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.
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