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.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 34 - 26.
Reported by the Committee on Financial Services. H. Rept. 115-890.
Reported by the Committee on Financial Services. H. Rept. 115-890.
Placed on the Union Calendar, Calendar No. 688.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line