confab vs chin-wag

confab and chin-wag both are nouns.

Word	Noun	Adjective	Verb	Adverb
confab	Yes	No	Yes	No
chin-wag	Yes	No	No	No

As nouns, chin-wag is a hyponym of confab; that is, chin-wag is a word with a more specific, narrower meaning than confab:

confab (noun)	chin-wag (noun)
an informal conversation	light informal conversation for social occasions

confab (verb)	chin-wag (verb)
talk socially without exchanging too much information
have a conference in order to talk something over