Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.

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AI is changing the world. From silly entertainment – like giving us a new beatles track, to practical help- like making phone calls and setting appointments, to the devious- like creating fake photos of real people in situations that did not happen and everything in between AI seems to be touching every aspect of our lives.

People tend to underestimate what AI can do and categorize humans in one column and machines in another, but this is a mistake. As the power of technology and processing advance, so do AI capabilities.

But it isn’t all bright and shiny. AI doesn’t have the capability to understand the power of words and human reactions, AI can be too eager to please, and often does not have the capability to discern true facts from untrue or outdated information, and often learns from biased datasets.

Within the ARM industry, AI has become the new catch phrase. Where seemingly just yesterday we were once assessing our system of record for compatibility with omnichannel communications, we are now assessing for an AI integration that can analyze and assess to produce things like an intricate successful contact matrix based on each consumer’s response history. 

As many of us embrace these new technology resources it’s important to remember your organization’s responsibility with these new tools. Before implementing a new AI tool make sure you understand the risks surrounding its implementation. For example, AI note taking tools are wonderful, but also become discoverable, make sure you think through when you want to leverage this tool within your organization. As always, remember your policies and procedure should address the following questions; does this unintentionally cause consumer harm? Does this unintentionally segregate one class of consumers from another? Or, could this tool constitute an unfair, deceptive, or abusive act or practice?

Documents and Crowdsourced Materials:

• Member Questions: Minnesota Letter Requirements and FCRA Verbal Disputes

Top Reads:

• CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Cost

• CFPB to Host Hearing on Medical Billing and Collections

• Texas Enacts Data Privacy and Security Act with Small Business Exception

Upcoming Webinars/ Other Announcements:

• Going to ACA’s Annual Convention? Join us for our RA meet-up at Kitty O’Sheas July 26, 2023 at 3:30 CT!

• Reminder: Send any topics or questions that you want to discuss to sara@insidearm.com by Thursday to ensure it makes it on our agenda!