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Advia Credit Union names new C-suite additions

Advia Credit Union in Kalamazoo, Michigan, promoted current vice president of human resources Renae Sisk to the role of chief people officer. As CPO of the $3 billion-asset credit union, Sisk will oversee talent acquisition and help sculpt the institution's HR strategies. Advia additionally tapped Jeffrey Bolser, who has been the credit union's vice president of consumer lending since 2021, to fill the position of chief retail officer and guide retail branch operations — including sales and overall member experience. —Frank Gargano
California state capitol

California Credit Union receives a CDFI certification

California Credit Union in Glendale has been designated as a community development financial institution by the Treasury Department's CDFI Fund. The $4.6 billion-asset credit union recruited the help of CU Strategic Planning, a Tacoma, Washington-based grant-writing firm, to navigate through the application process. "The opportunities available to us as a CDFI will amplify our programs to invest in local Southern California communities that need it most through providing critically needed access to capital and education programs," Steve O'Connell, president and chief executive of California Credit Union, said in a press release Wednesday. —Frank Gargano
Bank of America

Bank of America invests in capital markets tech

Bank of America is the lead investor in a $35 million Series D round in OpenFin, which provides support for capital markets operating systems. Existing investors Pivot Investment Partners and ING Ventures also took part in the round. OpenFin's technology powers workspace management, workflow automation and app distribution, with clients including 90% of global banks and about 4,000 buyside and sellside firms. OpenFin's recent signings include the London Stock Exchange, which hired OpenFin to support its workspace platform, as well as interoperability with apps developed by banks and investors. The company also provides technology for the U.S. government, including intelligence and defense work. —John Adams
Klarna on screen

Klarna adds a credit opt out

Payments company Klarna, which is well-known as a buy now/pay later lender, is offering consumers a way to avoid taking on more debt. Consumers can go into Klarna's settings and select "deactivate" credit. That routes consumers to a page with links to organizations that can help people who are struggling with debt. Consumers who opt out are not able to use Klarna's Pay in 30, and Pay in 4 financing options. Reactivation requires a phone call to a Klarna representative. Klarna says it added the feature after meeting with Andrew Griffith, a member of the U.K. Parliament, who suggested the company add a voluntary opt out. BNPL firms are under pressure from regulators due to concerns the products encourage consumers to accumulate debt. —John Adams
Amazon Pay on phone

Amazon enables biometric-powered alcohol payments

Amazon has embedded age verification to its palm biometric technology, which consumers can use to prove their age when buying alcohol. The feature is tied to Amazon One, which uses shoppers' palms for checkout. Consumers authenticate through contactless biometrics that are part of their Amazon account. Amazon debuted Amazon One at its checkout-free Amazon Go stores. When buying alcohol, the consumer hovers their palm over an Amazon One device, which displays a 21+ message and the customer's uploaded selfie on a screen. The same hovering action enables the payment. Coors Field, the Colorado Rockies' ballpark, is the first venue to add Amazon One's age verification feature. —John Adams 
Dan Smith 05252023

Consumer reporting agency association gets a new CEO

The Consumer Data Industry Association has a new CEO. Last week, the association, which represents consumer reporting agencies including the nationwide credit bureaus, regional and specialized credit bureaus, background check and residential screening companies and more, announced that Dan Smith would assume the role of president and CEO on June 12. Most recently he served as head of regulatory affairs at the Consumer Bankers Association. Prior to this, his roles included executive director of the American Banker Association's Card Policy Council and the first assistant director for the Consumer Financial Protection Bureau's Office of Financial Institutions and Business Liaison. "Dan has deep industry expertise and a strong understanding of the critical role that CDIA member companies play in the lives of millions of Americans," Jennifer Burns, chairman of the CDIA board of directors, said in a press release—Miriam Cross
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