Happy Friday!!!
 
Welcome to the 4th Quarter!!!  Here is the Uncle Sean Update for 10/2/26 (subscribe here for free):
 

• The BEA showed August PCE at 3.4% with Core PCE at 3.0% - both below Dow Jones estimates (3.7% and 3.3% respectively) and flat over last month taking into account prior month revisions.  CNBC has a good summary.

 

• BEA 3rd estimate of 2Q GDP was revised up to 2.2% (from 1.5% for the second estimate) primarily reflecting upward revisions to investment, consumer spending, and government spending.
  • Real final sales to private domestic purchasers increased to a strong 4.6% (revised up 0.4% from the second estimate).

 

• BLS Sept Jobs Report was a bit light at +29K jobs added (versus +84K estimate).  Job gains were concentrated in healthcare, construction, and manufacturing.  Revisions down for prior months was also material at a total of -60K (Aug revised down 29K and Jul revised down 31K) – you can see the detailed revision history here.
  • Unemployment came in at 4.2% (estimate was 4.1% and last month was 4.1%).
  • Labor Force Participation rate improved to 61.8%.
  • U-6 (underemployment rate – Table A-15) dropped slightly to 7.6% from 7.7% in Aug.

 

• 💥 Valley National Bancorp (bank subsidiary is Valley National Bank - FDIC 9396; total assets $66B) announced an agreement to acquire Bluevine (SMB fintech) in a mixed-deal consisting of approximately 75% cash and 25% Valley common stock with a total consideration of approximately $340M.  The deal brings about 175,000 active small business customers and whopping $2.1B in low-cost deposits to Valley National Bank.  This investor deck has additional insights - Accelerating Valley’s National Digital Banking Franchise (September 28, 2026).
  • 👉 Some additional Uncle Sean insights:
    • This is a great complimentary deal for Valley, but one thing stands out to me that I am not seeing anyone else focus on…  Bluevine’s incumbent sponsor bank is Coastal Community Bank (FDIC 34403; total assets $5.5B).  Coastal has approximately $4.9B in total deposits as of the Jun call report.  If Valley is expecting $2.1B in deposits from this deal, then it looks like Coastal could lose approximately 43% of their deposits… 😲  Of course, they have several months to prepare as the deal is not expected to close until early 2027, but that is some serious liquidity draw for Coastal.  Ole concentration risk rears its ugly head again.

 

• Unfortunately, we had our sixth bank failure of the year last Friday.  Nano Banc (FDIC 58590; total assets $736M) was closed on Sep 25. The bank had a FedFis Rating© of 4.37 as of June 2026 placing them in the lowest possible percentile of all US banks.  For more info, check out the FedFis Bank Failure Alert here - https://www.fedfis.com/bulletin/bank-failure-alert-nano-banc.

 

• 👀 And another CU acquisition of a bank (makes 7 so far for 2026)…  Gulf Winds Credit Union (charter 68694; total assets $1.4B) to acquire Peoples Exchange Bank (FDIC 70; total assets $99M) from Peoples Exchange Bancshares, Inc. (PCO FR 1138870).
  • This marks the 7th announced CU acquisition of a bank so far for 2026 and the second announced bank deal for Gulf Winds CU in a month (prior on Aug 25, 2026 -  Gulf Winds CU to acquire Madison County Community Bank).

 

• As expected following one of the largest fraud / embezzlement cases in CU history, the NCUA finally liquidated Jackson Area Federal Credit Union (charter 8445; total assets $61M as of June 2026 call report) with Five Star Credit Union (charter 68302;  total assets $1.3B) assuming all share accounts and some of the assets.  The liquidation comes just two days after former JAFCU President/CEO Leigh Bridges pleaded guilty to three federal charges in a criminal case involving what prosecutors described in court as a more than $69M embezzlement scheme that left the credit union insolvent.

 

• MVB Bank, Inc (FDIC 34603; total assets $3.5B; and a leading BaaS sponsor bank) selects Kobalt Labs AI Platform to Strengthen Fintech Partner Risk Oversight and Marketing Compliance.
  • “Kobalt’s platform supports vendor and fintech partner reviews, analyzes policies and procedures against evolving regulatory expectations, and assists with security and marketing compliance assessments. The system is designed to help banks produce consistent, defensible risk assessments more quickly and with greater clarity.” 💪

 

• Alaska Air Group (Alaska Airlines and Hawaiian Airlines) joins the growing list of commercial airlines expanding rewards platforms to debit card by announcing the Atmos™ Rewards debit card (planned for early 2027). 
  • The Visa debit card is issued by Cross River Bank and managed by Mezu (NA) Inc. dba Alviere.

 

• Stripe acquires Parafin, an embedded financing company that caters to small businesses, to expand small business credit offerings to the more than 18,000 platforms that build on Stripe. 

 

• De Novo watch…:
  • 👍 Mission Lane gets green light for OCC charter to establish Mission Lane Bank, National Association - a nationally chartered credit card bank (CEBA charter).  Here is the actual OCC preliminary conditional approval letter.
    • The bank must maintain a tier 1 leverage ratio of at least 11% and initial paid-in capital requirement of no less than $35M.
    • CEBA charter holders are not permitted to accept demand deposits, or to accept savings or time deposits of less than $100,000 unless they are used as collateral for secured credit card loans. Nor are they permitted to make commercial loans, other than credit card loans to small businesses.

 

• The Citizens Bank of Edmond (FDIC 4084; total assets $432M) partners with Parlay Finance to bring Parlay’s Loan Intelligence System (LIS) to ROGER (direct digital bank division of Citizens Bank of Edmond serving the military community).
  • Following the ROGER launch, the partners plan to extend the LIS to Citizens Bank of Edmond’s other small business lending products.

 

• Pennsylvania State Employees Credit Union (PSECU; charter 64131; total assets $9.7B) selects Candescent to power its digital member experience.
  • “Following a competitive evaluation, PSECU selected Candescent for its Intelligent Banking strategy and Votiv’s capabilities and roadmap. As the experience layer of Candescent’s Intelligent Banking Platform, Votiv brings that strategy to life. By connecting unified experiences with real-time intelligence, Votiv will help PSECU move beyond reactive, transaction-based banking toward experiences that better understand members, provide more relevant guidance and help them take action.”

 

• Valley Isle Community Federal Credit Union (charter 3574; total assets $174M) has selected Narmi One, including Narmi's consumer and business digital banking, account opening, and lending solutions, to modernize its member experience.

 

• Jeanne D’Arc Credit Union (charter 67352; total assets $2.2B) partners with InvestiFi to embed investing solutions into the credit union’s existing online and mobile banking platform.

 

• For my Ag Bank friends (and risk managers monitoring agriculture in general), the FDIC issued An Update on Farm Bank Performance showing strength in Ag sector as a whole, but stress showing in the row crop segment.  Overall, conditions should remain manageable for most farm banks.

 

• I also found this to be really cool – the St. Louis Fed has introduced FRED MCP Connector to simplify connecting FRED data with AI agents. 🤘

 

• Some personnel moves:
  • FINBOA names Kevin Feagan as Chief Revenue Officer.
  • Self Financial appoints Jeff Giacomi as Chief Credit Officer.

 

• Notable FinTech Funding for the week:
  • RiskScout (integrated BSA/AML and fraud prevention platform for banks and credit unions) closes new funding round following year of explosive growth where the company “…more than tripled our revenue and grew the number of banks and credit unions we serve by over 250%...” 🚀
  • InvestiFi (embedded digital investing platform within the FI’s existing online and mobile platforms) picks up a $2.66M investment from Volunteer Corporate Credit Union (VolCorp).  “InvestiFi has grown substantially since launching its platform. From five signed credit unions at the end of 2024, the company had expanded to more than 60 financial institution clients representing more than five million online banking users by mid-2026.” 👏

 
 
Random Uncle Sean stuff:

• Finally getting some MUCH-welcomed rainfall here in East Texas!!!  Sure hoping this is a break in this HEAT pattern we have been stuck in for months – I don’t want to see my pumpkins on the front porch turn into pumpkin pie!
• 🏈 Both the Texas Longhorns and the Oklahoma Sooners have a bye week this week as they prepare for the 2026 Red River Rivalry on Oct 10.  Texas is on a roll at 4-0 and ranked #1 while OU has struggled offensively so far and is not ranked with a 2-2 record.  But if history has shown us anything, it is that anything can happen in this game.
• You made it!  Here are the Dad / Bad jokes:
  • Claustrophobic people are much more productive when they are thinking outside of the box… 🤓😉
  • We all have the power to change one thing each day…  Please make it your underwear!!! 😬😅
  • Is it weird that only one company makes the game Monopoly? 🤔🤷‍♂️
  • I don’t mean to brag, but I am one step away from being rich.  All I need now is money! 🤠
  • An oldie but a goodie…  The World Health Organization has declared that dogs cannot transmit Coronavirus so there is no reason to quarantine dogs anymore…  W.H.O. let the dogs out!!!! 😂🤣

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 
 

Sixth bank failure of 2026…
 
On 9/25/26, Nano Banc in Irvine, CA (FDIC 58590; total assets $736M; total deposits $686M) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Sunwest Bank in Sandy, Utah (FDIC 20164; total assets $4.4B) to assume substantially all deposits and acquire approximately $476M of Nano Banc assets. 
 
