JPMorgan Chase Suspends Debt Collection Arbitrations (Web)

 JPMorgan Chase will no longer submit disputes with credit-card customer to arbitration, in the wake of the departure from the business by two major arbitration providers this week.

The National Arbitration Forum of St. Louis Park, Minn., agreed to stop arbitrating consumer debt disputes last Sunday as a settlement of civil fraud charges in a suit by the Minnesota Attorney General's Office. 

The American Arbitration Association suspended consumer debt arbitrations, asking Congress for more guidance in hearings on consumer debt arbitration practices held Wednesday.

The original story on JPMorgan's suspension of credit card arbitration was published Thursday by creditcards.com, with the bank's revealing its decision to the website less than a day after the American Arbitration Association's move.  You can find the story here.

The Wall Street Journal Law Blog picked up the coverage today.  You can find it post here.

--Russ Bleemer, Editor Alternatives.