ALEXANDRIA, Va. – Pentagon FCU is sending out a prototype short-form credit card agreement for the fourth quarter as part of the Consumer Financial Protection Bureau’s project aimed at shortening consumer credit card contracts.
PenFed will begin sending the short-form agreement to new cardholders in the fourth quarter of 2012 and the first quarter of 2013, and the CFPB plans to conduct qualitative research through surveys of new cardholders.
Consumer comments will be collected through the first quarter of 2013. Research is designed to result in recommendations for development of and revisions to the CFPB’s approach to improving the readability of credit card agreements.
The research will be conducted by phone surveys of consumers who will have received the agreements from PenFed.