Per the CA DFPI press release, “The action comes after Nano Banc’s failure to comply with DFPI’s latest enforcement order related to its deteriorating financial condition, as well as a multi-year pattern of executive mismanagement and regulatory violations.”
 

• The FDIC preliminarily estimates that the failure will cost the Deposit Insurance Fund approximately $114M
• Sources - https://dfpi.ca.gov/press_release/california-seizes-nano-banc/ and https://www.fdic.gov/news/press-releases/2026/sunwest-bank-assumes-all-deposits-and-certain-assets-nano-banc-irvine.

 
 
Additional FedFis insights as of the 6/30/26 call report:

• Nano Banc had a FedFis Rating© of 4.37 as of June 2026 placing them in the lowest possible percentile of all US banks.  The bank was plagued by Asset Quality issues, a lack of sufficient loan loss reserves, years of operating losses, and high concentrations in CRE and deposit funding.
  • Loan portfolio is heavily concentrated in RE (76% of total loans) with Commercial representing 51% of total loans (Const & Land Dev, Multifam, and Nonfarm Nonres).  Brokered deposits of $156M (23% of total deposits).
  • While the bank still had tangible equity of $39M, Loan Loss Allowance / Total Nonperforming Loans Plus Restructured Loans was only 16.18% and an Adjusted Texas Ratio of 209.83%.
    • Nonaccrual Loans of $123M (approximately 26% of the entire loan portfolio), a loan loss reserve of only $20M, and capital of $39M put the bank in a difficult position to absorb additional losses.
  • The FDIC PR states that Sunwest is acquiring $476M of Nano Banc assets (out of $736M).   Some additional points on this:
    • Cash balance at Nano Banc was $201M as of Jun 2026 call report; and per the Sunwest PR, they are only assuming loans of $227M out of a $479M loan portfolio. (source - https://www.prnewswire.com/news-releases/fdic-appoints-sunwest-bank-as-nano-bancs-acquiring-institution-302890681.html).

 
The bank also had a history of regulatory issues and legal problems.  Most recently:

• 2024 - Nano's interim CEO and co-founder Anthony R. Gressak III was fined $75K and banned from banking after fraudulently obtaining $15.5M in pandemic relief funds - https://www.federalreserve.gov/newsevents/pressreleases/enforcement20241112a.htm
• 2025 - California Court Orders Nano Banc to Pay $40 Million in Trade Secret Dispute with Axos Bank.  This was very detrimental to the bank capital position as the bank recorded $34M in Legal Fees and Expenses in 2025 (cut the banks capital position by over 50%).
• 2026 (Waiver and Consent executed March 6, 2026) – Consent order stipulating minimum capital requirement of 9.5% tangible shareholders’ equity ratio, or a definitive merger agreement, or a voluntary liquidation plan within 120 days.  https://dfpi.ca.gov/wp-content/uploads/2024/09/Final-Order.pdf
  • As of June 2026, the bank had a tangible shareholders’ equity ratio of only 5.2%.

 
 
For more information on FedFis Bank Ratings and market insights, contact the FedFis Sales Team at 512-960-0911 | [email protected].


Sean Mayo
Sr. VP, US Financial Institutions Group
[email protected]
​

​Happy Friday and Happy Dolly Day ❤️ as 9/25 is Dolly Parton Day: See states, cities hosting celebrations!
 
It’s hard to believe that we are getting ready to kick off 4Q2026 next week!!!  But first, here is the Uncle Sean Update for 9/25/26 (subscribe here for free):
 
Starting off with some macroeconomic news:

• Well…  The bond markets were not happy this week with treasury yields at multi-decade highs across most of the yield curve.
  • Personally, I loved this LinkedIn post by Neil Stanley reminding us that the sky is not falling; and the bond markets and rates may just finally be re-adjusting and normalizing after an extended economic cycle of ZIRP (zero interest rate policy) and QE following 2008.  Yes, many economic reverberations (I sometimes use the term “water hammer effect”) can be felt for years and even decades – AOCI and unrealized securities losses from Covid stimulus (and subsequent substantial rate increases) is another reminder of how long certain economic shocks can take to filter through. 

 

• Coming up next week is BEA 3rd and final estimate of 2Q GDP as well as Personal Income and Outlays (PCE) on 9/30, and the BLS jobs report for Sept (nonfarm payrolls and unemployment) on 10/2.

 
👀 De Novo watch…:

• 🎉 Congratulations to Portrait Bank as they are now officially open for business in Winter Park as Central Florida's first De Novo Bank since 2017!!!

 

• Avant (fintech consumer credit platform) has filed applications with the OCC and the FDIC to establish Avant Bank, N.A.

 
🤖 Some AI notes that caught my attention this week (keeping this light as I have a hard time even spelling AI 😉)…:

• From the regulatory side…  The CSBS has issued Artificial Intelligence Supervisory Framework.  For my FI friends, be sure to check out the linked documents (particularly the AI Use Case Risk Tiering Worksheet – an optional industry tool to support a risk-based assessment of individual AI cases); and update your AI Inventory log / use cases if you don’t already have one.
  • 👉 Be sure to sign up for the Bedel Security Newsletter – my friends over at Bedel Security do a great job of providing a weekly update related to cybersecurity / information security geared towards community banking in an easy-to-follow format (that even I can understand).  Take a look at this week’s blog Shadow AI: The Risk And How To Prevent It.

 

• Consumer focused Agentic AI Commerce (your own personal AI agent) is popping up everywhere in my research lately… [queue up Rockwell - Somebody's Watching Me (Official Music Video) – LOL!]
  • Have you seen Meta’s (err – Facebook) Muse - Muse: Meta's personal AI agent, features & capabilities?  Within its first 12 days after launch earlier this month, Muse had 2.8M total installs globally with 1.8M in the US and Canada (Now #1 among free apps on Apple's US App Store, ahead of ChatGPT) – Source: Meta's Muse is outpacing ChatGPT’s early mobile launch | TechCrunch.  To say it’s catching on would be a massive understatement.

 

• The new normal of KYA (Know Your Agent) in agentic commerce is here… 
  • A new consortium of global banks made up of ASB Bank, Bank of America, Capital One, Commonwealth Bank of Australia, ING Group and NatWest Group united to Collaborate on Principles for Trusted Agentic Commerce by publishing a set of joint principles (Building Trust in Agentic Commerce) to support the development of trusted agentic commerce as it is poised to reshape the future of payments.
    • “The consortium’s next step is to detail in a subsequent paper how the principles can be implemented and it welcomes engagement with customers, industry and stakeholders as it progresses.”
  • 👉 Baselayer (provides financial institutions with the risk and identity infrastructure needed to onboard and underwrite new partners and customers) raised $35M in Series A funding round and launched its new agentic identity suite that enables businesses to identify what agent they're dealing with and if it has the regulatory clearance to proceed with a transaction. Check it out here - Know Your Agent - Baselayer.

 

• Somewhere in an alternate universe…  Sarah Connor is freaking out right about now. 😅

 
Now back to the rest of the Update 😊:

• Walmart’s OnePay continues to expand their financial services.  This week OnePay introduced family and teen banking including checking (with a personalized debit card design), savings, investing, and credit via their Builder Card.
  • Their ambition was summarized in one sentence: “Every kid has a 700 credit score, $1,000 in savings, and five years of investing experience when they turn 18.”
    • By the way…  Did you know that OnePay has 7 million customers???  Oof 😲!!!

 

• Centreville Bank (FDIC 17764; total assets $3.2B) selects Jack Henry to support continued growth and modernization with a full primary tech stack replacement including JKHY for core processing and Banno for digital.  The bank will also be using the JHA Treasury Management platform and Enterprise Workflow.
  • 👉 Very interesting to me is that the bank’s legacy vendor had a core strategic position (same vendor for core, online, and mobile).  Core strategic was once perceived as an almost impenetrable vendor moat, but I am seeing more and more of these full primary tech stack replacements…  For more bank and CU vendor market intel – be sure to reach out to Mr. Bobby Button here at FedFis.

 

• 💥 MANTL scores a BIG win as Provident Bank (FDIC 12010; total assets $25.7B) is live with MANTL Business and Retail Account Opening covering both digital and in-branch account opening across its 135-branch network.

 

• 🚀 Moov announced the launch of Moov Money (okay that’s a really cool name 🤘), a new P2P solution that enables consumers to send and receive money through their existing digital banking experience using only an eligible debit card and a trusted mobile phone connection.  The platform uses Mastercard Move and Visa Direct, with Moov providing the technology that connects the card networks to the P2P experience.  Jack Henry’s Banno Digital Platform is the first to integrate Moov Money, with others soon to follow
  • Another great example of bringing tech back into the bank so that customers don’t have to move money out to third party apps. 💪
    • This Payments Dive article has more good insights - Moov adds P2P competition | Payments Dive.

 

• Narmi partners with GrailPay to bring real-time payment check (powered by GrailPay's risk technology) into its platform to give Narmi’s bank and credit union customers a clear read on whether a linked account is safe before a transaction happens - cutting down payment failures and fraud losses.

