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 in-
sured depository institutions, to exempt insured deposi-
tory institutions and insured credit unions from the pay-
day lending rule of the Bureau of Consumer Financial 
Protection, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Ensuring Quality Un-
biased Access to Loans Act of 2018’’ or the ‘‘EQUAL Act 
of 2018’’. 
SEC. 2. NULLIFICATION OF, AND REQUIREMENTS FOR, 
GUIDANCE ON DEPOSIT ADVANCE PROD-
UCTS. 
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 avail-
able by insured depository institutions. 
(b) CONSIDERATIONS.—In issuing regulations to es-
tablish standards under subsection (a), the Federal bank-
ing agencies shall ensure that the standards encourage 
products that are consistent with safe and sound banking, 
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provide fair access to financial services, and treat cus-
tomers 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 bank-
ing agency’’ have the meaning given those terms, respec-
tively, under section 3 of the Federal Deposit Insurance 
Act. 
SEC. 4. EXEMPTION FROM PAYDAY RULE. 
The rule submitted by the Bureau of Consumer Fi-
nancial 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 insti-
tution (as defined under section 3 of the Federal 
Deposit Insurance Act) on or after the date that the 
appropriate Federal banking agency (as defined 
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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). 
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Union Calendar No. 688 
115TH CONGRESS 
2D SESSION 
H. R. 4861 
[Report No. 115–890] 
A BILL 
To nullify certain guidance on deposit advance 
products, to require the Federal banking agencies 
to establish standards for short-term, small-dol-
lar loans made by insured depository institutions, 
to exempt insured depository institutions and in-
sured credit unions from the payday lending rule 
of the Bureau of Consumer Financial Protection, 
and for other purposes. 
AUGUST 3, 2018 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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