Missouri state senators voted unanimously to pass a bill that would protect credit unions from so called ‘patent trolls.’ The bill, SB 706, was voted out of the Senate 32-0 on April 10. It sets clear criteria to help distinguish legitimate from illegitimate patent infringement assertions and provides restitution for businesses affected by patent trolling - including credit unions. SB 706 is sponsored by Senator Mike Cunningham (R-District 33) (pictured).
“A number of credit unions in Missouri have received frivolous demand letters alleging patent infringement and shared that information with us,” says David Kent, director of state legislative affairs for Missouri Credit Union Association (MCUA). “Being able to provide examples to lawmakers and show them firsthand the severity – as well as the ridiculousness – of these demand letters helped the bill gain such strong support.”
SB 706 now moves to the House. HB 1374, sponsored by Rep. Stan Cox (R-District 52) is identical to SB 706. It was recently voted out of the House 142-3. MCUA Advocacy testified in support of both bills during their respective committees.
Senate Committees Voting out Legislation Affecting Credit Unions
There are a number of bills affecting credit unions and credit union members starting to move through the legislature. Here are a few of interest heard in various committees this week:
MCUA Advocacy spoke in support of each of the above bills in their respective committees. Each bill is expected to move to the Senate floor for debate.
Other Bills of Interest
Click here for an overview of the bills with potential impact to credit unions. MCUA provides this information each week, and it is updated regularly as more bills are introduced and tracked.
Financial “Tip of the Week” – Saving for a Rainy Day
During the 2014 legislative session, MCUA provides lawmakers with a financial “Tip of the Week” to share with constituents. MCUA provided tips on ways to save for a rainy day. Credit unions are welcome to share these tips with members. 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.
April Events Calendar