​Happy Friday!!!
 
WOW there is a lot going on, so let’s jump right in!  Here is the Uncle Sean Update for 4/10/26 (subscribe here for free):
 

• 👀 ICYMI…  Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent called an urgent meeting this week with bank CEO’s to warn of cyber risks associated with Anthropic's latest AI model (Mythos).  Anthropic has launched Project Glasswing and purposedly limited the Claude Mythos model release to allow major tech firms and banks (critical software infrastructure) to use the model to scan and secure both first-party and open-source systems.
  • Anthropic said the model is capable of identifying and exploiting weaknesses across every major operating system and every major web browser.  “The fallout—for economies, public safety, and national security—could be severe. Project Glasswing is an urgent attempt to put these capabilities to work for defensive purposes.”  Yikes!! 😬

 

• Quite a bit of news on the economic front:
  • The BLS came out with a strong 💪 March Jobs Report showing +178,000 jobs added (Dow Jones estimate was +59K) with unemployment ticking slightly lower at 4.3% (but that was primarily driven by a sharp reduction in the labor force).
    • January was revised up by 34,000, from +126,000 to +160,000, and the change for February was revised down by 41,000, from -92,000 to -133,000 (revision history can be found here).
      • If you have been following some of my presentations recently, you will not be surprised to see that healthcare is leading the job growth (the other leg of the K-shaped economy – demographic concentration of an aging population).
  • The BEA released the Feb PCE Report (the Fed’s preferred measure of inflation) showing 2.8% headline inflation (estimate was 2.6%) with Core PCE hitting 3.0% (as expected); and well above the Fed long-range target of 2%.
  • The BLS March CPI Report came in smoking hot 🔥as expected at 3.3% headline rate (Feb was 2.4%) driven by a surge in energy costs of 10.9% (the largest monthly increase since Sept 2005) with gasoline spiking by 21.2% (the largest monthly increase since the series was first published in 1967).  Core CPI at 2.6% was much more reasonable (last month was 2.5%).  CNBC has a good summary.
  • And Final 4Q GDP (third and final estimate) was revised down by 0.2 percentage points to 0.5% (first estimate was 1.4%, second estimate was 0.7%).  Recall the BEA estimate that the government shutdown likely resulted in a subtraction of “about 1.0 percentage point from real GDP growth in the fourth quarter.”

 

• Shout-out to my friends at Acceleron 🫶 as they announced their new partnership with Monex US Division bringing “Monex's robust payment infrastructure into the Acceleron's correspondent banking ecosystem, giving financial institutions new capabilities for sending money internationally and managing inbound wires with greater efficiency.” 🚀
  • I may be biased as I know the good folks over at Acceleron pretty well (and yes, they are all awesome), but all community banks need to check out what Acceleron Bank (in formation) is doing to automate international wire processes and grow non-interest income at your bank; all in a hyper-compliant manner (one of their many strengths).  And tell them Uncle Sean sent you! 😊

 

• And a high-five 🤙 to my friends at OMNICOMMANDER (more great people) as they expand their relationship with their first international client, AffinityPlus Credit Union (headquartered in Bridgetown, Barbados), to launch CHATCOMMANDER to “provide real-time support to website visitors through OMNICOMMANDER’s team of trained live chat agents. Acting as an extension of the credit union’s staff, these agents assist visitors with questions, guide them to the right products and services, and help create a seamless digital member experience.”
  • Check out the Affinity Plus website here - https://affinityplusbb.com/.

 

• The US Treasury selects BNY to manage Trump Accounts with Robinhood to serve as brokerage and initial trustee of the accounts.  Trump Accounts are supposed to be live by July 4th.
  • This IRS publication (IR-2026-42, March 31, 2026) has more info if you need it - 4 million children have been signed up for Trump Accounts with 1 million claiming the $1,000 pilot program contribution | Internal Revenue Service.

 

• 👉 Check out Encore Bank (FDIC 34562; total assets $3.6B) as they announced the launch of Encore Embedded Finance for commercial clients, powered by Koxa.
  • Dubbed ERP Banking, it allows commercial clients to access banking services directly from their enterprise resource planning (ERP) and accounting systems, including Sage Intacct, Workday, Microsoft Dynamics Business Central and NetSuite, with additional platform integrations coming soon.  Outstanding!!! 🎉

 

• 👀 Another FI goes to an “all-digital” strategy…  This week, Intercredit Bank (FDIC 25258; total assets $1.6B) in Florida announced it will close its branches and transition to a 100% digital banking model under its Pibank direct digital bank brand.
  • Recall just a couple of weeks ago where VersaBank (Nasdaq: VBNK) has agreed to sell its only retail bank branch to Stearns Bank National Association to focus on their “…highly efficient branchless, partner-based, digital banking model..”

 

• 💥 Nymbus announced the launch of the Nymbus MCP Server purpose-made for core banking; enabling banks and credit unions a standardized, controlled way to connect AI assistants directly to front-office workflows.  The Nymbus MCP Server is available as part of the Nymbus Banking Platform.

 

• Giving a virtual fist-bump 👊 to Portrait Bank for receiving conditional de novo approvals from both the FDIC and the State of Florida Office of Financial Regulation!!!

 

• State Employees’ Credit Union (charter 66310; total assets $58B) selects Engage fi as its strategic partner for a multi-year engagement spanning technology, operations, and enterprise transformation. 👏

 

• InvestiFi hits a couple of wins this week (and is also part of the Velera announcement below):
  • Heritage Valley Federal Credit Union (charter 303; total assets $130M) selects InvestiFi's digital investing tools and educational resources for its members.
  • Freedom Bank of Virginia (FDIC 57184; total assets $1B) selects InvestiFi to enable to bank’s clients to invest from their checking accounts and access robust financial education resources, all within their pre-existing banking environment.

 

• Tyfone also has a pair of announcements:
  • O Bee Credit Union (charter 60059; total assets $652M) selects Tyfone’s nFinia® Digital Banking Platform for both retail and commercial members.
  • Metro Credit Union (charter 66364; total assets $3.3B)  Tyfone's nFinia® Digital Banking Platform citing “nFinia’s flexibility, faster payments capabilities, open banking architecture and scalable security as the decisive factors in its decision.”

