Bank of America Drops "you can't sue me" clause contained in consumer credit card contracts

Could the end of unfair forced binding arbitration be near? Yesterday Bank of America stepped up to the plate and announced a bold move -they will no longer require its customers to resolve their disputes in the unfair system of forced arbitration.

Here is Bank of America's announcement and a Yahoo news article about  Bank of America's decision. 
 
The National Association of Consumer Advocates responded that they are "encouraged by both Bank of America's decision to halt its use of forced arbitration and last month's settlement between the Minnesota Attorney General and the National Arbitration Forum (NAF) that resulted in the NAFceasing all arbitrations of consumer disputes.

These two recent developments are a step in the right direction.  However, they are not enough!  Many fear that without Congressional intervention the abusive and unfair practice of forced arbitration will continue.  There will be other arbitration firms that will fill the void left by the NAF and thousands of other banks, private employers, nursing homes, auto dealers and deposit institutions that will continue to use arbitration to escape accountability and deny consumers and employees access to justice.

According to a press statement from The Fair Arbitration Now Coalition  "These recent developments reinforce what many advocates of fair arbitration have known for a long time - that the system of forced arbitration is unfair to consumers and employees and allows corporations to escape accountability. Only Congress can protect all Americans by passing the Arbitration Fairness Act, a bill that would prohibit the enforcement of forced arbitration clauses in consumer, employment, and franchisee contracts." MORE
 
Write to Congress and ask your reps to pass the Arbitration Fairness Act (HR 1020, S. 931) and the Fairness In Nursing Home Arbitration Act (HR 1237, S. 512).