Newsbytes

Senate Panel Passes Patent Reform Bill

By a bipartisan 16-4 vote, the Senate Judiciary Committee today approved the PATENT Act (S. 1137), which would seek to reduce abuse of the patent system through vaguely worded demand letters sent to businesses by patent trolls.

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Internal Audit, COSO Peer Groups Formed

Since the Sarbanes-Oxley Act of 2002, banks have placed increased focus on internal audit. In response to member requests, ABA has formed peer groups for internal auditors and groups for those coordinating implementation of the updated COSO internal control framework.

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Oil-Related Job Cuts Wane

Employers announced plans to shed 41,034 workers from their payrolls in May, following the 61,582 planned job cuts announced in April, according to a report issued by Challenger, Gray & Christmas.

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CFPB Offers Limited Assurances on TRID Enforcement

Consumer Financial Protection Bureau Director Richard Cordray told members of Congress yesterday that when enforcing the TILA-RESPA integrated mortgage disclosures starting on Aug. 1, the bureau would be “sensitive” to good-faith efforts by lenders to comply.

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