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| Engaging policymakers on Credit Union AI priorities |
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Advocating to ensure credit unions can offer innovative services from a level playing field, America’s Credit Unions responded Friday to a request for information by House Financial Services Committee Democrats on artificial intelligence (AI) in financial services.
“Credit unions are already using AI responsibly to fight fraud, streamline compliance, expand access to affordable credit, and improve member service,” the letter reads, also recommending Congress and regulators focus on:
• Distinguishing between the use of AI by regulated depository institutions and by unregulated or lightly regulated entities;
• Ensuring smaller institutions have equitable access to state-of-the-art defensive AI capabilities; and
• Establishing uniform national standards, particularly in data privacy, that preempt a costly and fragmenting patchwork of state AI laws.
America’s Credit Unions has testified twice before Congress in recent years on credit unions’ use of AI and the need for a regulatory framework that allows continued innovation. The organization also participated in the committee’s bipartisan AI working group, which released a staff report in alignment with many pro-credit union positions.
Copyright © 2024-2026 America's Credit Unions. (link) |
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