 

• My First Nest Egg get’s in on the 2fer action (Uncle Sean is a HUGE fan of early financial literacy programs ❤️):
  • Reliant Credit Union (charter 20258; total assets $742M) launches family financial education partnership with My First Nest Egg to help children build strong money habits early.
  • North Alabama Educators Credit Union (charter 60500; total assets $140M) partners with My First Nest Egg to provide free, age-appropriate tools that make building healthy financial skills simple—at home, in classrooms, and throughout North Alabama.

 

• And Velera (payments CUSO) also has a couple of PR’s:
  • River Valley Credit Union (charter 97109; total assets $492M) selects Velera for debit and credit card processing.
  • Velera enhanced its Fintech Engagement Program introducing an inaugural cohort of six fintech partners offering exclusive benefits, such as discounted pricing or waived fees, to Velera credit unions.  The new group includes Coverbase (AI-native third-party risk & procurement platform), InvestiFi (integrated digital investing platform), Larky (proactive account holder engagement), Spiral (personalized savings and giving that grow deposits), Swaystack (gamified onboarding and engagement), and Union Credit (embedded lending marketplace).

 

• Speaking of Velera…  equipifi announced a partnership with Velera to enable Velera’s credit union clients to launch their own in-house debit BNPL products through equipifi and provide purchase financing capabilities directly within their checking accounts, debit card programs, and digital banking apps. 🚀

 

• Cash App (owned by Block) adds BNPL for P2P transfers for a 7.5% fee for when you really need to pay your buddy back, but you just don’t have the coin! 😊

 

• Luana Savings Bank (FDIC 253; total assets $2.2B) selects nCino to enhance its lending capabilities by deploying nCino’s Commercial Lending and Agriculture Lending solutions.

 

• Monzo exits the US (again) citing a strategic decision to focus on its core markets as it looks to deepen capabilities and accelerate growth across the UK and Europe.

 

• Mercury leans into payroll with their acquisition of Central, an AI-native payroll and benefits platform designed for startups.

 

• Granite State Credit Union (charter 63272; total assets $743M) selects Lumin Digital for its cloud-native digital banking platform.

 

• Washington Trust Bank (FDIC 1281; total assets $10.7B) selects Deluxe to support its merchant services program.

 

• Quite a few notable personnel moves recently:
  • CSI adds Chris Petersen as SVP Large Financial Institutions per this LinkedIn post.
  • nCino adds Keith Kettell as Chief Revenue Officer.
  • Fiserv appoints Adam Hyde as COO of Merchant Solutions.
  • Nymbus selects Aimee Ford as Chief Revenue Officer.
  • PayPal brings in Luke Flinders as Chief Compliance Officer following their application to form PayPal Bank (Utah ILC).
  • Unit 21 promotes its founding engineer Tyler Allen as CEO.
  • Sardine appoints Mike Lemberger as COO.
  • Airwallex names Carolyn Renzin as Chief Regulatory and Compliance Officer.

 

• Notable FinTech funding:
  • Cross River Bank’s holding company (CRB Group, Inc.) raised $50M common equity capital raise to fuel expansion across AI, crypto, and embedded finance.
  • OpenFX raised $94M in Series A funding round (HUGE for a series A).
  • b1BANK’s holding company (Business First Bancshares, Inc.) raised $85M in capital to retire approximately $67M in existing subordinated notes and provide additional capital support for b1BANK.
  • Pipe (embedded finance platform for small business financing) raised $16M in capital funding.

 
 
Random Uncle Sean stuff:

• If you haven’t already, this is the last weekend to get your taxes filed without an extension…  Okay – that note was really just for me! 😬😊
• Definitely take a few minutes and check out the Artemis II Multimedia: Crew Photos, Videos and Mission Highlights – those pics are amazing!!! 🌎
• Now let’s crank out some Dad / Bad Jokes:
  • What kind of music does the Easter Bunny listen to?  Hip Hop… 🐰😅
  • What do lizards do when they lose their tail?  They go to the retail store… 🦎🤦‍♂️
  • PSA – 2 Reese’s Peanut Butter Eggs has 4 grams of protein…  You’re welcome! 🤠
  • And another diet tip:  Your pants won’t get too tight if you don’t wear any! 😲🤣 
    • Be sure to follow Uncle Sean for more health and fitness tips! 🙃😉

 
 
“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!!!
 
Just a heads-up that there will not be an Uncle Sean Update next week as we take some family time off to celebrate Good Friday and Easter!  Here is the Uncle Sean Update for 3/27/26 (subscribe here for free):
 

• 🤘 Shout-out to our friends at Stablecore (a BHB Fund company 🎉) for their partnership with Q2 and integration with the Q2 Innovation Studio to enable banks and credit unions to “responsibly explore and integrate digital asset capabilities within their existing digital banking environments.”  🚀
  • Amarillo National Bank (FDIC 14531; total assets $9.6B) and Bank of Utah (FDIC 17159; total assets $3.6B) are among the early institutions engaging with Stablecore through Q2.

 

• And more Q2 news as Unit 21 announced a partnership with Helix by Q2 to support AI-powered AML monitoring and investigations for BaaS and embedded finance programs.  The partnership enables sponsor banks to gain a consolidated view of activity across both internal risk data and that of their fintech partners, while maintaining the flexibility to tailor AML controls based on each program’s risk profile. 💥

 

• First International Bank & Trust (FDIC 10248; total assets $6.2B) announced that Giftly is now live Kotapay's Kavinu platform, FIBT’s bank-direct BaaS platform. The partnership supports Giftly’s payout experience with modern, cloud-based infrastructure, with Kotapay delivering ACH processing.
  • "Kavinu was built for fintechs like Giftly that need to scale without outgrowing their banking foundation," said Trent Sorbe, Chief Payments Officer at First International Bank & Trust. "With its bank-first design, Kavinu supports a range of embedded finance use cases and significant settlement volume as partners grow, while keeping the bank close to the controls." 💪

 

• 👉 Plaid acquires This Week in Fintech (TWIF) media and publishing platform.
  • Keep in mind that TWIF is not “just a publishing platform” as they have a fund (https://www.thefintechfund.com/), and a conference event (https://stablecon.com/).

 

• VersaBank goes all-in on digital…  VersaBank (Nasdaq: VBNK) has agreed to sell its only retail bank branch to Stearns Bank National Association to focus on their “…highly efficient branchless, partner-based, digital banking model..”  Nice! 

