This is the 1st blog in a series about Artificial Intelligence (AI) in the context of credit union risk and compliance. This series is designed to provide auditors and compliance professionals with a clear understanding of how AI can be applied and managed within their operations.
What do you think of when someone suggests using AI at your credit union? What role do you see AI playing?
In 2019, Boeing executives announced a plan to eliminate up to 900 quality control inspection jobs. Several years and two high-profile equipment failures later, Boeing is reversing course.
Credit union auditors can find a few takeaways from Boeing’s dramatic reversal.
Hawaii Community Federal Credit Union (HCFCU) is an $800 million credit union headquartered in Kailua Kona, Hawaii.
United Bay Community Credit Union (“Ubay”) is a state-chartered credit union headquartered in Bay City, Michigan. They operate 6 branches throughout the state and control just over $280 million in assets.
Credit Union of the Rockies, a Golden, Colorado-based institution, has built a solid reputation among its growing membership. With 3 branches and just over $120 million in assets, they’re on the smaller side, which allows them to maintain a strong community and member focus.
USALLIANCE Financial is a $2.7 billion credit union headquartered near New York City. They have a large and diverse membership that spans the nation and operate branches in New York, New Jersey, Connecticut, and Massachusetts.
Crane Credit Union is a $1 billion credit union based in Indiana. Crane was experiencing consistent growth over time, but their audit team had remained the same size.
Artificial intelligence (AI) has evolved considerably in the last several years. It started with rumors and promises. Then, it emerged as a parlor trick. Now, it’s making videos, creating images, and writing anything from legal documents to blogs (not this one… yet).
The 2023 NCUA Supervisory Priorities
Each year, the NCUA sends out its list of supervisory priorities for the coming year. Credit unions preparing for their exams can reference the letter to focus on specific areas of concern.
2023 New Year’s Resolutions for Credit Union Auditors
Happy new year, credit union auditors! As 2022 fades in the rearview and we set our sights on what 2023 brings, it’s a good time to do what auditors do best:
Assess weaknesses, identify solutions, and plan for improvement.
Get FREE Access to the Audit Checklist for Credit Unions!
