From Princeton:

Thesaurus

Noun 1. confab - an informal conversation
chat, confabulation, conversation - the use of speech for informal exchange of views or ideas or information etc.
- light informal conversation for social occasions

Verb 1. confab - talk socially without exchanging too much information; "the men were sitting in the cafe and shooting the breeze," chat, confabulate, visit, converse, discourse - carry on a conversation - talk idly or casually and in a friendly way

2. confab - have a conference in order to talk something over; "We conferred about a plan of action"
confer, consult, confabulate
hash out, talk over, discuss - speak with others about (something); talk (something) over in detail; have a discussion; "We discussed our household budget"
collogue - confer secretly


con·fab (kon fab) Informal
n.
A casual talk; confabulation.
intr.v. (kn-fb, knfb) con·fabbed, con·fab·bing, con·fabs
To engage in casual talk.

The American Heritage® Dictionary of the English Language