 

• 👏 Another De Novo!!!  Congratulations to VALT Bank, National Association for their conditional approval for a national charter by the OCC! 🎉

 

• DCI partners with CPI (Nasdaq: PMTS) to provide Web Push Provisioning (WPP) for card issuers.
  • “With WPP integrated into DCI’s GoBanking, card issuers can securely issue payment credentials to a customer’s digital wallet within the online banking portal and mobile app. This new functionality gives cardholders, including those who prefer online banking, a simple way to provision their digital wallets.” 👍

 

• CSI partners with Careful to enable CSI’s bank and credit union clients “to provide older account holders and their families with tools to help stop scams and fraud before funds leave the financial institution.” 🫶

 

• Jack Henry (Nasdaq: JKHY) announced that Independent Bancshares Inc., the BHC for FM Bank (FDIC 10998; total assets $705M) and Quoin Financial Bank (FDIC 15629; total assets $242M), has selected Jack Henry for core processing and Banno for digital for both banks.
  • It’s a big conversion with many moving parts as the incumbent core processor for both banks has a strategic position for core, online, and mobile.

 

• 👀 Meanwhile…  FIS (NYSE: FIS) appears to have renewed its focus on large banks over $10B…
  • “We’re focused on maximizing our growth, which means the number of products we sell to the biggest banks – we’re not going down market to sub-$10 billion-dollar banks,” FIS CFO James Kehoe said at the Wells Fargo payments and fintech symposium last Wednesday. “Will we still compete in that area, yes. Is it strategic? It’s not as a strategic” focus, he said, acknowledging later that serving mid-sized banks is still part of FIS’s mission too.

 

• iTHINK Financial Credit Union (charter 68663; total assets $2.3B) selects Tyfone’s nFinia® Digital Banking Platform for its 170,000 members.

 

• 💥 Some big news from Branch (EWA platform) as they announce their strategic partnership with Stripe to become the embedded digital wallet provider for worker payouts within Stripe Connect.
  • “Platforms and marketplaces using Stripe Connect can launch Branch's digital wallet to enable fast, low-cost payouts and worker rewards.”

 

• A couple of legislative bills to keep an eye on:
  • Cotton Introduces Bill to Ban Illegal Migrants from American Banking System
  • Lawmakers introduce deposit insurance reform bills | ABA Banking Journal

 

• Notable FinTech funding for the week:
  • Avtal (digital engagement service powering modern collections) raised $24M in capital (seed and Series A combined).
  • Spade (enabling financial institutions and fintech companies to convert transaction data into actionable insights) raised $40m in Series B funding round.
  • Worth (helping FI’s, fintech companies, and payment providers onboard and underwrite SMB’s) raised $30M in Series A round.
  • Notch (an AI operating system for regulated industries - initially focused on global insurers, large brokers, and FI’s) raised $30M in Series A funding to bring production-ready AI agents to highly regulated industries.

 
 
Random Uncle Sean stuff:

• Just a quick and heart-felt message to remind everyone that life can (and sometimes does) change in an instant and without warning.  Hang on to the things that are important:
  • love openly and unconditionally - the downside risks of doing so are short-term, but the long-term rewards are substantial
  • do good work with an appropriate mix of passion and humility – stay curious and embrace productive challenges that help us grow (and let go of the “noise”)
  • smile and laugh often – don’t forget to play and have fun
    • 👉 and above all - help people when you can.  As my brother Davey would say “The world needs good people - be one of them.” 🙏❤️
• And in the spirit of smiling and laughing often – here are a few Dad / Bad jokes to lift your spirit and at least bring a slight smirk to your face 😊:
  • Not many people know this but I actually studied Dad Jokes in college…  I majored in sighchology… 😉
  • I don’t mean to brag too much, but I have acquired over 20 PHD’s… (Projects Half Done)… 🤠
  • I hear the #1 game in Prague is… Czechers… 🙄🙃
  • If you hear me say “it’s leg day” – just know I’m referring to KFC and not the gym! 😅
  • And last but not least….  Dr. Frankenstein walked into the bodybuilding competition and discovered he had seriously misunderstood the objective… 🤣😂

 
 
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 3/20/26 (subscribe here for free):
 

• It’s Fed Week!!!  Yep, the word of the day is (once again) “uncertainty.”  As expected by pretty much everyone (except Miran – who was the lone dissenter wanting a 25 bps rate cut), the FOMC voted again to keep interest rates at their current range of 3.5% - 3.75% noting “the implications of developments in the Middle East for the U.S. economy are uncertain.”  Activity in the housing sector remains weak, job gains have remained low (stating that this is a reflection of a decline in the growth of the labor force as well as softening labor demand), and inflation remains somewhat elevated.
  • Here is Chairman Powell’s press conference transcript (25 pages) and press conference video (48:27)
  • And here is the Summary of Economic Projections (dot plot) showing increased GDP estimates (compared to Dec SEP) of 2.4% this year and 2.3% next year, steady unemployment at 4.4% for the remainder of the year, and increased Core PCE inflation at 2.7% this year and 2.2% next year. 
    • PSA - Note that the SEP is not a plan or course of action, but rather a future median assumption based on economic data available today.
  • Certainly worth noting are some key statements by Chairman Powell regarding his future:
    • “…if my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed.”
    • “I have no intention of leaving the Board until the investigation is well and truly over…”
      • One might say this is Powell’s trump card… (yep – that was my pathetic attempt at political humor 😲😊)
    • “On the question of whether I will then continue to serve as a governor after my term ends, and after the investigation is over, I have not made that decision yet. And I will make that decision based on what I think is best for the institution and for the people we serve.”
  • Yahoo Finance has a really good summary.
  • The next FOMC meeting is scheduled for June 16-17 so there will be plenty of economic data to absorb between now and then.

 

• Western Alliance Bank (NYSE: WAL; FDIC 57512; total assets $93B) partners with Fiserv (Nasdaq: FISV) to deliver Clover-powered commerce and business management technology to the bank’s clients.  “This collaboration marks the largest agent bank partnership in Fiserv’s history by asset size..”  (bold emphasis added by Uncle Sean) 💥

 

• 👀 Money, money, money…  Mastercard goes big on stablecoins and acquires stablecoin infrastructure platform BVNK for $1.8B 💰 creating interoperability between fiat and stablecoins on a global payments network.

