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America’s Credit Unions sent a letter to the House Financial Services Committee Wednesday following a hearing on financial technology that emphasized credit unions are using artificial intelligence safely, securely and to help members meet their financial needs.
The hearing, “Innovation Revolution: How Technology is Shaping the Future of Finance,” included a discussion of the AI Act of 2024 (H.R. 10262), which would direct federal financial regulators to examine and report on current uses of AI technology in their respective markets, the benefits and risks of those uses, and internal use by agencies.
In the letter, America’s Credit Unions President/CEO Jim 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.” However, he noted the bill’s requirement that regulators file a single, joint report is concerning for credit unions.
“We are concerned that credit union-specific perspectives may be lost in a singular, and potentially bank-centric, report filed by five separate agencies,” Nussle 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.”
The letter pointed out past testimonies before the Committee on how credit unions are partnering with fintechs to implement AI tools that benefit members, such as the July 2024 testimonies by America’s Credit Unions Transition Board Secretary Karen Harbin and Great Lakes Credit Union ($1.4 billion, Bannockburn, Ill.) COO Elizabeth Osborne.
“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.”
America’s Credit Unions’ letter followed one sent to the Committee ahead of the hearing by the Defense Credit Union Council (DCUC), which made several policy recommendations and detailed the unique way defense credit unions are utilizing AI.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
