Bankruptcy

A Big Win for Consumers: NAF Leaves Arbitration Business

By Bob Lawless

Credit Slips bloggers have written a number of posts about the National Arbitration Forum (NAF) (here, here, here, here, here and here). NAF was a business friendly--and especially a credit card company friendly--arbitration forum, but that looks to be a thing of the past. Last week, after a lawsuit was filed by the Minnesota attorney general NAF agreed in a consent decree to stop taking any consumer arbitrations. Deepak Gupta over at the always insightful Consumer Law & Public Policy Blog has has an informative summary on the story. NAF exiting consumer arbitration is great news.

Earlier this week, the not-for-profit American Arbitration Association (AAA) also announced it would stop accepting arbitrations in consumer debt-collection cases until standards or safeguards are established. Big changes appear to be afoot.

Full post as published by Credit Slips on July 23, 2009 (boomark / email).