EQUAL Act of 2018

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 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 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 Federal banking agency 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 (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

Summary: Ensuring Quality Unbiased Access to Loans Act of 2018 or the EQUAL Act of 2018 This bill nullifies the Federal Deposit Insurance Corporation final guidance titled "Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products," published November 26, 2013. (The guidance relates to the safety and soundness of insured depository intuitions offering short-term, small-dollar loans.) Federal banking agencies must issue regulations regarding such loans offered by insured depository institutions. The bill also exempts certain loans made by a depository institution or a credit union from the Consumer Financial Protection Bureau rule titled "Payday, Vehicle Title, and Certain High-Cost Installment Loans," published on November 17, 2017.