WASHINGTON—America’s Credit Unions is urging Congress to ensure credit unions can adopt artificial intelligence and other innovative technologies on a level playing field with banks and fintechs.
In response Friday to a request for information from House Financial Services Committee Democrats on the use of AI in financial services, the trade group said credit unions are already deploying the technology in areas ranging from fraud prevention to lending and member service.
“Credit unions are already using AI responsibly to fight fraud, streamline compliance, expand access to affordable credit, and improve member service,” the letter said.
In its letter America’s Credit Unions also recommended 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
- 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.