. Reg. 70552; November 26, 2013) shall have no 

12 force or effect. 

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

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

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

16 agencies shall each issue regulations, after providing for 

17 public notice and comment, to establish standards for 

18 short-term, small-dollar loans or lines of credit made avail19 able by insured depository institutions. 

20 (b) CONSIDERATIONS.—In issuing regulations to es21 tablish standards under subsection (a), the Federal bank22 ing agencies shall ensure that the standards encourage 

23 products that are consistent with safe and sound banking, 

24 provide fair access to financial services, and treat cus25 tomers fairly. 


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1 (c) COORDINATED EFFORTS.—In issuing regulations 

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

3 banking agencies shall consult and coordinate with each 

4 other. 

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

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

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

8 of credit made available by insured depository institutions. 

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

10 terms ‘‘insured depository institution’’ and ‘‘Federal bank11 ing agency’’ have the meaning given those terms, respec12 tively, under section 3 of the Federal Deposit Insurance 

13 Act. 

14 SEC. 4. EXEMPTION FROM PAYDAY RULE. 

15 The rule submitted by the Bureau of Consumer Fi16 nancial Protection relating to ‘‘Payday, Vehicle Title, and 

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

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

19 to— 

20 (1) a loan made by an insured depository insti21 tution (as defined under section 3 of the Federal 

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

23 appropriate Federal banking agency (as defined 

24 under section 3 of such Act) issues the regulations 

25 described under section 3(a); or 


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

2 noninsured credit union (as such terms are defined, 

3 respectively, under section 101 of the Federal Credit 

4 Union Act). 

Æ 


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