CFPB Readies for Launch of Short-Form Credit Card Agreement Pilot Program

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On September 18, the CFPB published a Notice and Request for Comment on information it plans to collect with regard to a pilot program designed to test a short-form credit card agreement. The CFPB announced last year its plan to partner with Pentagon Federal Credit Union to test its prototype agreement. The recently-published notice indicates that Pentagon Federal Credit Union will begin sending the short-form agreement to new cardholders in the fourth quarter of 2012 and the first quarter of 2013, and that the CFPB plans to conduct qualitative research through surveys of new cardholders. Parties interested in commenting on the CFPB’s proposed research have through October 18, 2012 to do so.