Buy Now, Pay Later borrowers are more likely to show signs of financial distress compared to non-users, according to a new report from the Consumer Financial Protection Bureau. The CFPB said in the report that BNPL users are more likely to also be active users of other credit products such as credit cards, personal loans and student loans. BNPL “borrowers are more likely to be highly indebted or have revolving

Add another regional bank to the list of financial institutions doing away with overdraft fees for consumer accounts. Wintrust Financial in Rosemont, Ill., said in a press release that it also eliminated item return fees. Business accounts will remain under the existing overdraft and item return fee structure. “Given the number of ways to engage customers through technology, the industry continues to move toward the use of financial education and

Avidia Bank in Hudson, Mass., will soon have a new president and CEO.   The $2.5 billion-asset bank said in a press release that it had hired Rob Cozzone, chief operating officer from Rockland Trust, to succeed Mark O’Connell when he retires in May.   “Avidia’s genuine commitment to the community and its tradition of innovation and excellence in customer service is admirable,” Cozzone said in the release. “The bank

Silvergate Capital in La Jolla, Calif., warned that recent securities sales will negatively affect its regulatory capital levels and could lead to the company and its bank becoming “less than well-capitalized.” The $11.4 billion-asset Silvergate said in a filing seeking more time to file its annual report that it sold securities at a loss in January and February "primarily to repay in full the company's outstanding advances from the Federal

U.S. Bancorp in Minneapolis has invested in Ownera, a fintech that works with tokenized assets. Ownera said in a press release that the $675 billion-asset U.S. Bancorp participated in the fintech’s Series A investment round. The amount of the investment wasn’t disclosed. Ownera is working to digitize paper-heavy and illiquid private markets for banks, asset managers and exchanges. “This investment will allow us to play an important role in shaping

MVB Financial in Fairmont, W.Va., has sold an advisory practice it bought three years earlier. The $3.1 billion-asset company said in a press release that it sold Chartwell Compliance to Ankura Consulting Group. The price wasn’t disclosed. Chartwell, founded in 2011, provides regulatory compliance, state licensing, financial crimes prevention and enterprise risk management services to fintech firms. MVB will remain a Chartwell client. Chartwell “allowed MVB to grow and scale

Washington Federal in Seattle saw an opportunity with a bank that a number of other banks had no interest in buying. The $21.7 billion-asset Washington Federal agreed in November to buy Luther Burbank in Santa Rosa, Calif., for $654 million – a deal that valued the $8 billion-asset seller at just 97% of its tangible book value. A number of bank executives told Simone Lagomarsino, Luther Burbank’s president and CEO,

Thread Bancorp in Brentwood, Tenn., has hired a banker from Live Oak Bank to oversee its fintech relationships. The $417 million-asset company said in a press release that it recruited Andrew Montgomery to become its director of fintech partnerships. He is responsible for identifying and building partnerships with fintech companies and enhancing the bank’s suite of digital products and services. Montgomery previously served as managing director of venture banking at