 

• Early Warning Services announced that Citi will offer Paze online checkout solution. 
  • This EMARKETER article highlights the fact that “Paze has been available to cardholders of EWS’s seven member banks, which include Bank of America, Chase, and Wells Fargo, since October 2024. The Citi tie-up is Paze’s third bank partnership outside of this core member group after Elan Financial Services and Star One Credit Union.”
    • Note that Elan Financial Services is owned by U.S. Bank National Association.

 

• nCino (Nasdaq: NCNO) announced the launch of nCino Doc VOI (verification of income) powered by Argyle.  The new feature (within the nCino Mortgage Solution platform) is designed to help banks, credit unions and independent mortgage lenders verify borrower income more efficiently.

 

• Klarna does some flexing 💪 this week as they announced the Klarna Card has reached 5 million active customers across 16 countries (in the US, the Klarna Card is issued by WebBank); AND announced they have  surpassed 1 million merchants globally (growth of 47% over the last year).

 

• OnePay announced a partnership with Pinwheel to embed direct deposit switching directly into onboarding for OnePay customers.

 

• Capitol Federal Savings Bank (FDIC 27981; total assets $9.8B) partners with CorServ to launch a commercial credit card program at the bank via CorServ’s turnkey Account Issuer program. 👏

 

• equipifi partnered with CUSG to enable CUSG’s credit union partners to offer equipifi’s BNPL solution to their members directly within their digital banking app (keeping the BNPL relationship within the CU as opposed to the member going to an outside third-party app). 🤙

 

• Prestige Community Credit Union (charter 67507; total assets $118M) selects Tyfone to advance its digital banking experience by implementing Tyfone’s nFinia® Digital Banking platform.

 

• Austin Telco Federal Credit Union (charter 4584; total assets $2.6B) selects MANTL to modernize its retail account opening process across all physical and digital banking channels.

 

• Stash announced an agreement with Stockpile to transition Stockpile kids’ accounts to the Stash platform.
  • Stockpile accounts (Green Dot / GoBank) will automatically transition to Public, Stash, and Apex on April 17 as it winds down operations per their website.

 

• Mobility Capital Finance aka MoCaFi filed for chapter 7 bankruptcy and has begun the liquidation process following “the loss of a major program that had been central to our revenue model.”
  • MoCaFi did not disclose any additional details, but the article goes on to mention “readiness issues at the company caused BNY, with which MoCaFi was partnering on the Treasury Department’s Direct Express program, to lose out on the contract.”

 

• Some Personnel moves:
  • Socure adds Colton Pond as Chief Marketing Officer.
  • Elavon names Wally Mlynarski as CEO.
  • Finastra picks up Chris McClellen as SVP and group head of AI.
  • Nymbus has promoted David Barone to Chief Strategy & Marketing Officer per this LinkedIn post

 

• Notable FinTech funding for the week:
  • Obin AI emerged from stealth and raised $7M in Seed funding to build an agentic workforce for financial institutions.
  • Fuse (AI-native LOS and account opening platform for FI’s) raised $25M in Series A funding round.

 
 
Random Uncle Sean stuff:

• It’s been a crazy seven-day ride!  We had Friday the 13th, the Ides of March (Et tu, Brute?), Saint Patrick’s Day, and the first day of Spring!  Not to mention here in Texas we set record lows early this week for this time of year (my garden and flowers were not amused) and are expected to set record highs this weekend! 🤷‍♂️
• 🏀 March Madness!!!  Here are the schedules for Men's NCAA tournament and Women's NCAA tournament.
• Sadly, we lost Chuck Norris this week as he passed away at the age of 86.  Rest in peace, champ.
• And let’s wrap it up with some Dad / Bad Jokes: 
  • Do astronauts use space heaters??? 🤔😉
  • Whiteboards are remarkable… 😄
  • American children are kind but German children are kinder… 😅
  • (not really a joke, more of a suggestion)…  For daylight savings time change next year, instead of losing an hour of sleep can we agree to jump forward an hour at 4PM on a Monday?  Seems like a much happier option!!! 🤠

 
 
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 the 13th 🐈‍⬛😬!!!
 
Here is the Uncle Sean Update for 3/13/26 (subscribe here for free):
 
Quite a few macroeconomic updates this week (and you know how I love to completely geek out on econ data 🤓):
 

• First up was the BLS Feb CPI Report that came in exactly as expected at 2.4% YoY and 0.3% for the month with Core CPI at 2.5% YoY and 0.2% for the month. A positive note was Rent increase (included as a component of Shelter) was only 0.1% which was the smallest monthly increase since Jan 2021.

 

• Next up was the BLS Jan PCE Report that came in largely as expected with YoY PCE at 2.8% (Dec was 2.9%) and the Fed’s preferred gauge of inflation - Core PCE at 3.1% (Dec was 3.0%).  Monthly PCE came in at 0.3% (Dec was 0.4%) and Core PCE was 0.4% (Dec was 0.4%).
  • Again, nothing too surprising here as inflation still remains sticky (hello healthcare ☹️) and above the Fed 2% long-range target, but largely flat.  Some good news is personal income increased and the personal savings rate bumped back up to 4.5% (Dec was revised up to 4.0% - originally was a dismal 3.6%).

 

• And finally was the BLS GDP (second estimate) 4Q2025 which was revised down somewhat materially in aggregate from 1.4% to 0.7% (but the specific category revisions were fairly light).  I’m not totally surprised by this considering the Government shutdown (2 months during 4Q) – so let’s break down the specific components of the data revisions (beginning on pg 9 of the GDP link provided):
  • Consumer Spending was revised down slightly to 1.33% from 1.58% (3Q was 2.34%) – thankfully, the consumer is still spending.
  • Business Investment was revised down slightly to 0.57% from 0.66% (3Q was 0.03%)
  • Government Spending was revised down slightly to -1.03% from -0.90% (3Q was +0.39%) with Federal down to -1.16% from -1.15% (3Q was +0.17%) and State was down to +0.13% from +0.25% (3Q was 0.21%)
    • The BEA estimated that the government shutdown from Oct 1 – Nov 12 likely resulted in a subtraction of “about 1.0 percentage point from real GDP growth in the fourth quarter.”
  • Exports were revised down slightly to -0.36% from -0.10% (3Q was +1.00%) and Imports were down to 0.15% from 0.18% (3Q was +0.62%)
    • The third and final estimate of 4Q2025 GDP is scheduled for April 9th; and the first advanced estimate of 1Q2026 GDP is scheduled for April 30th (BLS Release Schedule).

