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| Colorado AI Laws should not increase Credit Union Burdens |
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Colorado officials have proposed rules governing implementation of two artificial intelligence (AI) laws. In coordination with GoWest Credit Union Association and other impacted credit unions, America’s Credit Unions detailed related credit union priorities in a letter sent this week.
The proposed rules would create obligations for developers and deployers, disclosure and reporting requirements, and consumer rights under the Automated Decision-Making Technology (AMDT) Act; and clarify obligations for disclosures, age assurance, protections for minors, safeguards against certain prohibited content for the Chatbot Safety Act.
The letter notes that credit unions currently operate within a comprehensive federal and state regulatory framework, and the final rules “should recognize and complement these existing requirements while avoiding duplicative, inconsistent, or disproportionate compliance obligations.”
The final rules should also expressly address federal preemption and conflict risks where Colorado-specific duties intersect with federal laws, requirements, and safety-and-soundness expectations. This includes the areas of implementation timeline, review standards, definitions of decisions and outcomes, compliance burdens, and third-party accountability.
Both rules, once finalized, would go into effect Jan. 1, 2027.
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