A banking industry association has created an advocacy program focused on improving patent quality in the financial services industry, a move that signifies the growing importance of patents and technology in the finance sector.
The Clearing House Association, which was established more than 160 years ago as the first banking association in the U.S., now advocates on regulatory, legislative and legal public policy issues on behalf of its owner-members, which include Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citibank. On Wednesday, the group announced the formation of the Patent Quality Initiative (PQI), which will seek to promote strong patents and discourage the assertion of weak ones it believes should not have been granted by the U.S. Patent and Trademark Office (PTO).
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