 

• CPI announced a partnership with Bankjoy where Bankjoy community bank and credit union clients can offer CPI Push Provisioning, “giving customers a quick, secure way to add debit and credit cards to digital wallets directly from their financial institution’s app or online banking portal.”

 

• Zact (modern spend management platform as a bank partner, not a competitor) launched an expanded commercial banking platform that “integrates with existing bank infrastructure to provide modern expense management, payables, and travel tools, helping banks compete with fintech rivals.” 🤙

 

• StrategyCorps announced its acquisition of Quantuma, and AI-native relationship solution for commercial and business banking for community financial institutions. 👏

 

• Rebolt (API-enabled shared payments platform for community banks) announced the first financial institutions, Chesapeake Bank and Reading Cooperative Bank are live on its community bank-owned payment utility that is purpose-built for small business banking (with integrations to COCC and Jack Henry cores).  “Rebolt brings PayPal, Venmo, stablecoin networks, and instant payments to business customers - inside the bank platforms they already use, making direct payments quicker and easier than ever.”
  • See how it works at Home | Rebolt Financial Technologies.

 

• Tekion, Increase, and Core Bank (FDIC 34363; total assets $1.1B) announced embedded banking solution (Tekion Spend) inside Automotive Retail Cloud (ARC) AI-native dealer management system supporting more than 2,000 dealerships. 

 

• Equifax launched two new solutions to help businesses mitigate automated fraud - Signal Score for Email and Signal Score for Device. “The new Signal Scores are designed to help e-commerce retailers, financial institutions and telecommunication companies protect their digital platforms - such as online checkout lanes, new account sign-up portals and mobile ordering apps - against sophisticated fraud networks and automated threats.”

 

• Pendleton Community Bank, Inc. (FDIC 6176) partners with InvestiFi to bring embedded investing direct into the bank’s existing online and mobile banking platform.

 

• Serial fintech entrepreneur Bill Harris announced the launch of Evergreen.ai, a new AI-powered PFM app delivering “hyper-personalized financial advice 24 hours a day on topics such as financial planning, home ownership, equity compensation and tax strategies” for everyday Americans.
  • Bill Harris is the co-founder and CEO of Evergreen.ai and was formerly CEO of PayPal, CEO of Intuit (TurboTax and QuickBooks), and founding CEO of Personal Capital, an investment advisor that grew to more than $23 billion of investor assets under management.

 

• Dynamic Federal Credit Union (charter 6747; total assets $83M) selects Mahalo Banking for digital upgrade continuing Mahalo’s growth and integration experience for CU’s using Corelation KeyStone as core processing vendor.

 
 
Random Uncle Sean stuff:

• In a much-welcomed surprise, it was a stunning 62 degrees this morning here in East Texas!!!  Having said that, the low temps are supposed to jump back up to the lower 70’s starting tomorrow morning with highs back in the low-to-mid 90’s, so that fall feeling was short-lived (teaser), but it was still oh so nice!!! 🍂🎃
• 🏈 It’s shaping up to be another exciting weekend of college football!  #1 Texas at #14 Tennessee at 11 AM Central on ABC is a must watch game.  Then the channel switching begins as #23 Texas A&M is at #10 LSU and #20 Oregon is at #12 USC and BOTH play at 6:30 PM Central on ABC and NBC respectively.
• It was a tough week so let’s jump straight to the good stuff - the Dad / Bad jokes:
  • What has 8 eyes and 8 legs…???  8 Pirates! 🏴‍☠️ Ayye!!!
  • My insurance company tried to sell me an umbrella policy… I don’t own an umbrella! ☂️🤷‍♂️
  • The day they handed out patience, I left because it was taking way too long.🙃😉
  • Firetrucks are actually water trucks… 🚒
  • As I walk through the valley of the shadow of death, I remind myself that you can’t always trust Google Maps!!! 🤠

 
 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
Here is the Uncle Sean Update for 9/18/26 (subscribe here for free):
 

• It’s Fed Week!!!  As expected by many, the FOMC voted unanimously to raise rates by 25 basis points to a new range of 3.75% - 4% citing sticky price inflation, geopolitical concerns, and a strengthening economy.
  • Here is the Transcript of Chairman Warsh’s Press Conference (15 pages) and the Press Conference video (28:42).
  • The Summary of Economic Projections (not policy – just a forecast based on info available today) shows a median projection of 1 additional 25 bps rate hike by year end.

 

• CORA Group officially launches PhoenixWorx into the U.S. banking market.  “PhoenixWorx leverages extensible open architecture and embedded AI-enabled tools through its partnership with Microsoft to provide maximum flexibility and reliability for FIs. Featuring a modern banking processing core that can operate in both batch and real-time environments, a cutting-edge core-agnostic digital banking solution and a fully integrated data analytics platform, the PhoenixWorx product suite supports multilingual digital banking, and creation of custom workflows without software development, enabling faster Go To Market.” (bold emphasis added by Uncle Sean)
  • Recall where CORA Group recently acquired Finastra’s Phoenix Core System, Malauzai Digital Banking and Fusion Analytics businesses on June 3, 2026.

 

• CSI unveils commercial suite to enable community banks to attract and grow business relationships.  The new suite encompasses “business digital banking, real-time ledgering, multi-rail payments, and card capabilities to win and retain complex commercial relationships.”  Check it out here - Commercial Suite | CSI.
  • This follows up on their previously announced acquisition of Qolo expanding their commercial banking and embedded finance capabilities.

 

• BOND.AI announced a strategic partnership with WebMobileFusion to help financial institutions move from banking intelligence to practical action and measurable results.
  • WebMobileFusion helps institutions assess and build the data, governance, and process foundation required to adopt AI – further enabling BOND.AI’s Autopilot platform to combine more effectively “forecasting, benchmarking, risk intelligence, and customer-level decisioning to improve performance, deposits, engagement, and retention.”

 

• Enova terminates the merger agreement with Grasshopper Bancorp (bank subsidiary is Grasshopper Bank; FDIC 59113) citing concerns over the regulatory approval process.

 

• Mercury announced the launch of Mercury Books, an intelligent accounting software system built directly into Mercury.  It uses “AI to categorize and reconcile banking, card, invoicing, and bill pay activity” – all in real-time eliminating the need for imports, exports, or manual entry. 🤙
  • Worth mentioning…  Mercury Bank, NA (de novo application in process) has selected FIS as its core platform provider per this FIS flex - FIS Builds Core Banking Momentum Across New $100 Billion Bank and Five New Charters.

 

• 👀 Well, that didn’t take long…  OpenCoreOS, an AI-native core modernization platform that was set to target tier-1 US banks as of 1Q2026, has been acquired by FIS.  The article states that the deal was completed in March and was not announced at that time. 🤔

 

• Teslar Software announced that TeslarSync is now available through AppMarket from Fiserv.
  • “TeslarSync extends the connection between core systems and the Teslar platform by enabling automated core write-back capabilities. Rather than requiring bankers to enter the same information into multiple systems, TeslarSync synchronizes data between systems as work is completed, helping reduce duplicate data entry, improve accuracy, and create more consistent operational processes.” 💪

 

• Personetics announced the launch of Banking Console, an AI-powered banker enablement product that continuously analyzes customer behavior, primacy, and financial signals across their entire portfolio. 

 

• Middlesex Federal Savings (FDIC 28368; total assets $654M) selects Kobalt Labs to automate fintech partner due diligence and marketing compliance as it scales its fintech partnership program.  The bank cited Kobalt’s combination of advanced AI capabilities and deep understanding of financial services compliance as key to the partnership.

 

• 👉 Lumin Digital leans in again on the bank side as Eclipse Bank, Inc. (FDIC 58049; total assets $486M) selects Lumin Digital as its new digital banking provider.

 

• Lineage Bank (FDIC 6100; total assets $198M) has changed their name to Harpeth Bank & Trust.
  • The name change follows a significant recapitalization (about $30M at the BHC level with $21.8M capital infused at the bank as of June 2026 call report) completed earlier this year by Recap Financial Ventures LLC. This locally led investor group acquired a majority interest in the bank's holding company, Lineage Financial Network Inc.
  • The bank also announced its executive leadership team, bringing together veteran bankers with deep experience in Middle Tennessee and expertise spanning commercial banking, credit, finance, deposits, technology and mortgage lending including David McDaniel as President and CEO and Eddie Maynard as EVP and Chief Credit Officer.

 

• 🚀 OMNICOMMANDER continues their weekly roll 💪!!!  This week, OMNICOMMANDER launches a launches a new website for Greenville Heritage Federal Credit Union (charter 4400; total assets $181M) blending modern digital access with the 85 years of personal local service to Greenville County.

 

• Cincinnati Ohio Police Federal Credit Union (COPFCU; charter 389; total assets $188M) has partnered with InvestiFi to give its members embedded digital investing solution direct from their checking accounts without having to exit to a third-party app.

