The CFPB has requested emergency approval from the Office of Management and Budget (OMB) to conduct qualitative research related to a short-form credit card agreement Pentagon Federal Credit Union has agreed to pilot this fall. The CFPB has stated its 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 CFPB is request permission to conduct phone surveys of Pentagon Credit Union’s new cardholders, who will received the short-form agreements starting fourth quarter 2012 through first quarter 2013.
The CFPB estimates 500 individuals surveyed will participate, while 500 will not. The survey will take about 15 minutes, in which the CFPB intends to ask questions requiring the consumer to recall their impression of the cardholder agreement. The Bureau estimates the total annual burden of this collection will be 133.3 hours.
The CFPB recognizes the survey “will provide illustrative qualitative information only” and stated results “will not be used to make statistically-valid assessments for the purpose of extrapolating to the broader US population.”
The CFPB will accept comments regarding whether the collection of information is necessary, including whether the data will have practical utility; the accuracy of the CFPB’s estimates of burden; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection on respondents.
Comments are due on October 18, 2012.
Read the request.
View the CFPB’s previously released prototype for a short-form credit card agreement.