Whether your credit union is just beginning to consider AI solutions or is looking to expand your current use, the NCUA has a new resource page to guide decision-making.

The agency states that, “when partnering with AI companies, credit unions face distinct challenges that may extend beyond traditional third-party vendor management.”

That’s why it has compiled resources covering a range of considerations including implementation and risk management to governance, data security, and cybersecurity risks.

One of the key resources highlighted on the page is the U.S. Department of the Treasury’s report, Artificial Intelligence in Financial Services, which offers guidance on:

• Data privacy and security standards
• Addressing bias and explainability challenges
• Consumer protection considerations
• Managing concentration risks and third-party vendors

You can view the NCUA’s AI Resource Webpage here.