; November 26, 2013) shall have no force or effect. 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 available by insured depository institutions. (b) Considerations In issuing regulations to establish standards under subsection (a), the Federal banking agencies shall ensure that the standards encourage products that are consistent with safe and sound banking, provide fair access to financial services, and treat customers 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 banking agency have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act. 4. Exemption from payday rule The rule submitted by the Bureau of Consumer Financial 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 institution (as defined under section 3 of the Federal Deposit Insurance Act) on or after the date that the appropriate Federal banking agency (as defined 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).