Alert October 02, 2012

CFPB Seeks Comment on Information Collection for Pilot Short-Form Credit Card Agreement

The CFPB is seeking comments on its request for emergency processing and approval of the collection of information related to the short-form credit agreement Pentagon Federal Credit Union plans to begin using this fall. The CFPB has requested emergency approval and processing on the ground that using the normal clearance procedures would prevent collection of the necessary information that would aid in the “development of and revisions to its approach to improving the readability of credit card agreements.” Comments are being solicited on: (1) whether the collection of information is necessary for the proper performance of the function of the CFPB; (2) the accuracy of the CFPB’s estimate of the burden of the collection of information; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information on respondents. Comments are due by October 18, 2012.