CUNA and NAFCU both praised the efforts of the Consumer Financial Protection Bureau to simplify credit card disclosures, but made suggestions that might have the effect of making the form longer.
Mary Mitchell Dunn, CUNA senior vice president and deputy general counsel, wrote that the CFPB's form, which is currently being tested by Pentagon FCU and is approximately 1,100 words, compared with the average form which is 5,000 words, "is a very positive step forward.''
Carrie Hunt, NAFCU vice president and general counsel, wrote that while "additional clarification may be required to account for uncommon situations, the agency's form discloses the most important information in a simple, straightforward manner.''
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