 

• Uncle Sean’s thoughts (not that anyone asked 😊)… 
  • All of this is before the Iran war (Feb 28) and subsequent / significant jump in gas prices, which can eventually have a broader effect on other Core price increases through freight / transit costs and supply chain disruptions if the conflict lingers on and / or expands in scope.  In an attempt to mitigate that inflationary sprawl, the IEA has released a record 400M barrels of oil reserves which included 172M barrels directly from the U.S. Strategic Petroleum Reserve.
  • Meanwhile, the 10-year Treasury Yield is back over 4.25% from 3.96% on Feb 27.
  • Next FOMC meeting to vote on interest rates is next week, March 17-18 and includes the Summary of Economic Projections (SEP - i.e. “dot plot”).  I broke my crystal ball many years ago, but here is what I’m currently thinking:
    • Guessing the Fed will likely take a “wait and see” approach on rates.
    • I am expecting a wide range of SEP forecasts from the FOMC as members may likely have different views (which is healthy and appropriate for a committee) on how long the war in Iran will last and what impact that may have on price stability and maximum employment.
    • Coming into 2026, I was optimistic from an economic standpoint (reasons being: regulatory reform, tax stimulus, AI boom including datacenter infrastructure projects, and a clearer picture surrounding impact of tariffs).  To be precise, I am still optimistic as most of the positive indicators still remain in play, but the slight skepticism (for me anyway) is directly attributed to the uncertainty on how long the conflict in the Middle East continues.
    • It’s complicated…  A new war in the Middle East, sticky inflation data, and a difficult employment picture is probably not what incoming Fed Chair Kevin Warsh had on his bingo card. 🤷‍♂️  Hopefully a clearer macroeconomic picture develops prior to his first FOMC meeting scheduled for June 16-17.

 
 
Back to the rest of the Update:
 

• And another bank charter application! 👏  This week it is Upstart (Nasdaq: UPST) announcing their application to the OCC, FDIC, and Federal Reserve to establish an FDIC-insured national bank, Upstart Bank, N.A.

 

• 👉 Autobooks makes headlines this week by announcing their acquisition of MinuteLender, adding small business lending to the Autobooks platform complimenting their existing payments, accounting, and credit solution.
  • This Autobooks blog post provides a more detailed review of the MinuteLender acquisition describing their new and powerful closed-loop ecosystem for small businesses built for modern banking. 💪

 

• 👀 And another credit union acquisition of a bank.  Landmark Credit Union (charter 66751; total assets $7.5B) to acquire American National Bank - Fox Cities (FDIC 33812; total assets $419M).  This is a fairly stereotypical scenario of a much larger CU acquiring a smaller bank with the goal of market expansion and access to some valuable commercial loans (total loans of $327.6M have a 53.24% concentration of owner occupied commercial RE).
  • This is the 3rd announced (whole-bank transaction) CU acquisition of a bank so far in 2026 (source: FedFis).

 

• Affiniti (fintech platform for SMB’s banking and payments solutions) announced a financing agreement with Column N.A. (FDIC 58224; total assets $850M) for the bank to commit “funding to accelerate the expansion of Affiniti’s card product…” as Affiniti scales its technology platform.  “As Affiniti takes its growth to the next stage, Column will provide committed balance sheet funding to support that growth, allowing the team to focus on product development and partner acquisition.”

 

• Thredd (AI-based issuer processor platform) announced a partnership with Cross River Bank to accelerate the entry of international fintech companies into the United States.
  • The partnership already has its first client to go live under the partnership with B4B Payments - A Banking Circle Group Company, showing how a strong ecosystem approach can streamline compliance and accelerate market entry (in the USA, the B4B Payments Visa® prepaid card is issued by Cross River Bank).

 

• Empower FCU (charter 3025; total assets $4.2B) expands its existing relationship with Alkami by selecting MANTL for its Onboarding and Account Opening Solution.

 

• Vestwell (ESA, ABLE savings, and financial literacy platform) selected to power Pennsylvania's ABLE Disability Savings Program.  PA ABLE (Achieving a Better Life Experience) is “the 21st ABLE program powered by Vestwell’s modern, saver-focused platform…”  Very nice!!! 👍

 

• Lastly, this should be on everyone’s radar but it is worth repeating that Bank regulators are warning of increased cyber risk from Iran war.  Additionally, a coalition of threat information groups warned that state-sponsored groups, hacktivists and criminal groups are likely to target critical infrastructure sites in the U.S. using various tactics, including spear-phishing or stolen credentials.  Stay diligent!!!

 

• Some personnel moves:
  • Intranet Connections bulks up their talent bench by appointing Kal K. Sahota as Chief Growth Officer and David Daniel as Director of Sales.

 

• Notable FinTech funding for the week:
  • Stake (renter network with cash back rewards, credit building, and banking app – Stake Visa debit card is issued by Transpecos Banks) raised $8M in capital consisting of undisclosed debt and equity; and announced the acquisition of Lighthouse and its subsidiary UMoveFree.

 
 
Random Uncle Sean stuff:

• Okay – it’s a beautiful day and I’m already about 3 hours behind schedule…  So let’s wrap this up and jump straight to the good stuff - the Dad / Bad Jokes to brighten up your Friday:
  • The worst time to have a heart attack is during a game of charades… 😲😅
  • A recent study found that people who go fishing catch more fish than those who don’t go fishing…  Sounds legit to me! 🎣😉
  • Collectively, we need to stop any references to ‘acting like an adult.’  Have you seen most adults lately?  That is horrible advice!!! 🤠
  • People found guilty of not using punctuation deserve the longest sentence possible… 🤔😄
  • I asked Aunt Patty if she would love me if I was fat and ugly….  “Yes, I do” wasn’t exactly the response I was looking for!!! 😂🤣😜

 
 
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!!!
 
