WASHINGTON—The Senate Banking Subcommittee on Housing, Transportation, and Community Development was told artificial intelligence does offer potential advantages to credit unions in a letter from America’s Credit Unions.
“From member service interactions to AI chat-bots to mortgage origination – credit unions are seeing firsthand how AI is increasing staff efficiency, automating previously laborious tasks, reducing paperwork, and expediting loan decision making processes,” wrote ACU President Jim Nussle. “These efficiencies have tangible benefits to the communities credit unions serve and have shown promise in helping low-and moderate-income families get access to affordable credit.”
Nussle told Congress credit unions “responsibly utilize AI to maintain a competitive member-focused advantage against Wall Street megabanks and offered support for efforts to reduce barriers to innovation.”
Nussle, cautioned, however, that deploying AI and machine learning to improve access to credit and housing – with the goal of ensuring financial inclusion and fairness – must be “done responsibly.”
‘Responsible Use’
“Because credit unions support legislative and regulatory initiatives that promote the availability of credit to all creditworthy applicants, they recognize that responsible use of AI mandates compliance with the Equal Credit Opportunity Act, Fair Housing Act, and existing applicable law,” wrote Nussle. “That said, credit unions and America’s Credit Unions expect that legislators and regulators will weigh the regulatory burden on credit unions against the benefit to consumers when implementing new laws and regulations that govern the use of AI in housing.”
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