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CUNA Backs Patent Improvement Bill Filed by Virginia's Bob Goodlatte with Letter of Support

"Financial institutions of every size have been targeted by non-practicing entities (NPEs), often referred to as patent trolls, who in most cases assert low-quality business method patents through vaguely worded demand letters," the letter said.

The letter thanked Rep. Bob Goodlatte (R-Va.) for his introduction of H.R. 3309.

"Components of the Innovation Act could help alter the business model of NPEs by removing some of their financial incentive to assert low-quality patents in the hope of quick settlements," the letter added.

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Tags: Rep. Bob Goodlatte, patents, H.R. 3309, Congress

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