The League’s AI Research Informs Comments to House Financial Services Committee

Credit unions are approaching artificial intelligence pragmatically, with a strong focus on consumer protection, governance, and measurable outcomes, according to comments The League of Credit Unions & Affiliates filed with the House Financial Services Committee’s Democratic staff in response to the Committee’s Request for Information (RFI) on AI in the financial marketplace.

Committee Ranking Member Maxine Waters (D-California) launched the RFI to gather input from consumer advocates, industry experts, regulators, and the public about how AI is reshaping financial services. The effort is part of the Committee’s ongoing work to inform a modern federal framework that encourages responsible innovation while protecting consumers, investors, small businesses, and the nation’s financial markets.

The League’s comments draw directly on AI in Credit Unions, a white paper produced by The League, its service corporation LEVERAGE, and Cornerstone Advisors. The project surveyed 78 credit unions, drawing on perspectives from compliance, risk management, operations, and technology professionals across multiple states, asset sizes, and charter types, to assess where the industry stands on AI adoption. The research gives The League real-world data to strengthen its advocacy and ensure the credit union perspective is represented as policymakers consider the future of AI in financial services.

In its comments, The League also:

• Notes that credit unions need flexibility to develop AI solutions that align with their cooperative mission and the diverse needs of their member-owners, rather than being subject to one-size-fits-all regulatory mandates designed for larger, profit-driven institutions;
• Points to early value credit unions are finding in contact center support, fraud detection, operational productivity, and marketing optimization, with use cases that deliver measurable outcomes while maintaining appropriate human oversight; and
• Calls on lawmakers to establish a single, uniform national standard for consumer privacy, data security, and breach notification that preempts the existing patchwork of conflicting state and local laws, as credit unions increasingly operate across multiple states.

The League looks forward to continuing to engage with the House Financial Services Committee as this work develops and using industry research to help shape policies that reflect the needs of credit unions and their members.

Download the AI in Credit Unions White Paper Here