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NCUA Details Its AI Programs, Asks Congress for Third-Party Vendor Authority

NCUA official sees a need for renewed authority as the AI and regtech industry expands.

U.S. Capital Building in Washington D.C. (Image: Shutterstock).

During a Friday hearing on Capitol Hill about artificial intelligence and regtech, an official with the NCUA testified about the AI challenges facing the agency and the growing need for approval from Congress for the NCUA to have third-party vendor authority over the organizations supplying AI technology to credit unions.

Members of the House of Representatives Committee on Financial Services Task Force on Artificial Intelligence listened to testimony from NCUA Director of the Office of Examination and Insurance Kelly Lay, who stated the agency was deep into testing and deploying AI and machine learning technology to validate data more efficiently for quarterly Call Reports.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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