Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA Witness Will Testify on Patent Issues This Week
WASHINGTON (12/16/13)--John Dwyer, president/CEO of New England FCU, Williston, Vt., will discuss credit union patent troll concerns in a Tuesday Senate Judiciary Committee hearing.

Dwyer will testify on behalf of the Credit Union National Association and his credit union at the hearing, "Protecting Small Businesses and Promoting Innovation by Limiting Patent Troll Abuse." 

CUNA will be the only group testifying representing financial institutions.

The Innovation Act of 2013 (H.R. 3309), which would remove some of the financial incentives sought by firms that assert low-quality patents in the hope of quick settlements, was approved by the U.S. House early this month on a 325 to 91 vote.

The Senate is preparing to consider the issue. Judiciary Committee Chairman Pat Leahy (D-Vt.) and others have introduced their own bills to address the problem. (See Dec. 13 News Now item: CUNA Urges Hill Action on 'Main Street' Patent Reform.)

So-called "patent trolls" continue to use low-quality patents to try to extract settlements from credit unions and others. Credit unions have been sued for the use of certain ATM technologies, check imaging applications and check cashing applications, and providing members with mobile transactions through their smartphones.

Credit unions and others have also received vague demand letters from patent trolls, and CUNA hopes to see reforms that will affect these demand letters.

Dwyer is a member of CUNA's Federal Credit Union Subcommittee and is one of four credit union representatives on the 12-member Federal Reserve Bank of Boston First District Community Depository Institution Advisory Council.


RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
11 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
14 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
15 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
15 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
15 hours ago