CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Arbitration can be appropriate forum for some disputes
Policy & Issues

Arbitration can be appropriate forum for some disputes

March 8, 2022
Cap1

The absence of a fair and efficient arbitration system would ultimately harm consumer access to safe and affordable financial services, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday. CUNA sent its own letter—and one with several other organizations—noting concerns with any legislation that would restrict access to the arbitration system. 

“Arbitration can be an efficient means to resolve legal disputes between parties and the choice to include arbitration agreements in contracts is highly dependent on the credit union’s policies, priorities, and resources,” CUNA’s letter reads. “As arbitration is merely one dispute resolution tool amongst many, CUNA would be concerned with any legislation attempting to arbitrarily restrict access to the arbitration system. Although arbitration may not be an appropriate forum in every dispute, it certainly can be the appropriate forum to resolve some disputes.”

CUNA also notes that it is important for Congress to “recognize the substantial harm that expensive, protracted litigation levy on credit unions and their members.”

The joint letter adds that multiple, empirical studies have shown arbitration claimants do just as well, or in many circumstances, considerably better, than in court.

“Arbitration also empowers consumers to obtain a remedy for cases that are not eligible to be resolved through a class action or involve amounts too low to attract an attorney to take an individual case.” The joint letter reads. “Arbitration is the only realistic avenue for obtaining relief for such claims.”

Credit Union Magazine: Winter 2023

Winter 2023

The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.
Digital Edition •  Subscribe

Trending

  • Overtime proposal could have negative impacts on small, rural CUs

  • Chopra testimony, House 1071 rule disapproval vote this week

  • Nussle: Interchange bill puts consumers on hook for big box profits

Polls

How do you feel about the economy in 2024?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us