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The use of artificial intelligence is not a novel idea, even in the risk-averse financial services industry. While most of the effective uses of AI have traditionally taken place in the background -  spam identification, fraud prevention, and risk assessments - that is not the case for AI systems like ChatGPT. 

WASHINGTON—Ahead of a hearing this week to examine the Small Business Administration’s (SBA) 7(a) lending program, NAFCU wrote to the House Small Business Committee noting that two recent actions by the SBA may open up the program to unregulated competition.

WASHINGTON—The Fannie Mae Home Purchase Sentiment Index (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8.

WASHINGTON—The Consumer Financial Protection Bureau (CFPB) has issued a new circular affirming that a financial institution may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.

CHICAGO–With inflation remaining high and interest rates having risen quickly, consumers are increasingly turning to credit to manage their household budgets, leading to record- or near-record high balances in credit cards and unsecured loans, according to new data from TransUnion.

PLANO, Texas–Mid-size banks and credit unions more than doubled their investments in digital transformation during 2022 to nearly $425,000 per $1 billion in assets, up from an average of just over $200,000 per $1 billion in assets for fiscal 2021, according to a new report by Cornerstone Advisors and commissioned by Alkami Technologi

SCOTTSDALE, Ariz.—Glia, a provider of Digital Customer Service (DCS), has announced new additions to the Glia Interaction Platform, including an AI voice banking feature and a solution the company said brings real-time service options to asynchronous secure messages. 

RALEIGH, N.C. – Coastal Credit Union has hired Dean Shannon as its new VP of Data Engineering and Platforms Architecture.

FORT WORTH, Texas – Unity One Credit Union has won multiple Diamond Awards from the CUNA Marketing Council as well as Cornerstone League Pinnacle Awards for outstanding work in marketing in 2022.