 

• 💥 Reseda Group, a CUSO owned by MSU Federal Credit Union (one of my favorite innovative credit unions; charter #23729; total assets $8.9B) has launched Bolt by Reseda Group, a new BaaS infrastructure platform supporting account opening, payments, debit card issuance, and embedded finance with MSUFCU as the financial institution of record (sponsor bank).  Check it out at Bolt | Reseda Group

 

• Some regulatory updates worth noting:
  • CSBS Announces AI Supervisory Framework to support state examiners in assessing the use and risks of artificial intelligence (AI) at state-chartered banks and state-licensed nonbank financial institutions.
  • Speech by Vice Chair for Supervision Bowman on initial findings from independent review of Silicon Valley Bank - Federal Reserve Board found Fed supervisory staff "knew, or should have known" about the bank's vulnerabilities as early as March 2022 — more than a year before the bank failed.
  • FDIC Board of Directors Approves Proposed Rule to Modernize and Reform the FDIC’s Framework for Reviewing Bank Merger Transactions | FDIC.gov
  • Joint Statement on Community Banks’ Engagement with Core Service Providers
  • Proposed Interagency Third-Party Risk Management Guidance and Issuance of Joint Statement on Community Banks’ Engagement with Core Service Providers | FDIC.gov

 

• Notable FinTech funding for the week:
  • Thatch (health benefit platform) raised $108M in Series C funding citing 7x revenue growth YoY and now serving more than 5,000 companies. Thatch provides a health benefits platform that lets employers set health budgets and employees choose insurance and healthcare services. 
  • Footprint (AI operating system for banks and fintechs supporting financial crime compliance such as AML, enhanced due diligence, KYC / KYB, transaction monitoring investigations and more) raised $25M in Series B round.
  • Kastle (AI workforce platform for financial services) raised $24M in Series A
    • Led by CEO Rishi Choudhary, Kastle builds an AI workforce platform that enables financial institutions to deploy specialized AI agents that execute high-volume workflows across existing core systems without requiring full infrastructure overhauls.

 
 
Random Uncle Sean stuff:

• The legendary Warren Buffett officially retired as CEO of Berkshire Hathaway back on Dec 31, 2025, but has now (as anticipated) stepped down as Chairman of the Board.  In true Buffett fashion, he penned his last shareholder letter stating, “Father Time always wins. He has, however, been generous with me.”  I will miss his straightforward and often humorous writing style.
• 🏈 College football fans – this week the “must watch game” is #7 LSU at #8 Ole Miss this Saturday night at 6:30 PM Central on ABC.  Aside from a top 10 matchup of SEC teams, there is plenty of sideshow drama as Lane Kiffin (Head Coach for LSU) returns to face the program he spurned just last year. 😲
• And here are the Dad / Bad jokes:
  • I can’t speak on behalf of the chicken, but the turtle crossed the road to get to the Shell station… 🐢😉
  • When you say you don’t drink, everyone tries to offer you a drink.  When you say you don’t eat meat, everyone tries to feed you meat.  But if you say you don’t have any money…. Uh nope…🤷‍♂️🤠
  • If you want to impress me with your vehicle…  It’d better be a food truck!!! 😋😀
  • It amazes me how much “exercise” and “extra fries” sound alike! 😅
  • After 50 you’re like an older cell phone battery…  Even when you charge yourself overnight for 11 hours, by 10 AM you’re at 60%. 🙃🤣

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 
 

​Happy Friday!!!
 
Remembering 9/11 on this Patriot Day and National Day of Service.  Remembering the souls that were lost and their families; and honoring those who served and continue to serve.
 
Here is the Uncle Sean Update for 9/11/26 (subscribe here for free):
 

• The BLS August CPI came in sticky as expected at 3.4% (same as last month) with Core CPI at 2.4% (July was 2.5%).  On a monthly basis, CPI rose 0.4% (up significantly from 0.1% in July) with Core CPI at 0.3% (July was 0.2%).  No surprise that gasoline rose 3.9% in August, accounting for over 1/3rd of the monthly all items increase (gasoline is up 27.4% YoY).  This CNBC chart is pretty good - Here’s the inflation breakdown for August 2026 — in one chart.
  • Meanwhile…  Treasury yields remain near multi-year highs with the 10-yr flirting with 5% (up 18 basis points just this week) and oil prices hovering around $100 as geopolitical concerns persist.
  • The FOMC meeting is next week, Sep 15-16 (includes Summary of Economic Projections) – I’m glad I don’t have Chairman Warsh’s job… 😬

 

• Jack Henry (Nasdaq: JKHY) comes in with several announcements this week:
  • Celtic Bank (FDIC 57056; total assets $5.3B) selects Jack Henry for core processing along with a suite of technology solutions including Banno Business for digital banking and Enterprise Workflow.
  • Splitit joins the Jack Henry Fintech Integration Network (FIN) enabling JKHY bank and credit union customers on SilverLake core and Banno digital to offer embedded installments to debit and demand accountholders.
  • InvestiFi partners with Jack Henry to bring “Investing from Checking” direct to JKHY clients via the Banno tech stack per this Jack Henry LinkedIn post.

 

• Speaking of InvestiFi….  Safe 1 Credit Union (charter 61598; total assets $1.2B) partners with InvestiFi to bring embedded investing solutions to its 90,000 members. The solutions will be embedded within Safe 1’s existing digital banking platform so its members do not have to leave the platform and go to a third-party app. 🤘

 

• Valley National Bank (FDIC 9396; total assets $66B) announced the launch of Valley Foundry, a new technology and innovation platform “designed to accelerate the adoption of emerging technologies, create a faster path from experimentation to execution, and deepen Valley’s connectivity with startups, fintechs, venture capital firms, and technology providers.”  Michael Rappaport has been appointed to lead the new initiative as Head of Valley Foundry.

 

• My friends at OMNICOMMANDER are at it AGAIN!!!  This week, OMNICOMMANDER launches a new website for the newly rebranded Switch Federal Credit Union (fka Bessemer System FCU; charter 4982).
  • Mickey Goldwasser, VP of Business Development and Partnerships stated, “We are seeing a trend in the industry where credit unions looking to compete are really examining their branding and websites to ensure their digital experience stands out in a crowded marketplace. Success, now more than ever, requires institutions to build awareness and communicate their unique message effectively to members. This project was a great example of how to help a credit union bridge its history with a fresh, digital-first identity.”  Love it!!!! 💪🫡
    • Check out the new website here - Switch Federal Credit Union | Switch FCU

 

• Lumin Digital announced an open banking integration with MX Technologies giving financial institutions on the Lumin platform a standards-based way to connect users with third-party financial applications.

 
👀 De Novo watch is getting exciting!!!

• OpenReserve gets preliminary conditional approval from the OCC to establish OpenReserve Bank, N.A.  You can view the actual OCC approval letter here - Corporate Decision 1389 (tier 21 leverage ratio of not less than 12% and initial paid-in capital of no less than $210M).

 

• Mercury receives conditional approval for deposit insurance from the FDIC as part of their process to establish Mercury Bank, N.A. (Leverage ratio of 10% or greater and a capital requirement of $300M).  The OCC granted conditional approval back in April.

 

• VALT gets conditional approval from the FDIC to establish VALT Bank N.A. (Leverage ratio of 9% or more and capital requirement of $25M).  The OCC granted conditional approval back in March.

 

• Congratulations to Nola Bank (Nola Bank | Our Community Your Bank) as they will officially open on Sept 14, 2026! 🎉

 

• Per this LinkedIn post by Stan Pinkham, organizers have filed a de novo bank application to establish Texas Patriot Bank in Frisco, TX and have selected Stan Pinkham as the founding CEO.

 

• Chime (Nasdaq: CHYM) skips the de novo route by announcing an agreement to acquire Stride Bank (FDIC 4091; total assets $5.4B), one of its Sponsor Banks that they have worked with for more than seven years, for $590M in cash.  Upon closing, Stride will become Chime Bank, N.A.

 

• Proposed Georgia de novo, Georgia Skyline Bank, has also opted to skip the de novo route by acquiring Highlands Community Bank (FDIC 57420; total assets $189M).
  • Note that Georgia Skyline Bank had received conditional FDIC approval in Dec 2025 but ultimately determined that “…it made more sense to recapitalize Highlands than to start from scratch.”

 

• Nu (NYSE: NU, and the largest digital bank in Latin America with 140 million customers 😲) announced their launch in the United States via sponsor bank Lead Bank (FDIC 8283; total assets $2.8B).  Initial offerings include a metal Mastercard debit card with 3.5% APY and a Mastercard credit card with 1.5% rewards.  If you bundle the two (with direct deposit of at least $3K per month), you get 4.5% APY on debit balances (up to $10K; 3.5% on remaining) and 2% rewards on CC spend.
  • 👉 Interesting to me since Nu had already been granted conditional approval from the OCC back in late January to establish Nubank, N.A.

 

• Notable FinTech funding for the week:
  • Piston (a cardless payments platform that connects commercial fleets and gas stations) raised $15M in Series A citing “Payment volume increased 8x year over year, while its merchant network grew 40x and customer retention remained at 98%. Piston is now deployed at more than 2,000 stations across 48 states.”

