America’s Credit Unions Board Member testifies in field hearing on fintech partnerships, AI

Commonwealth Credit Union President/CEO and America’s Credit Unions Transition Board Secretary Karen Harbin testified Friday before the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, chaired by Rep. Andy Barr, R-Ky, in a field hearing that took place in Lexington, KY.  

Harbin shared her credit union’s experiences with using AI to approve more, stronger-performing loans. She voiced concern with potential unnecessary regulatory limitations on this developing technology and urged Congress to ensure continued access for financial services.

The House Financial Services subcommittee hearing covered the use of fintech to access financial services.

Harbin: "We know that we have to compete on a larger level, and the way that we can do that is with Zest AI. We don’t have the funds for technology like the large megabanks. I think $17 billion is something I read that one of the huge megabanks spent on technology. In contrast, last year we spent about $9 million. So, we have to partner with fintechs to compete on the same stage for our members and to give them the products and services that they are looking for - in the time frame that they want it."

Harbin: "...All consumers are looking for immediate access. You know, you go to the drive through somewhere, you want to be serviced immediately. Us being able to have a decision in 2.4 seconds is fantastic and our members our elated with that service."

Read Harbin’s submitted written testimony. Please let me know if you’re interested in speaking with America’s Credit Unions further about fintech partnerships, AI, and more. 

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