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Bill115th CongressFiled Jan 19, 2018Finance and Financial Sector
H.R. 4861

EQUAL Act of 2018

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment (Aug 3, 2018)

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.

What just happenedAug 3, 2018

Placed on the Union Calendar, Calendar No. 688.

Who’s behind it

Rep. Hollingsworth, Trey [R-IN-9](R-IN)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors1committees9actions6subjects
  1. Aug 3, 2018CalendarsH12410

    Placed on the Union Calendar, Calendar No. 688.

  2. Aug 3, 2018CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-890.

    Financial Services Committee
  3. Aug 3, 2018Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-890.

    Financial Services Committee
  4. Mar 21, 2018Committee

    Ordered to be Reported by the Yeas and Nays: 34 - 26.

    Financial Services Committee
  5. Mar 21, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Jan 19, 2018IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  7. Jan 19, 2018IntroReferralIntro-H

    Introduced in House

  8. Jan 19, 2018IntroReferral1000

    Introduced in House

  9. Jul 12, 2017Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

    Consumer Protection and Financial Institutions Subcommittee
Reported to House without amendmentAug 3, 201879

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.

Introduced in HouseJan 19, 2018

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.

EQUAL Act of 2018 — Informed