 
 
Random Uncle Sean stuff:

• In a unanimous 6-0 vote, the Metropolitan Nashville Airport Authority voted to begin the process of renaming the Nashville International Airport (BNA) after Dolly Parton. 
• It was National Payroll Week this week (Home | National Payroll Week | September 7-11, 2026) and I was so busy that I did not get a chance to take care of my incredible wife and her AMAZING payroll team at LISD….  But don’t worry as I have some things in the works for y’all next week – much love to all in payroll everywhere 🫶!!!
• You made it!!!  Here are the Dad / Bad jokes for the week:
  • At my age, “core strength” means getting out of the recliner without making sound effects…!!! 👴😬
  • I think we can all admit that a purse is just a junk drawer that you can take with you (same applies for laptop bags)! 👜💼😅
  • Sing it with me… 🎵If you’re happy and you know it, it’s your meds!!! 🎶🤪🙃
  • PSA - There is a TEXAS WINTER WARNING in effect…  Temps are expected to plummet into the mid-to-high 90s next week!!!  So, remember to open your sink cabinets, drip your faucets, cover those outside spigots, and don’t forget to bring the bar-be-que inside.  Have plenty of blankets on hand and dress in layers.  STAY SAFE OUT THERE Y’ALL!!!  🤠🥵

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 
 

​Happy Friday and Happy Labor Day Weekend!!!
 
Here is the Uncle Sean Update for 9/4/26 (subscribe here for free):
 
A couple of quick macroeconomic headlines:

• 💥In a bombshell report, the BLS August Jobs Report showed a very strong +162,000 jobs added (about 3X the Dow Jones estimate of 53K) with unemployment steady at 4.1% as expected.
  • It wasn’t just healthcare and social assistance (+28.4K) hiring this month as job growth was fairly broad.  Food services and drinking places increased by 59K, local government education added 42K, and manufacturing +16K (reference Table B-1 of the Jobs Report).
  • Marking further strength, the Jun and Jul jobs were both revised up by +11K and +44K respectively (source – revision history).
  • Average hourly earnings came in at 3.1% YoY.
  • CNBC has a good summary.

• The Federal Reserve released the Beige Book - August 2026 reflecting slight to moderate economic growth (think of this akin to a “boots on the ground” report by Fed District).  Consumer spending continued to grow, but reports reflect both heightened price sensitivity on the one hand and solid high-end purchases on the other.

• Meanwhile, the US trade deficit in July tops highest level since before 'Liberation Day'; and US Diesel Prices Hit a Record High of $5.85 pushing up transportation costs for a long list of goods – previous record was $5.816, per AAA, set in June 2022.

• CPI and PPI data to be released towards the end of next week.  Next FOMC meeting to set interest rates is Sept 15-16 and includes the Summary of Economic Projections. 

 
Now back to the rest of the Update 😊:

• FIS (NYSE: FIS) announced the launch of FIS® Embedded Banking Platform enabling banks to offer banking services directly within the business software their corporate customers use daily. 
  • “Banks leverage Embedded Banking Platform from FIS, partner with a vertical software provider or fintech, and embed their own accounts and payment capabilities into that partner’s product. Corporate customers get an integrated banking experience without leaving the software they use daily. The bank keeps the customer relationship. The software partner owns the user experience. FIS powers the infrastructure.”
  • Initial pilot banks including Cogent Bank (FDIC 34908; total assets $2.5B), Commercial Bank of California (FDIC 57417; total assets $4B), and M&T Bank (FDIC 588; total assets $218B), with accounts and payments planned for Q4 2026.
    • This PYMNTS article has some good additional insights.

• Experian has launched a new credit cards app on ChatGPT offering consumers a new way to discover credit card options / offers (matched to your Experian credit profile) within Experian's trusted credit card marketplace using conversational AI.

• Nova Credit will now distribute Block's Cash App Score giving lenders near real-time cashflow visibility of borrowers.  “As a distribution partner, Nova Credit will make the Cash App Score available to lenders in its network as part of the lenders' existing underwriting workflows, with no new consumer credentialing required.”

• Digital Onboarding announced the launch of DOBI, an AI-native Business Intelligence agent for banks and credit unions.  DOBI gives banks and credit unions a single AI agent using natural language to analyze (spend behavior, inflows, and outflows), personalize, and act on what it finds - with every action logged for a compliance-ready audit trail.  Everything still runs through your review process: compliance, the business line, marketing sign-off on a clean PDF before anything goes out.
  • Check it out here - DOBI AI Agent | Digital Onboarding. 👏

• 💪 Shout-out to Nymbus as Sagehaven Bancorp partners with Nymbus to launch Sagehaven Bank (In formation), a digital-centric de novo focused on small-to-mid market companies and mid-to-high-net-worth consumers.  The Nymbus cloud-native banking platform will “enable Sagehaven to operate a single Pittsburgh-based branch while giving businesses and consumers nationally the ability to fully manage their banking needs digitally once it is chartered and open for banking business.” 🤙

• Lumin Digital launched the M&A Readiness Advantage platform designed to guide financial institutions through every phase of acquisition integration.
  • “Acquisitions are defining moments for financial institutions, and the digital experience is where members and customers feel the impact first,” said Lisa Daniels, Chief Operating Officer at Lumin Digital. “The M&A Readiness Advantage brings the operational discipline and client partnership we’re known for to this critical moment, giving our clients a structured path to grow through acquisition while protecting the experience their users rely on. Lumin has guided clients through acquisitions of all sizes on a single, modern architecture, and that foundation is what allows us to deliver this kind of consistency and confidence at every phase.”

• Well that didn’t take long (X Money went live at the end of July)…  Elon Musk s’ social network X stated that all of its U.S. creator payouts will now be handled through X Money, the app’s payments service (payouts in the US were previously powered by Stripe).  If you don’t have an X Money account, you will have to open one (X Money is not a bank; the accounts are held at the FDIC-insured Cross River Bank).
  • The benefit to using X Money is access to payouts will be available the moment they’re sent (previously, payments were processed every two weeks, with a minimum payout of $30).

• 👀 De Novo watch…
  • Revolut announced that it has received conditional approval from the OCC for its U.S. national bank charter to establish Revolut Bank US.
  • The Blank Slate is reporting that Essex Mortgage (Data Mortgage) seeks to open Bank Elevated in Frisco, TX.  Applications with the FDIC and the Texas Department of Banking were not immediately available.

• 👉 STAR Financial Group (BHC for STAR Financial Bank; FDIC 27235; total assets $3.2B) to launch "Denovo", a direct digital bank subsidiary focused on developing digital financial solutions for small businesses, startups and entrepreneurs with an expected launch in 2027. 🤘

• TabaPay announced $155M in growth financing and the planned acquisition of Transact Bank (FDIC 13986; total assets $6.5M) an OCC-chartered and FDIC-insured bank based in Denver, CO.  Following the acquisition (subject to customary regulatory approvals), Transact Bank will be renamed TabaBank, N.A., and operate alongside TabaPay under TabaHoldings, Inc., a newly registered bank holding company.  Per the PR, the acquisition is expected to close in the fourth quarter of 2026.

• Tyfone announced the acquisition of ATTUNE expanding Tyfone's platform with consumer and business account opening, deposit funding, loan origination and servicing capabilities, extending the digital experience from the first interaction through lifelong engagement.
  • 👉 “Because ATTUNE's account opening and loan origination solutions are core and digital banking agnostic, financial institutions can deploy them alongside existing technology investments or integrate them seamlessly with Tyfone's nFinia® Digital Banking Solution.”

• OnePay (Walmart’s fintech app sporting 7 million retail customers 😲) announced the launch of My Garage enabling customers to have a full financial picture of one of their largest sources of monthly expense.  My Garage gives customers access to an up-to-date vehicle value, loan equity, payoff timeline, auto insurance offers, and gas rewards, all in one place inside the app where they manage the rest of their financial lives.

• Check Alt announced a partnership with LoanPro where CheckAlt will support LoanPro customers with lockbox, electronic lockbox, remote deposit capture, and remote lockbox capabilities - helping lenders streamline inbound payment processing and reconciliation.

• Do these guys ever sleep?!?!?!  OMNICOMMANDER is at it again 🚀 as credit unions continue to prioritize upgrading their digital platforms – this week they have launched another new website and brand identity for Mohawk Valley FCU.
  • Check out Mohawk Valley’s new website here - https://www.mohawkvalleyfcu.org/.

• InvestiFi continues their march across the US with another big win…  Northwest Federal Credit Union (charter 5500; total assets $4.5B) partners with InvestiFi to offer investing services directly through its online and mobile banking platforms to more than 280,000 members nationwide.

• Some personnel moves this week:
  • Teslar Software names Kevin Tweddle as Chief Financial Officer as Teslar enters its next phase of growth, including its expansion into the consumer loan origination market and continued investment in intelligent lending solutions for community financial institutions.
  • Carefull (a financial safety platform designed to protect older adults, next-gen families, and the financial institutions that care for them) adds Duke neuroscientist Gregory Samanez-Larkin as Research Fellow, a scientific leadership role focused on accelerating the application of new behavioral and cognitive science directly into the development of Carefull’s technology.

• Notable FinTech funding for the week:
  • Felix (AI-powered WhatsApp money-transfer platform for Latino immigrants) raised $200M in capital consisting of $87M in Series C funding and a $113M debt facility.
  • Immediate (EWA and financial wellness platform) raised $13M in Series B funding round and is also expanded its existing working capital facility with Always.bank to support the company’s continued growth.

