When the USAA/Wells Fargo remote deposit capture litigation first occurred last year, you could almost hear a collective gasp throughout the credit union industry. That gasp represented, "What's going to happen to us because we use that technology, too?"
To find out the inside scoop on this situation, we invited NAFCU EVP of Government Affairs/General Counsel Carrie Hunt on the show. Carrie provided us with the latest on the litigation and what it means for credit unions moving forward.
Here's what we asked her:
And, according to NAFCU, here's what happened today (Jan. 14, 2020) on this issue:
The Texas jury in a second lawsuit brought by USAA against Wells Fargo also determined that Wells Fargo had willfully infringed on USAA's remote deposit capture (RDC) technology patents. The first lawsuit – with a different jury – resulted in $200 million in damages; this most recent decision orders Wells Fargo to pay an additional $103 million in damages.
Check out our talk with Carrie and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.