WASHINGTON—Credit unions are committed to using artificial intelligence safely, securely, and to help members meet financial needs, America’s Credit Unions told the House Financial Services Committee in a letter from President/CEO Jim Nussle.
“AI usage is becoming more common within the credit union industry, and many credit unions have indicated that they are considering investments in AI,” Nussle wrote. “Some credit unions are already partnering with third parties to successfully implement AI-driven tools to facilitate access to credit for members, strengthen existing risk management processes, and improve customer service.”
The Committee’s hearings on financial technology this year have featured discussions on the AI Act of 2024 (H.R. 10262), which would require financial regulators to study AI's potential benefits.
Nussle said the legislation “takes an appropriate step to ensure there are clear and balanced rules of the road for innovative technology and its use by credit unions through improved transparency for financial regulatory AI policy.” He noted concern with the requirement regulators file a single, joint report.
“We are concerned that credit union-specific perspectives may be lost in a singular, and potentially bank-centric, report filed by five separate agencies,” he wrote. “We would encourage the Committee to consider reporting approaches that will guarantee the unique challenges faced by credit unions, and other community financial institutions, receive the same level of attention as challenges faced by banks and do not get ‘lost’ in a bigger report.”