HEY – don’t forget to set those clocks ⏰ forward this Sunday for daylight savings time 🌞!!!  Here is the Uncle Sean Update for 3/6/26 (subscribe here for free):
 

• Okay – so I have been looking forward to the Feb Jobs report all week to see: 1) can we sustain the 130K jobs added in Jan; 2) Were there significant revisions to prior months (incl Jan)…  And the data is in as of this morning (spoiler alert – it ain’t good 😬):
  • The BLS Feb Jobs Report showed a dismal 92,000 jobs lost (expectation was a gain of 55K) with unemployment ticking up to 4.4% and a downward revisions to BOTH Jan (down by 4K to 126K) AND Dec (down by 65K to a total of -17K jobs lost) - see revision history here.
  • CNBC has a good summary noting a strike at Kaiser Permanente sidelining 30K healthcare jobs in CA and HI (also referenced in the BLS report).
    • Next FOMC meeting is only a few weeks out scheduled for March 17-18 (and includes the SEP / Dot Plot projections) with no shortage of issues to take into account such as labor markets, multiple ongoing geopolitical issues, supply chains, etc. – heck the only thing missing at this point is flying monkeys!!! 🤠

 

• The Federal Reserve published their Beige Book - Feb 2026 showing overall “economic activity increased at a slight to moderate pace in seven of the twelve Federal Reserve Districts, while the number of Districts reporting flat or declining activity increased from four in the prior period to five in the current period.”  Citing “…economic uncertainty, increased price sensitivity, and lower-income consumers pulling back on spending.”

 

• 🤔 The Federal Reserve Bank of Kansas City has approved Kraken for access to Fed master account via Limited Account access  defined as “a limited purpose account for an initial term of one year that includes restrictions and limitations tailored for Kraken Financial’s business model and risk profile that are appropriate to mitigate risks identified in the Guidelines.”
  • Banking Dive has a good summary noting this is a first for a cryptocurrency firm to gain access to the central bank’s payment system.

 

• 👉 Revolut becomes the latest to apply for a national bank charter with the OCC and has named Cetin Duransoy as US CEO.

 

• Beta time!!!  Some details are starting to emerge as Elon Musk’s X Money launches Beta in participation with none other than Mr. William Shatner (unleashing my inner Trekkie, “to boldly go where no man has gone before” 😊) featuring 6% APY on deposits (at least during beta testing), a metal X Money Visa debit card with rewards on eligible purchases, and funds held at Cross River Bank (FDIC 58410; total assets $8.1B).

 

• Love seeing this 🫶 – Linker Finance and Sardine partner together to deliver real-time fraud prevention for community banks.  Linker Finance is now embedding Sardine’s fraud and AML controls directly into its retail and business banking platform, improving early threat detection, reducing manual review workload and strengthening depositor protection. Nice!!! 😊

 

• My friends at OMNICOMMANDER are making headlines again!  This week, Gulf Coast Educators Federal Credit Union (GCEFCU; charter 5648; total assets $1.3B) partnered with OMNICOMMANDER to launch a state-of-the-art website that serves as a fully functional "Digital Branch," offering members a seamless, mobile-first banking experience.

 

• 👀 By the way… OMNICOMMANDER also recently announced the launch of its newly redesigned website highlighting that financial institution digital presence isn’t just a marketing tool – it’s your institutions most powerful and most visited location that OMNICOMMANDER refers to as your “digital branch” destination.  They provide fully customized branding with SEO optimization (converting website traffic into new members / customers), and ADA-accessible. 🤘 Check them out at OMNICOMMANDER.com and tell them Uncle Sean sent you!!! 🚀
  • Did I mention they are veteran owned and operated?  🤙👏💪

 

• Beacon Bank and Trust (FDIC 17798; total assets $23.2B) goes live with the Narmi One platform for digital banking and account opening for both business and consumer.

 

• DolFinTech dives deeper into embedded finance with new banking services designed to empower Hispanic and other underserved communities.  The new DolEx Visa Debit Card and Barri Visa Debit Card are issued by Green Dot Bank (FDIC 22653; total assets $5.2B) and powered by Arc, Green Dot’s embedded finance platform.

 

• Tyfone announced the launch of Loanovia, a new loan servicing and payments business unit.  Flagship products consist of Skip-A-Pay, Quick Pay and Collect – all designed to help credit unions automate payment processes, reduce operational costs and elevate the member experience, while increasing non-interest income.  Check it out at loanovia.in.

 

• Notable FinTech funding for the week:
  • RenoFi (AI-enabled home renovation financing platform based on ‘after renovation value’) raised $22M in Series B funding round.

 
 
Random Uncle Sean stuff:

• 🎉 Happy 100th Birthday to Mr. Alan Greenspan!!!  Here is a wonderful tribute from the Federal Reserve Board in this LinkedIn post:
  • “Today we celebrate the 100th birthday of Alan Greenspan, the 13th chairman of the Federal Reserve, who guided U.S. monetary policy for over 18 years (1987-2006). Appointed by four different presidents, Chairman Greenspan served five terms. During his tenure, Chairman Greenspan navigated the Fed through significant economic events, including the 1987 stock market crash and the aftermath of the 9/11 terrorist attacks. The longest official economic expansion in U.S. history occurred while he was chairman.”  More pics, videos, and biography in the links below:
    • Alan Greenspan | Federal Reserve History
    • Federal Reserve YouTube video showcasing Greenspan pics
    • Current Chairman Powell birthday wishes to Greenspan with a nod to “irrational exuberance” for those of us old enough to remember the dot com bubble.
• And here we go – plenty of Dad / Bad Jokes to wrap up the week:
  • When Ben Franklin discovered electricity, he was shocked! 🫨⚡😅
  • I just found out the neighborhood had a meeting about the crazy guy on the block.  Kind of odd that they didn’t invite me… 🤔🤪
  • What if there were no hypothetical questions…??? 😏
  • What did one Dorito farmer say to the other?  Cool Ranch! 😎
  • And my favorite for the week:
    • My dog accidentally ate a book of pronouns…  There was she / it everywhere… 🤦‍♂️🤣

 
 
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 2/27/26 (subscribe here for free to join over 17,000 of your peers):
 

• 👉 Headlining the Uncle Sean Update this week is a shout-out to my friend Mr. Chris Davis with his new role as EVP / Chief Operations Officer at DCI per this LinkedIn post – congrats!!! 🎉

 

• 👀 Brinks (NYSE: BCO) announced an agreement to acquire NCR Atleos (NYSE: NATL – the ATM side of NCR) in a cash and stock deal valued at approximately $6.6B. 💰

 

• 💪 I love seeing these two well respected companies collaborate together!!!  LoanPro and NXTMOVES have partnered together to enable fintech companies and modern businesses to launch and operate credit card programs with integrated credit servicing, issuing infrastructure, and program management to power compliant, scalable credit card programs. 💥

 

• Another ILC bank!!!  This week, the FDIC has approved Edward Jones Bank Application for federal deposit insurance as a proposed Utah-chartered industrial bank (contingent upon full approval of a charter by the Utah Department of Financial Institutions).  Some points worth noting:
  • Initial capital requirement of $330M, maintain a minimum of 9% tier 1 leverage ratio.
  • Edward Jones Bank will originate and service securities-based loans to existing clients of Edward Jones; and will offer insured-sweep deposits and certificates of deposit to existing Edward Jones clients.
    • Currently, Edward Jones provides deposit services (including Visa debit card) via US Bank as their sponsor bank.