 
 
Random Uncle Sean stuff:

• Ah, we made it to Labor Day – the psychological end to summer although the technical first day of fall (autumnal equinox) is not until Sept 22.  We welcome college football (YAY), thoughts of the upcoming holiday season, and hopefully a break in this heat dome here in Texas – WHEW!!! 
  • If you are getting in the mood for fall foliage (I am) – check out this interactive Fall Foliage Prediction Map to see peak color estimates by region and date range.
• Okay – let’s finish this so we can start the long weekend festivities!!!  Here are the Dad / Bad Jokes to wrap up this week:
  • My doctor told me that jogging could add years to my life.  He was right – I feel 10 years older already!!! 😂🤣
  • A nose is for smelling and feet are for running, so why do noses run and feet smell??? 🤔🤷‍♂️
  • Found a coin with teeth marks all over it….  It was Bitcoin… 😉
  • This one goes to my friend Mr. Dan Heilveil who has been under the weather all week (get well soon buddy!):
    • Do lizards ever look at snakes and be like “Lieutenant Dan!!!” 🤠🙋‍♂️🫡

 
 
“The world needs good people - be one of them.”
 
Have a GREAT Labor Day weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
Here is the Uncle Sean Update for 8/28/26 (subscribe here for free):
 

• The BEA released July PCE coming in flat over last month showing an annual 3.7% (June was 3.7%) with Core PCE coming in at 3.3% (June Core PCE was 3.3%).
  • Worth noting that spending on Goods was actually down again (ref Table 2.8.7 - driven mostly by a 2.7% decrease in gas and other energy as well as a 0.9% decrease in furnishings and durable household equipment). 
  • The personal savings rate was back up to 3.0% (June was very low at 2.7%).

 

• The BEA also released 2nd Quarter GDP (second estimate) and was the same as the first estimate of 1.5%.  Minimal adjustments reflect an upward revision to consumer spending that was partly offset by an upward revision to imports (negative to GDP).
  • The upward revision to consumer spending reflected an upward revision to services that was partly offset by a downward revision to goods.
    • Real final sales to private domestic purchasers was revised up from 3.9% to a robust 4.2% reflecting continued consumer strength.

 

• With inflation still running well above the Fed 2% target, many eyes are focused on the Jackson Hole Economic Symposium from Aug 27-29, “Financial Innovation: Implications for Payments and Policy."
  • Here are the Keynote remarks by Chairman Warsh at the 2026 Jackson Hole Economic Policy Symposium - Federal Reserve Board which I found to be slightly on the hawkish side with Chairman Warsh stating, “…I would be hard pressed to describe broad financial conditions as restrictive.”  CNBC has a good summary.
    • The next rate-setting FOMC meeting is scheduled for Sept 15-16 and includes a Summary of Economic Projections.

 

• The FDIC released their Quarterly Banking Profile report for 2Q2026 displaying another very strong quarter.  Some key updates:
  • Higher earnings with an ROA of 1.37% percent. Domestic deposits increased for the eighth consecutive quarter and loan growth was strong citing strong capital and liquidity levels.
  • Unrealized Losses on Securities still total $326.7B rising slightly from $325.1B the prior quarter.  This was really the only slightly negative indicator I saw.  With earnings and loan growth so strong, I’m surprised that more institutions haven’t sold their lower yielding securities yet.
  • Provisions declined while asset quality metrics improved.
  • DIF Reserve Ratio climbs to 1.48% ($161.1B) up from 1.43% ($157.4B) in 1Q2026 and up considerably from 2Q2025 of 1.36% ($145.3B).
  • The number of “problem banks” (CAMELS composite rating of 4 or 5) declined from 54 to 47.

 

• 👀 Another CU acquisition of a bank (this makes 6 announced deals so far for 2026)…  Gulf Winds Credit Union (charter 68694; total assets $1.4B) to acquire Madison County Community Bank (FDIC 35056; total assets $212M) from Madison Community Bancshares Corporation (PCO FR 3619702).
  • This is a highly stereotypical CU acquisition of a bank (data based on Jun 2026 call report – source: FedFis - FinTech | Banking | Data):
    • Much larger CU (total assets $1.4B) acquiring a small bank (total assets $212M); Bank has low-cost deposit base of $197M at a Total Cost of Deposits of only 1.67%.
    • Bank loan portfolio is mainly on the commercial side - consists of CRE (37.44% of total loans) of $44M; Construction & Land Development (18.87% of total loans) of $22.3M; and C&I (11.96% of total loans) of $14M with Yield on Total Loans of 7.4%.

 

• Unfortunately, we had our fifth bank failure for 2026 last week.  Tioga-Franklin Savings Bank (FDIC 33802; total assets $68M; total deposits $67M) was closed on Aug 21. The bank had a FedFis Rating© of 4.72 as of Jun 2026 placing them in the lowest possible percentile of all U.S. banks.  Second Federal Savings and Loan Association of Philadelphia (FDIC 29627; total assets $46M), to assume all deposits and purchase substantially all assets of Tioga-Franklin Savings Bank.  For more info, check out the FedFis Bank Failure Alert here - http://www.fedfis.com/bulletin/bank-failure-alert-tioga-franklin-savings-bank.
  • 👉 In a rare move, Second Federal Savings and Loan Association of Philadelphia will also be converting to Tioga-Franklin Savings Bank core processor.  While rare from a bank failure perspective, if you look at this akin to a merger of equals (MOE) type of transaction then it makes much more sense (especially considering Second Federal is smaller than the failed Tioga-Franklin Savings Bank).

 

• De Novo watch…
  • Itaú Bank, National Association has gained preliminary conditional approval from the OCC with the understanding that the proposed Bank will apply for stock in a Federal Reserve Bank in accordance with 12 USC 2221 and will obtain deposit insurance from the FDIC.  Per the decision - Itaú Bank, National Association will be headquartered in Miami and will focus on high- and ultra-high net worth individuals with Brazilian and Latin American connections; and will open with $507 million in capital.
  • VALT Bank, National Association has obtained FDIC approval (initial capital requirement of $25M and 9% Leverage ratio) to establish a proposed national bank to be headquartered in Eagle, Idaho.  The Bank plans to operate as a fully digital business bank focused on serving small to midsized businesses (SMBs) in the U.S.  This Banking Dive article has a very good summary - VALT Bank gets FDIC’s nod | Banking Dive.
  • Nissan Motor Acceptance Corp has withdrawn its application to form Nissan Bank US (a Utah ILC) and confirmed on the Utah DFI website -  dfi.utah.gov/general-information/application-status/.

 

• Nacha logs a couple of new preferred partners:
  • Flagright is now a Nacha Preferred Partner for ACH Compliance, Fraud Monitoring, and Risk and Fraud Prevention.
  • Finastra becomes a Nacha Preferred Partner for ACH Experience, ISO 20022, and Risk and Fraud Prevention.

 

• After years of serving credit unions, Movemint announced the launch of its embedded personalization technology to the banking sector enabling banks to create campaigns that drive engagement by presenting personalized experiences to its customers.

 

• 💥 Another BIG win for InvestiFi as Stanford Federal Credit Union (charter 13392; total assets $4.6B) partners with InvestiFi to bring embedded investing to its 96,000 members directly within the CU’s existing online and mobile applications.

 

• WestStar Credit Union (charter 68227; total assets $273M) selects BOND.AI to enhance its member engagement and deliver more relevant products, services, and educational opportunities.
  • “WestStar will leverage BOND.AI’s agentic artificial intelligence platform, Autopilot, to analyze member financial activity and identify opportunities where a product, service or financial resource may be relevant to an individual member’s needs. By putting data-driven insights to work behind the scenes, WestStar can move toward a more personalized approach to member engagement delivering the right message, to the right member, at a more relevant time.”

 

• OMNICOMMANDER makes headlines again this week as Golden Triangle Federal Credit Union (charter 8298; total assets $38M) chose OMNICOMMANDER for its new website design to simplify access to online banking, loan rates, credit cards, online loan applications, payment options, financial calculators, and other commonly used resources. 🤙
  • Check out the redesigned website here - https://www.gtfcu.coop/

 

• 👉 Speaking of my friends at OMNICOMMANDER (veteran owned and operated) – check out this LinkedIn post where they recently donated several Macs and computer monitors to Tech For Troops, an organization that takes computers and other technology, refurbishes it and gets it into the hands of our veterans who can put it to use.  GREAT work!!! 👏🫡

 

• Tyfone unveiled nFinia® Reimagined, Tyfone's next-generation digital banking platform.  “Combining a modern, intuitive user experience with Fathom, Tyfone's native-AI intelligence woven throughout the platform, nFinia transforms how account holders interact with their financial institution while helping community financial institutions remain at the center of every financial relationship.”
  • iTHINK Financial Credit Union (charter 68663, total assets $2.4B) will be the first Tyfone customer to launch Fathom to its members, with the AI-powered experience expected to go live this fall.

