WASHINGTON (2/5/15)--CUNA continues to urge Congress to tackle abuses of the patent system, and a bill that would combat abusive patent lawsuits is expected to be introduced today by Rep. Bob Goodlatte (R-Va.).
The Innovation Act was first introduced in October 2013 and was approved by the U.S. House in December 2013. Because it was not passed by the Senate, it must be re-introduced to be considered by the 114th Congress.
The bill would remove some financial incentives sought by firms that assert low-quality patents in the hope of quick settlements. CUNA sent letters of support of the bill during the 113th Congress but urged the bill to go further in protecting financial firms from litigation on commonly used technologies.
The previous version of the bill contained several provisions important to credit unions, including one that gives the Patent and Trademark Office director discretion to waive filing fees for appeals.
A CUNA-supported amendment that would require "patent trolls" to identify their parent entity when making a patent infringement claim was also included in the version passed by the House.