Credit unions support AI policy framework to promote innovation

March 16, 2025

As policymakers explore regulatory frameworks for governing the use of artificial intelligence (AI), America’s Credit Unions submitted comments responding to the White House request for information on developing an AI action plan. Director of Innovation and Technology Andrew Morris shared what credit unions need to continue to successfully deploy AI in the comments.

“As highly regulated financial institutions, credit unions are committed to using AI safely, securely, and with the goal of helping their members meet their financial needs. Today credit unions are partnering with third parties to successfully implement AI-driven tools to improve access to credit for members, strengthen existing risk management processes, and improve customer service,” the letter reads. “To promote continued innovation in this field, credit unions must have certainty that future AI policy frameworks will not impose one-size-fits all rules that are either duplicative or administratively difficult to implement in an already tightly regulated sector.”

The letter also notes that future AI action plans should:

  • Recognize that many of the potential risks associated with using AI are not unique to AI, and that many of these risks are addressed by existing law, regulation, or supervisory guidance;
  • Prioritize educating financial regulators about the practical application of AI both within government agencies and regulated institutions, needed to avoid misunderstanding about the extent to which control is vested between human and machine agents across various use cases; and
  • Recognize that the question of whether risks are material is especially relevant in the context of evaluating AI systems.

America’s Credit Unions has shared similar comments with policymakers regarding AI use. Last year, witnesses testified on its behalf before the House Financial Services Committee and spoke before the Congressional Hispanic Caucus.

Learn more: A recent America’s Credit Unions Blog post examines how an Indiana credit union is using AI to process more loan applications without adding staff.