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If AI is properly deployed, it improves credit unions’ fraud decisioning capabilities, Provenir’s EVP for North America Kathy Stares believes.
Sheltered Harbor began earlier this year and covers around 400 million accounts across banks and credit unions; members of the project are required to back up data so other banks can serve customers in the event that another bank becomes disabled; the project goes beyond concerns over customer data being stolen to address concerns that a cyberattack could destroy or lock data. Source
The Trump administration is looking to potentially name the chair of the National Credit Union Administration to lead the CFPB; J. Mark McWatters has been seen as being a bigger credit union advocate over banks; bankers are concerned because his public record has indicated he lobbies more for breaks that favor credit unions over banks; while a decision is yet to be made bankers are hopeful that the administration will consider those from the banking community as well. Source.