Two cases your credit union should pay attention to
My morning scan of the internet for news my credit union friends can use has led me to decide to comment on two cases that could have important consequences for your credit union.
First, there is this article highlighting the importance of a lawsuit that USAA is bring against Wells Fargo. The case was filed in June 2017. USAA claims that Wells Fargo has violated its remote deposit capture technology patents. The importance of this case to credit unions is obvious: There’s a good chance that if you offer remote deposit capture, the outcome of this case will impact whether or not you ultimately enter into a licensing agreement with USAA.
If you remember earlier last year many credit unions received ostensibly non-threatening letters from USAA in which they were informed that USAA invented remote deposit capture technology as part of its efforts to make banking available to military personnel no matter where they are located. The letter invited your credit union to enter into a licensing agreement. Coupled with this pleasant language was the implicit threat of a lawsuit. It appears that Wells Fargo has decided not to settle. I’m in no position to pass judgment on the merits of these claims but I do know it is hotly contested. A win by Wells Fargo would obviously make it that much more difficult to successfully bring claims against your credit union.
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