 

• Notable FinTech funding for the week:
  • Imprint (modern co-branded cards and rewards, deposit accounts, and installment plans) announced $2B in new Debt Funding as institutional demand grows.
  • Pay.com.au (Australia’s largest business rewards platform) is launching in the US as PayRewards and has raised $28M in new Series E funding to support the US launch.  Check them out at Earn Credit Card Rewards On Vendor & Bill Payments | PayRewards.
  • Socure (AI-native trust infrastructure for global identity and risk intel) raised $156M in growth capital at a $5.2B valuation and announced the acquisition of Fravity, an agentic platform aimed at automating fraud, risk and compliance operations. 
    • The PR emphasized that Socure closed 2Q 2026 with $364 million in total ARR, 63% year-over-year ARR growth, 133% net dollar retention, and 0.01% logo churn across more than 3,000 customers. International volume has grown from near zero to a double-digit share of Socure’s network in the past two years. 🚀

 
 
Random Uncle Sean stuff:

• We lost the legendary Dolly Parton this week at the age of 80. Take a moment to view Remembering Dolly Parton | January 19, 1946 – August 25, 2026, in particular her bio section which is nothing short of amazing.
  • The best thing I read all week was a testimony on social media (I forgot the OP or I would source them - sorry).  Essentially said that Dolly Parton’s influence was so widespread that if you are in the Gen X generation – It’s highly likely that your grandparents knew and loved her, your parents knew and loved her, you knew and loved her, and your children knew and loved her.  A minimum of 4 generations of influence and fans.  And be sure to check out Dolly Parton - YouTube channel if you need a Dolly-fix 🥲❤️.
• 🤖 Highly impressive, somewhat terrifying, and sometimes hilarious…  Check out these Scenes From the 2026 Beijing World Humanoid Robot Games (Bloomberg) and these short video clips (AP News).
• Alright – let’s wrap this week up with some obligatory Dad / Bad Jokes:
  • Remember…  You’re never too old to learn something stupid!!! 🤠
  • Kale has negative calories because its caloric count is less than the energy expended throwing it up! 🤢😅  
  • What did the DNA say to the other DNA???  “Do these genes make me look fat?” 🧬😂
  • When studying chemistry, NEVER drink water…  Water dilutes concentration… 🤔😉
  • And my favorite this week…  Normalize booing in the office!!! 😀📣🙌

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 
 

Fifth bank failure of 2026…
 
On 8/21/26, Tioga-Franklin Savings Bank in Philadelphia (FDIC 33802; total assets $68M; total deposits $67M) was closed by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  Second Federal Savings and Loan Association of Philadelphia (FDIC 29627; total assets $46M), to assume all deposits and purchase substantially all assets of Tioga-Franklin Savings Bank. 
 

• The FDIC preliminarily estimates that the failure will cost the Deposit Insurance Fund approximately $5.5 million.
• Source - Second Federal Savings and Loan Association of Philadelphia Assumes All Deposits of Tioga-Franklin Savings Bank, Philadelphia | FDIC.gov and Pennsylvania Department of Banking and Securities Takes Possession of Tioga-Franklin Savings Bank | PA DoBS

 
Additional FedFis insights as of the 6/30/26 call report:

• Tioga-Franklin Savings Bank had a FedFis Rating© of 4.72 as of June 2026 placing them in the lowest possible percentile of all US banks.  The bank had experienced continued operating losses for several years as well as material asset quality issues (with non-sufficient reserves in relation to nonperforming loans) resulting in a significantly strained capital position.
• The bank’s $57M loan portfolio consisted primarily of $20M (35.73%) 1-4 Family; $18M (31.76%) Nonfarm Nonresidential; and $13.7M (24.05%) Domestic C&I with significant nonperforming spread across all categories.
  • Total nonperforming loans (90 days or more past due and still accruing plus nonaccrual) of $5.2M versus an allowance for credit losses of only $718K coupled with an equity position of only $1.4M and an Adjusted Texas Ratio of 158.35%.
  • YTD ROAA was negative (3.32%), ROAE was negative (92.50%), and an efficiency ratio of 188.70%.

 
 For more information on FedFis Bank Ratings and market insights, contact the FedFis Sales Team at 512-960-0911 | [email protected].


Sean Mayo
Sr. VP, US Financial Institutions Group
[email protected]
 
 

Happy Friday!!!
 
Holy smokes – is this heat wave ever going to end 🥵???  Here is the Uncle Sean Update for 8/21/26 (subscribe here for free):
 

• ICYMI…  The U.S. has officially surpassed $40 Trillion this week with the Congressional Budget Office projecting a 2026 Fiscal deficit of $2.1 Trillion (source - Monthly Budget Review: August 2026 | Congressional Budget Office)… 😢

 

• Fiserv (Nasdaq: FISV) announced that Flagstar Bank, N.A. (FDIC 32541; total assets $87.7B) has selected Finxact from Fiserv as the cornerstone of the bank’s core modernization strategy, and a key component of the Flagstar S2 Platform™.
  • This Banking Dive article has more interesting detail - Flagstar picks cloud-native core to replace legacy patchwork | Banking Dive

 

• Pathward, N.A. (FDIC 30776; total assets $7.3B) selects Vault Core by Thought Machine as the bank’s foundational infrastructure to accelerate product innovation via real-time cloud-native solution.  “The platform reinforces Pathward’s technical independence to swiftly design and deploy bespoke financial solutions. Alongside Pathward’s own capabilities, this empowers its fintech, payment innovator, and commercial partners to thrive, while expanding financial access to underserved markets.”

 

• Prevail Bank (FDIC 29294; total assets $1B) selected Jack Henry to help grow its business through modern technology, an open ecosystem, and continuous AI innovation.
  • The PR goes on to state that the bank selected Jack Henry's core processing platform and a range of integrated solutions including Banno for digital.
    • This is impressive as the legacy core provider had a core-strategic position at the bank (same vendor for core, online, and mobile).  I don’t see many complete conversions of the entire primary tech stack like this at all.

 

• Candescent expands its relationship with Google Cloud and will now use Google Cloud’s AI stack, including Gemini models and the Gemini Enterprise Agent Platform, to accelerate the delivery of more intelligent, relevant, and proactive banking experiences across more than 1,300 banks and credit unions Candescent serves.

 

• Uplift (mid-market PE firm) has acquired Engage fi from Falfurrias Management Partners who had previously acquired Engage fi (fka CU Engage) in Feb 2022.

 

• Rumored for about a month now, Stripe finally confirmed and announced it has agreed to acquire OpenRouter AI model gateway and routing platform.
  • This Payments Dive article (Stripe, OpenRouter finally strike a deal | Payments Dive) has more insights including an alleged purchase price of $7.5B per The New York Times reporting.
  • And it appears (per this report - Breaking: PayPal Is “In Talks to Sell Itself” After Rejecting Stripe’s Initial $60.50 Bid in July - 24/7 Wall St.) that Stripe and Advent are still in talks to potentially acquire PayPal.

 

• OMNICOMMANDER (veteran owned website and digital marketing provider for FI’s) launched a new website for IBEW 26 Federal Credit Union with a major focus of the new site being expanded digital self-service – enabling members to access secure online forms for loan applications, membership applications, document uploads, wire transfers, payroll deductions, address changes, and other frequently requested services. 🤙
  • Joshua Urbick, CEO of IBEW 26 Federal Credit Union, said, “Our members are hardworking people who expect their credit union to be dependable, straightforward, and there when they need us. This new website gives us another way to deliver on that promise. Members can find what they need faster, complete more requests online, and connect with our team while still experiencing the strong sense of community that has defined IBEW 26 FCU for decades.”
    • 👉 Check out the newly updated website here - IBEW 26 Federal Credit Union | IBEW 26 FCU.

 

• It’s official…  Kraken announced the launch of the Krak Card in the US, a Visa debit card issued by Lead Bank and powered by Stripe. 
  • Okay – I have to admit it…  The term “Krak Card” indeed kraks me up… 😊 
  • On a serious note…  Keep in mind (per Annex T - US Card Services of the Global Terms of Service):
    • “The accounts (“Krak accounts”) associated with the cards are provided by Payward Interactive, Inc. (“PWI”) which, trading as Kraken, is a FinCEN-registered Money Services Business (MSB). Krak account balances held at PWI are not deposits of Lead Bank or any other insured depository institution, are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency, and may lose value.”  (bold emphasis added by Uncle Sean)
      • For the avoidance of doubt, the Issuing_Bank_Terms_-_Lead_Bank_-_Krak_Card.pdf also reaffirm “Fiat Currency accessed through the Card is not FDIC insured.”

 

• 🤖 Personetics (AI Cognitive Banking Platform) partners with Plaid to give banks and credit unions a comprehensive view of customers’ financial data turning fragmented data into actionable personalized insights.

 

• Kobalt Labs (AI-native TPRM and compliance platform for FI’s) continues to make headlines 💪!  This week, Chesapeake Bank (FDIC 6862; total assets $1.7B) has selected Kobalt Labs as the institution’s first enterprise AI platform to streamline back-office operations with an initial focus on Chesapeake’s highest-risk vendor relationships.
  • “Chesapeake’s approach is one we see at the strongest community banks: pick the function where the volume of manual work is highest and the tolerance for inconsistency is lowest, and prove AI there first,” said Kalyani Ramadurgam, CEO of Kobalt Labs. “The fact that their team is already expanding into new use cases within weeks of going live says a lot about how quickly the value compounds once the platform is in production.” 🚀

 

• Nium (real-time international payments platform) announced the launch of domestic card issuance in the United States.  Businesses serving the US market can now issue cards domestically and access Nium's payment infrastructure across 190+ countries through a single platform.

