H.R.4861 - EQUAL Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Hollingsworth, Trey [R-IN-9] (Introduced 01/19/2018)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 115-890|
|Latest Action:||House - 08/03/2018 Placed on the Union Calendar, Calendar No. 688. (All Actions)|
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Summary: H.R.4861 — 115th Congress (2017-2018)All Information (Except Text)
Reported to House without amendment (08/03/2018)
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.