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News Now

Washington
CUs Can Watch for Patent Bill, Reg Burden Hearing This Week
WASHINGTON (12/3/13)--While the Senate remains out of session this week, the U.S. House and Credit Union National Association will be hard at work as a CUNA-supported patent bill is considered and a credit union witness testifies on regulatory burden.

The House is scheduled to consider the Innovation Act (H.R. 3309) and the Small Business Capital Access and Job Preservation Act (H.R.1105) this week.

H.R. 3309, which was introduced by Rep. Bob Goodlatte (R-Va.) in late October, would crack down on the so-called "trolls" who abuse the patent system by using low-quality patents to try to extract settlements from credit unions and other parties. CUNA supports the bill.

H.R. 1105 would provide a registration exemption for private equity fund advisors.

Rose Bartolomucci, president/CEO of Towpath CU, a state-chartered, privately insured credit union in Akron, Ohio, will discuss duplicative and inconsistent federal rules, and other credit union issues, before a Wednesday House Financial Services subcommittee on financial institutions and consumer credit hearing. The hearing is scheduled to begin at 10 a.m. (ET).

The hearing, entitled "Examining Regulatory Relief Proposals for Community Financial Institutions," will focus on three bills: A bill to require the National Credit Union Administration and other federal financial regulators to assess and address regulatory duplication or inconsistency; legislation that would allow privately insured credit unions to join a Federal Home Loan Bank; and a bill that would adjust the Consumer Financial Protection Bureau's rural designation to align with the definition used by the U.S. Department of Agriculture.

A Tuesday House Judiciary regulatory reform, commercial and antitrust law subcommittee hearing entitled "The Bankruptcy Code and Financial Institution Insolvencies" has also been scheduled this week.

The Senate is scheduled to return to Washington on Dec. 9.

These and other valuable insights are provided each week in the CUNA Legislative Update.


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