WASHINGTON—Over credit union opposition, the House has passed the Forced Arbitration Injustice Repeal Act (FAIR), which bans arbitration provisions in private contracts, in a 222-209 vote.
NAFCU, CUNA and other organizations had expressed their opposition to the legislation, stating in a letter that “the use of pre-dispute arbitration clauses in contracts benefits consumers, small businesses, and employees.
“The only clear beneficiaries of broadly eliminating cost-effective and fair arbitration as a viable way to resolve disputes are class action lawyers, who would directly benefit from increased class action litigation,” wrote the groups.
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