 

• Synchrony (NYSE: SYF; bank subsidiary FDIC 27314; total assets $115B; CC specialization) announced enterprise collaboration with OpenAI to power the next era of agentic commerce by bringing financing, rewards and loyalty into AI-native shopping and checkout experiences.
  • More Synchrony AI-related news as they announce the appointment of Nimrod Barak as Chief AI Officer.

 

• Melio (financial operations and payments platform) announced the launch of Melio Expense Management enabling SMB’s to track and categorize card expenses in real-time (and synced automatically to Xero or QuickBooks) without switching credit cards or adopting new tools.  Check it out at Expense Management for Small Businesses & Accountants | Melio.

 

• Veridian Credit Union (charter 64418; total assets $9.2B) partners with Greenlight to bring Greenlight’s family banking platform (and financial literacy tools) directly within the Veridian mobile app.
  • Uncle Sean is a huge fan of financial literacy programs – especially for kids, teens, and young adults.  🤙

 

• Communitywide Federal Credit Union (charter 18336; total assets $874M) partners with InvestiFi to embed InvestiFi’s suite of digital investing solutions (includes built-in educational content 👍) allowing its 69,000 members “to invest directly from their checking accounts, all within the online banking experience they already know and trust.”

 

• Some personnel moves:
  • Nuuvia has promoted Marcell King from President and COO to CEO following more than 2X growth during King’s leadership as President and COO over the previous 18 months.
  • Bakkt (NYSE: BKKT) named Matt White as Chief Financial Officer for its “next phase of global growth, with an expanding focus on technology-enabled financial infrastructure, AI and disciplined capital allocation.”

 
 
Random Uncle Sean stuff:

• Congratulations (???) to Jinny Lu for winning 1st place in the 2026 World's Ugliest Dog contest 🐶 which was the event’s 50th year!!!  The contest, hosted by the Sonoma-Marin Agricultural Assn., promotes the adoption of all animals ❤️ and is a “wonderful show of pageantry and pride.”  The competition website reminds us that the event is meant to celebrate wonderful characters and showing the world that these dogs are truly beautiful! 👏
• 🏈 We got our first look at the pre-season AP Top 25 for college football.  No surprise that Ohio State is sitting at #1 (my good friend Cody Clegg will be happy about that) – but it’s awful early and we still have games to play!!!
• Okay – here are the Dad / Bad Jokes:
  • I’m not sure what my spirit animal is, but I’m certain it has rabies!!! 🦝
  • A cowboy walks into a German car dealership and says, Audi! 🙄🤠
  • To everyone out there suffering from paranoia…  just remember you’re not alone… 😲😅
  • 📣 “Shredded Iceberg Lettuce on sale…  Runs all week…” 😲🤣

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.
 
 

​Happy Friday!!!
 
Here is the Uncle Sean Update for 8/14/26 (subscribe here for free):
 

• The BLS July CPI report came in fairly benign at 3.4% YoY (June was 3.5%) with Core CPI at 2.5% (June was 2.6%).
  • Although we are all feeling the pain at the gas pump with prices about 25% higher than this time last year, you would have to go back to early 2021 to find a lower reading on Core CPI (before inflation and rates went crazy)… So there’s some good news. 🤙

 

• 🎉 Congratulations to Mr. Bob Musso for his promotion to President at FinPro, Inc. as Mr. Don Musso transitions to Chairman & CEO per this LinkedIn post.  Very well deserved! 👏
  •  Lot’s of great things happening at FinPro, Inc. for community banks – be sure to check out their CBIA excess deposit insurance solution above FDIC limits (and so much more) at https://www.finpro.us/the-alliance.  Great platform!!! 🚀

 

• And a shout-out to my friends at Acceleron 🫶 for their new partnership with Legacy Bank (FDIC 17676; total assets $865M) to modernize and streamline the community banks’ international wire transfer operations.
  • Disparate and disconnected systems are the bane of community bank efficiency.  “With Acceleron’s platform now integrated into the bank’s core system, Legacy Bank has streamlined the process end-to-end. Retail staff can enter wire information once, see conversion rates, generate required currency disclosures at the point of service, and seamlessly hand off transactions to operations for approval and release, without redundant data entry or system switching.”

 

• The FDIC announced a new two-phase review process for processing deposit insurance applications.
  • Under the new two-phase approach, the FDIC will provide de novo applicants who satisfy relevant requirements: (1) a contingent authorization within 120 days of receiving the application; and (2) approval within the subsequent 12 months following the receipt of additional information and completion of key organizational steps. When deposit insurance applicants notify the FDIC that the institution is ready to open, the FDIC will affirm that all pre-opening conditions have been met

 

• Speaking of De Novo applications:
  • The OCC rejected Bunq's request for a national bank charter stating the Dutch fintech’s U.S. operations would be inadequately capitalized, its management inexperienced and its road to profit “unrealistic.” 😬
    • Here is the actual OCC Denial Letter.
  • No filings yet, but Sezzle is pivoting towards a national bank charter with the OCC as opposed to a previously planned ILC charter.  Filing is tentatively planned for September.

 

• Varo Bank (FDIC 59190; total assets $338M) expands its relationship with Green Dot (Arc embedded finance) and has launched a new service that allows customers in the US to deposit cash at Kroger Family checkouts.
  • Varo had previously worked with Green Dot back in late 2024 and used the same technology to enable cash deposits at participating CVS Pharmacy locations.

 

• Fold Holdings, Inc. (Nasdaq: FLD), a bitcoin financial services company, has selected Lead Bank (FDIC 8283; total assets $2.8B) as a new banking partner to support Fold’s accounts, deposits, withdrawals, and bitcoin trading. The partnership enhances Fold’s financial infrastructure, giving it the ability to build, launch, and scale new products for its customers.

 

• 💥 Knot announced a big partnership this week as they are partnering with Venmo to launch Pay with Venmo.
  • Venmo users add Venmo as their saved payment method at the places they already shop directly from the app with no need to update payment info site by site.  This marks “the first time Knot has provisioned a proprietary checkout solution as the default payment option.” 

 

• Xero (small business platform) announced the launch of Xero Payroll, powered by Gusto, enabling the integration of payroll, accounting, payments and analytics in a single platform for small businesses.

 

• 👀 More small business focus (and a Zelle flex 💪) as small businesses enrolled in Zelle® tag tops 1M with an enroll rate of nearly 3,500 per day in the first half of 2026 (first launched in 2025).

 

• And some instant pay-by-bank headlines as Sionic announced the launch of Instant Bank Pay through Microsoft Marketplace. “The service uses the FedNow® Service and the RTP® network through banking partners to move cash digitally within seconds from payers’ checking accounts to payees’ accounts, with an average 60% savings over credit and debit cards.” (bold emphasis added by Uncle Sean)

 

• Airwallex adds Affirm’s flexible pay-over-time options enabling US merchants on Airwallex to now provide Affirm BNPL at checkout without completing a separate integration.

 

• Square announced a significant expansion of its Square Credit Card program and a new Square Bill Pay capability enabling payments via the Square Credit Card (issued by Celtic Bank on the American Express network) regardless if the vendor accepts cards or not.

 

• Upgrade announced the upcoming launch of OneCard Visa credit card issued by Cross River Bank (FDIC 58410; total assets $8.5B).

 

• 👉 Check out Kobalt Labs as ORNL Federal Credit Union (charter 5797; total assets $5B) selects Kobalt Labs to modernize risk and compliance operations within its vendor management program.
  • ICYMI last week, InTouch Credit Union (charter 68505; total assets $837M) partnered with Kobalt Labs to modernize and strengthen its third-party risk management program.

 

• First Commerce Credit Union (charter 68301; total assets $1.2B) has partnered with InvestiFi to enable its 75,000 members access to InvestiFi’s investing capabilities (stocks, ETFs, cryptocurrency, and Guided Investing tools) integrated directly into First Commerce Credit Union’s digital banking platform.

 
 
Random Uncle Sean stuff:

• I know it’s hot outside right now, but just think…  In a little over 90-days we’ll be climbing into the attic to start bringing down those Christmas decorations! 🎅🎄
• 🏈 Only 15 more days until college football!!!
• Let’s jump right to the good stuff!!!  Here are the Dad / Bad Jokes to kick off the weekend:
  • Sometimes when I’m golfing, I hit the ball so hard that it changes brands when I find it… 🏌️‍♂️😅
  • Doctor: “Did you take the pills I prescribed last month?”  Me: “It says to take them on an empty stomach so no, I haven’t had the chance yet.” 🤷‍♂️🤣
  • I tried to embrace my inner child today and the little 💩 bit me!!! 🤪😂🤦‍♂️
  • Is it safe to eat lettuce again???  Or should I stick with Twinkies and Dorito’s?  Asking for a friend… 😋🤠

 
 
“The world needs good people - be one of them.”
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC and its affiliates – we all know he’s a little bit different; but that’s why we love him.