Since credit unions can often settle disagreements with members amicably, the CFPB's crackdown on mandatory arbitration agreements may not be necessary for the sector, several officials contended.
Attorneys who represent credit unions said even if arguments are solved in a friendly manner, it is helpful to have arbitration agreements in their back pocket in case an amicable resolution isn't possible.
"As far as credit unions are concerned, it's much ado about nothing," Dustin DeVore, attorney and co-chair of the Credit Union Team at Kaufman & Canoles in Williamsburg, Va., said. "Credit unions generally are able to work things out without arbitration or lawsuits."
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