Mandatory Arbitration Clauses in the Credit Card Industry

10 Pages Posted: 30 Aug 2006

See all articles by Mark J. Furletti

Mark J. Furletti

Federal Reserve Bank of Philadelphia

Date Written: January 2003

Abstract

On September 26, 2002, the Payment Cards Center of the Federal Reserve Bank of Philadelphia held a workshop that explored the use of mandatory arbitration clauses in credit card agreements between issuers and consumers. Leading the workshop was Alan S. Kaplinsky, chair of the Consumer Financial Services Group at Ballard Spahr Andrews & Ingersoll, LLP. A pioneer in the development of consumer arbitration clauses, Kaplinsky described the arbitration process as a conflict resolution mechanism in the payment cards industry. He also provided a contextual overview of the Federal Arbitration Act of 1925, subsequent legislative actions, and relevant court cases. This paper summarizes his presentation and the ensuing discussion with workshop participants.

Keywords: Credit cards, Laws and legislation

Suggested Citation

Furletti, Mark J., Mandatory Arbitration Clauses in the Credit Card Industry (January 2003). Federal Reserve Bank of Philla Payment Cards Center Discussion Paper No. 03-01, Available at SSRN: https://ssrn.com/abstract=927078 or http://dx.doi.org/10.2139/ssrn.927078

Mark J. Furletti (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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