The Senate passed Thursday night a reform bill that would make it harder for holders of “business method" patents that cover processes such as electronic filing of documents to sue financial institutions such as credit unions.
The measure, which the House approved in June, passed 89-9. It now goes to President Obama for his signature.
CUNA, NAFCU and CUNA Mutual and all the major banking trade associations backed the bill and lobbied for its passage.
Under the bill, credit unions and banks accused of patent infringement have the right to demand a review of the patent by the U.S. Patent and Trademark Office.