America's Credit Unions Urges Tailored AI Oversight For Financial Institutions
By CU Today Staff —
WASHINGTON--In advance of the Senate Banking Committee’s hearing on artificial intelligence and its role in the financial services space Thursday, America’s Credit Unions submitted comments outlining ways Congress and regulators can support ongoing credit union innovation.
“Credit unions are seeing firsthand how AI is increasing staff efficiency, automating previously laborious tasks, reducing paperwork, and expediting loan decision making processes,” the letter reads, noting many AI uses to assist members, including fighting fraud, easing compliance, and notifying regulators of potential cyber incidents.
America’s Credit Unions also encouraged policymakers to:
Originally reported by CU Today.