Missouri Credit Union Association Testifies in Support of Anti-Patent Troll Bill
The Missouri Credit Union Association (MCUA) testified in support of a Missouri House bill that would limit patent troll abuse. David Kent, director of state legislative affairs, provided credit union input on the issue during the January 29 House Financial Institutions Committee hearing on HB 1374 . The bill is sponsored by Representative Stan Cox (R-District 52) (pictured).
This bill sets clear criteria to help judges distinguish legitimate from illegitimate patent assertions, and gives businesses affected by patent trolling the option to seek restitution through the circuit court. Bad faith assertions of patent infringement have become a major issue for Missouri's businesses, including credit unions. In advance of the hearing, MCUA met with members of the committee to discuss the issue and answer any questions.
"We know of specific instances where our member credit unions have been directly affected by patent trolls," says Amy McLard, senior vice president of advocacy. "It's important we explain to lawmakers the severity of the issue, and that the costs associated with patent trolling affect both the credit union and the consumers that the credit union serves."
SB 706 was introduced in the Missouri Senate by Senator Mike Cunningham (R-District 33) and addresses the same issue.
MCUA Hosts Event for Three Representatives
Representatives Paul Fitzwater (R-District 144), Lyndall Fraker (R-District 137), and Craig Redmon (R-District 4) held a fundraiser at Missouri Credit Union Association’s Jefferson City office on January 29. Approximately 50 friends and supporters attended the event throughout the evening, including Chair of the House Financial Institutions Committee Tony Dugger (R-141) and House Majority Floor Leader John Diehl (R-District 89).
(Pictured from left to right, Fitzwater, Redmon and Fraker)
For the full story please click here.
MCUA’s Jefferson City office will also host the following events in the weeks to follow:
Key Committee Updates
The Senate Financial Institutions Committee will hear SB 694 on February 3. The bill is sponsored by Senator Mike Cunningham (R-Marshfield). The bill modifies the laws relating to payday loans, including increasing the annual licensing fee and sets conditions for borrowers to pay outstanding loans by means of an extended payment plan, among other things.
Bills You Want to Know About
Click here for an overview of the bills with potential impact to credit unions. MCUA will provide this information each week. It will be updated regularly as more bills are introduced and tracked.
Financial “Tip of the Week” – Consumer Awareness is the Best Prevention Against Phishing Attacks
During the 2014 legislative session, MCUAis providing lawmakers with a financial “Tip of the Week” to share with their constituents. On January 30, MCUA provided tips to help prevent consumers from falling victim to phishing attacks. Read the full tip here.
If you have any specific examples to share with legislators on this topic, please contact Amy McLard or David Kent and we will be happy to help you get that information in to the hands of the right lawmakers. MCUA Advocacy also welcomes suggestions for timely financial education/news topics with a consumer focus to share with lawmakers.