EQUAL Act of 2018
Latest action · Aug 3, 2018 Placed on the Union Calendar, Calendar No. 688.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 19, 2018
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 8, 2018.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Jun 8, 2018 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jan 19, 2018Markup Mar 21, 2018Reported Aug 3, 2018 |
| Consumer Protection and Financial Institutions Subcommittee | Hearings Jul 12, 2017 |
Actions 7
Everything that happened, newest first.
- Aug 3, 2018Reported by the Committee on Financial Services. H. Rept. 115-890.
- Aug 3, 2018Placed on the Union Calendar, Calendar No. 688.
- Mar 21, 2018Committee Consideration and Mark-up Session Held.
- Mar 21, 2018Ordered to be Reported by the Yeas and Nays: 34 - 26.
- Jan 19, 2018Introduced in House
- Jan 19, 2018Referred to the House Committee on Financial Services.
- Jul 12, 2017Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Jun 20, 2018H.R. 4861, EQUAL Act of 2018As ordered reported by the House Committee on Financial Services on March 21, 2018
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 164, no. 12, January 19, 2018, page H583.
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- EQUAL Act of 2018
- Ensuring Quality Unbiased Access to Loans Act of 2018
- Short Titles as Reported to House
- EQUAL Act of 2018
- Ensuring Quality Unbiased Access to Loans Act of 2018
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Aug 3, 2018Reported in House
- Jan 19, 2018Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
