As far as I knew prior to this, HL bags were made by a company whose name was just "HL." The HL mark dates back into at least the 40's. I had never seen or heard what the initials stood for, and I have had several HL bags. However I just ran across a listing that explains that the initials are for designer Harry Levine. (This must be similar to the "MM" bags, designed by Morris Moskowitz and marked only with the initials.) I don't know whether these bags were made by a manufacturer of other bags and branded for the designer, or whether the manufacturer made only these bags. I tend to think, since HL bags were so popular and apparently plentiful, that the manufacturer must have made only that brand. But, I could very well be wrong.
In any event, the "H.L. U.S.A." designation is widely recognized in vintage bags. The mark on yours is, I think, an older one, as later ones eliminated the periods on the initials.
It's not much, but hope this info helps a little!