The Consumer Financial Protection Bureau plans to test ashorter, more concise, credit card agreement with members ofPentagon FCU.
The bureau’s acting director, Raj Date, announced last Wednesday that the form isapproximately 1,100 words, compared with the average form which is5,000 words.
It plans to initially use the form with Pentagon FCU and post iton it on the agency’s website so the public can comment. At $15.8billion, PenFed is one of the three credit unions over $10 billionin assets that fall under the CFPB’s direct supervisionauthority.
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