The Consumer Financial Protection Bureau plans to test a shorter, more concise, credit card agreement with members of Pentagon FCU.
The bureau's acting director, Raj Date, announced that the form is approximately 1,100 words, compared with the average form which is 5,000 words.
It plans to initially use the form with Pentagon FCU and post it on it on the agency's website so the public can comment. At $15.8 billion, PenFed is one of the three credit unions over $10 billion in assets that fall under the CFPB's direct supervision authority.
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