Newsroom
CUs still being hit by patent claims
Eight California-based credit unions joined the growing list of institutions – including a number of large banks – targeted in patent infringement lawsuits pressed by Pi-Net International Inc., reports said.
The suits say the credit unions are using technology patented by Pi-Net owner Lakshmi Arunachalam between 1995 and 2012, Credit Union Journal reported Thursday. It syas the firm has filed more than 35 similar suits against institutions such as JP Morgan Chase Capital One, Bank of America and others.
A final rule issued this summer by the Patent and Trade Office could have a bearing on these latest suits, NAFCU's regulatory affairs staff note. The PTO issued a final rule that implements NAFCU-supported policy designed to make it easier for credit unions and others to challenge patents for poor-quality business methods.
The rule allows the parties in a patent-infringement suit to request a USPTO review of a patent's validity, a step that could shorten litigation significantly. The rule offers credit unions a better mechanism for reviews of "covered business patents" in dispute.
The eight credit unions named as the latest defendants, CUJ reported, are Inland Valley FCU, Cal Poly FCU, South Bay CU, 1st Commonwealth Central CU, My Credit Union, Media City Community CU, 1st Valley CU and San Jose CU.
- Business practice patent finalrule published, 8/14
- Final rule (Federal Register)
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.