America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Subcommittee on Housing, Transportation, and Community Development ahead of today’s hearing on the usage of AI in the housing industry to offer the credit union perspective on the topic.
“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 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 noted that 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.
In addition, he added 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.
“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.”
Read the full letter. America’s Credit Unions will monitor the hearing and continue to update credit unions on the latest from Washington.