 

• WOW 😲 – the folks at Array have been busy on the acquisition trail!  Less than two weeks from their announcement to acquire Chimney, Array is at it again with a pair of acquisition announcements as they continue to expand their embedded finance platform and infrastructure 🚀!!!  This week they announced the acquisition of Penny Finance (2/23) and the acquisition of EarnUp (2/25).
  • “Penny Finance provides interactive tools that help consumers better understand their spending, build savings, plan for future goals, and improve financial confidence through accessible education. By combining behavioral insights with practical guidance, Penny supports consumers across key stages of their financial journey—from day-to-day money management to longer-term planning.”
  • “EarnUp’s platform enables consumers to break large, inflexible monthly payments—such as mortgages, student loans, auto loans, and personal loans—into smaller, paycheck-aligned contributions. Funds are set aside as income is received and remitted once the full payment amount is reached, helping consumers reduce financial stress and avoid late payments. EarnUp also permits users to easily accelerate their debt payments, which can save interest, build equity faster, and pay off loans years faster.”

 

• The FDIC released its Quarterly Banking Profile report for 4Q2025.  Key points include:
  • Strong earnings – full-year net income of $295.6B, a 10.2% increase from 2024 with ROA increasing 8bps to 1.20%
    • Earnings increase was driven by higher net interest income and higher noninterest income, which offset higher noninterest expense
    • NIM increases were due to cost of funds falling at a faster rate than yield on earning assets
  • Loan growth accelerated to 2.0% from the prior quarter, and annual growth increased to 5.9%
  • Deposit growth as domestic deposits grew 1.8%, the sixth consecutive quarterly increase
  • Unrealized losses on securities dropped to $306.1 billion – the lowest level since Q1 2022 (although I am amazed we are still in this bad of a position)
  • Asset quality remained generally favorable, though some CRE and consumer portfolios (auto and credit card) have elevated delinquency rates (particularly with larger institutions which hold lower percentages of concentrations – and have a greater ability to absorb losses if necessary).
  • Number of Problem Banks increased by a net of three in the 4th quarter to 60 banks (represents 1.4% of all banks which is in the normal range of 1% - 2%).
    • For comparison purposes, FedFis is tracking 65 banks with a FedFis Rating© of 3.88 or worse (scale of 1.00 – 5.00) which is the bottom 1% of all banks in the US.  Shoutout to that FedFis Financial Analysis Team!!! 😊

 

• MANTL is partnering with MeridianLink to offer an optional integrated point-of-sale (POS) solution to mutual clients.  “This modern, application programming interface (API)-driven loan application experience connects MANTL’s digital front end with MeridianLink’s underwriting engine and LOS workflows. The solution allows for instant approvals, automated Know Your Customer (KYC) checks, seamless application transfers, and a unified experience across loans and deposits.”

 

• BOND.AI and OMNICOMMANDER have partnered together to offer BOND.AI’s Autopilot platform to OMNICOMMANDER’s clients, pairing together best-in-class digital experiences with AI-driven customer intelligence.  Nice!!!! 🤙

 

• First Fidelity Bank (FDIC 23473; total assets $2.9B) has successfully gone live with Bud Financial’s Enrich and Engage solutions enabling the bank to “transform raw transaction data into clear insights that equip the bank with actionable data to personalize engagement, strengthen relationships, and support financial wellness while helping customers better understand their spending.”

 

• Stablecore (digital asset core for banks and credit unions) has joined the Jack Henry™ Fintech Integration Network (FIN) to bring stablecoins and digital assets to FI’s.
  • “…Stablecore will be able to provide secure, direct connectivity to the SilverLake System® via jXchange™ and Symitar® via SymXchange™, enabling a seamless digital asset experience within the Banno Digital Platform™ and other leading digital banking platforms without requiring institutions to change their underlying core technology.”

 

• Alloy (identity and fraud prevention platform provider behind over 800 fintechs and financial institutions) announced the launch of Alloy AI Assistant to help organizations make faster and more confident decisions.
  • “The AI Assistant is embedded directly within Alloy’s risk and identity infrastructure and is able to understand and synthesize data to recommend a decision that a human can approve or configure to automatically accept.”

 

• MetaMask and Mastercard partner to launch the MetaMask Debit Card in the US, powered by Baanx and issued by Cross River Bank.

 

• Heartland Credit Union (charter 66710; total assets $636M) has selected InvestiFi to enable its members to have a modern, accessible investing experience directly within their existing digital banking ecosystem.

 

• My friends at equipifi (the BNPL platform built specifically for financial institutions) have been busy with a couple of announcements this week 👏:
  • Prime Financial Credit Union (charter 66449; total assets $159M) is launching FlexPay Plans, their internal BNPL solution that allows for both pre-purchase and post-purchase financing options on qualified transactions with no credit check (based entirely on the member transaction history and relationship).  Available 24/7 within the PFCU mobile app and powered by equipifi.
  • America’s Credit Union (charter 9373; total assets $706M) launched a new in-house BNPL solution embedded within its existing digital banking platform – powered by equipifi.

 

• Ocean State Credit Union (charter 66595; total assets $342M) selects Synergent (JKHY Symitar) for core processing as well as “integrated managed services, including debit card services, check processing, statement processing, and check printing.”

 

• ICYMI (but I don’t know how you could as it has been covered ad nauseam)… Block (NYSE: SQ), formerly known as Square and parent company of Square Financial Services, Inc. (FDIC 59177; total assets $1.7B) announced they are laying off about 4,000 employees - almost half of its workforce; and will operate “with smaller, highly talented teams using AI to automate more work…”
  • 🤔 First off – I feel bad for the employees that have built Block.  Secondly, call me skeptical, but I also recall the Klarna AI debacle…  It just ‘smells a little off’ when you have to suddenly terminate half of your company in the name of AI efficiencies.  Time will tell…

 

• Notable FinTech funding for the week:
  • Yendo (vehicle-secured credit card platform) announced a $200M funding commitment to support new credit card originations.

