December 06, 2018

CUAC meets today; AI, consumer access issues on agenda

BCFPThe Credit Union Advisory Council (CUAC) will hold a public meeting today to discuss artificial intelligence (AI) in consumer financial services and consumer access to financial records.

The meeting, which is held in conjunction with other advisory committees, will be via conference call starting at 1 p.m. Eastern; those who wish to listen in must RSVP. NAFCU Senior Counsel for Research and Policy Andrew Morris will monitor today's meeting.

The committees will discuss the adoption of AI technologies within the financial services industry, and how those technologies can be used to improve member experiences and operational efficiency.

Although the Bureau of Consumer Financial Protection's most recent rulemaking agenda did not include items related to consumer access to financial records, the committees will get an update from the bureau on its progress collecting stakeholder feedback on the issue.

The bureau announced the appointment of seven members to the council after releasing its new charter in August; four of those representatives come from NAFCU-member credit unions. NAFCU has encouraged the bureau to continue meeting with credit unions to allow stakeholders ample opportunity to offer feedback on financial issues.