 
 
Random Uncle Sean stuff:

• Hard to believe it’s been 4 years since the invasion of Ukraine in 2022. 🙏
• At the risk of irritating my friends in the Northeast that are still buried in snow, it is a lovely 79 degrees here today in the Upper East Texas Pineywoods with a humidity of 22% and winds at 5 mph!!!
• And of course here are the Dad / Bad jokes to close out the month of February:
  • Me: These extra-large Cheerios are delicious, and you don’t even need milk!  Aunt Patty: Umm - those are called donuts… 🤷‍♂️😜
  • If time is money, are ATM’s time machines? 🤔😅
  • When I eat Doritos, I tell people I’m “doing crunches!” 🤠
  • (embracing the entirety of my immaturity on this one; and dedicating it to my brother Dave because I haven’t been fired in several weeks 😊)…  Clown farts smell funny!!! 🤡🤦‍♂️🤣

 
 
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 2/20/26 (subscribe here for free):
 
First up is some key economic updates (um, pardon me while I completely geek out 😊)..:
 

• The BEA PCE (the Fed’s preferred measure of inflation) came in 2.9% YoY for December with Core PCE at 3.0% (last month was 2.8% for both) – still running a hotter than the Fed’s 2% long range target.
  • Worth noting that services drove most of the monthly increase (Housing & Utilities, Recreational Services, and of course Healthcare and Financial Services & Insurance round out the top 4).  Interesting to me that Goods (other than food and energy) were mostly down for the month.
    • 👉 Recall that Healthcare and Social Assistance were what drove the vast majority of the 130,000 jobs added last month according to the BLS Jan Jobs Report.
  • Next release is scheduled for March 13.

 

• The BEA GDP (Advanced Estimate) came in at 1.4% for 4Q2025 (3Q2025 was 4.4%; Dow Jones estimate was 2.5%).  Let’s break down the contributions to GDP 🤓:
  • Consumer Spending was 1.58% (3Q was 2.34%) – this is 113% of total 4Q GDP weight…  Precisely why we pay so much attention to inflation and jobs data (price stability and maximum employment). 😊
  • Business Investment was 0.66% (3Q was 0.03%)
  • Government Spending was -0.90% (3Q was +0.39%) with Federal at -1.15% (3Q was +0.17%) and State was +0.25% (3Q was 0.21%)
    • The BEA estimated that the government shutdown from Oct 1 – Nov 12 likely resulted in a subtraction of “about 1.0 percentage point from real GDP growth in the fourth quarter.” 
  • Exports were -0.10% (3Q was +1.00%) and Imports were 0.18% (3Q was +0.62%)
  • Second Estimate of 4Q2025 GDP is scheduled for March 13 and Third Estimate is scheduled for April 9 – so these numbers may still move a bit.

 
Back to the rest of the Update:
 

• This week brings another CU acquisition of a bank as Alabama ONE Credit Union (charter 68595; total assets $1.5B) to acquire Peoples Independent Bank (FDIC 27233; total assets $477M).
  • This is a classic example of a $1.5B CU expanding their branch footprint by picking up a smaller bank ($477M) with lower cost of IB deposits and over 50% of their loan portfolio is Commercial (46.3% CRE plus 9.5% C&I).  Pretty much the standard M.O. of a CU acquisition of a bank.
  • This is the 2nd whole-bank acquisition announcement by a CU this year, so far (source: FedFis).

 

• And an interesting acquisition (and another charter loss)…  PennyMac Financial Services, Inc. (NYSE: PFSI) announced they will acquire the subservicing business of Cenlar Capital Corporation which will bring Pennymac’s total portfolio to over $1T in unpaid principal balance (UPB) of mortgage loan servicing.
  • What makes this acquisition unique is the fact that Cenlar Capital Corporation is the bank holding company (PCO FR 3836880) for Cenlar FSB (FDIC 30996; total assets $899M).  Pennymac is acquiring Cenlar’s subservicing business as a non-bank entity focused exclusively on mortgage subservicing; and upon closing, “Cenlar will surrender its bank charter.”

 

• The Branch is dead…  Long live the Branch… JPMorgan Chase announced plans to open more than 160 new branches in over 30 states and renovate nearly 600 locations this year.
  • This plan is part of Chase’s multiyear strategy announced in 2024, to open more than 500 new branches, renovate 1,700 locations, and hire 3,500 employees across the country over three years.

 

• Interesting report coming out of the FDIC (from their Banking Issues in Focus series) - Bank Lending to Nondepository Financial Institutions.  Although the data is from 3Q2025, it summarizes a few key points:
  • Bank loans to NDFIs grew at a compound annual growth rate of 21.9 percent from 2010 to 2024, almost three times as fast as the next-fastest-growing segment.
  • Recently added Call Report fields show that more than half of bank lending to NDFIs is to credit intermediaries, and about a quarter is to private equity funds.
  • (for now anyway) Bank lending to NDFIs have lower delinquency rates than similar loans to businesses not secured by real estate.
    • Uncle Sean’s take – there is no visibility to LTV ratios, rate structure, collateralization, hedging, etc. of these NDFI loans on the call report and how they will perform in times of stress (including potential rapid drawdown of those additional amounts classified as unused commitments to NDFI’s on RC-L).

 

• Bridge (subsidiary of Stripe) has received conditional approval from the OCC for a national trust bank charter.  Once fully approved, the charter will enable Bridge to operate stablecoin products and services under direct federal oversight, including: Custody of digital assets; Stablecoin issuance and orchestration; and Stablecoin reserve management.

 

• First Resource Bank (FDIC 57967; total assets $817M) selects Narmi to power Digital Account Opening via the Narmi Grow omnichannel account opening platform.

 

• Finovifi continues its expansion plans by acquiring Turner Software Technologies (Teller21 teller automation platform); and has launched FrontLine Sentry, Finovifi's real-time teller fraud prevention platform designed specifically for community banks.
  • Recall last year where Finovifi announced the acquisition of Modern Banking Systems (MBS) core processing platform.

 

• Infinant announced a strategic partnership with Omnia to deliver expanded stablecoin payment capabilities on the Interlace Banking and Payments Platform.

 

• The Huntington National Bank (FDIC 6560; total assets $224B) has partnered with Payabli to empower embedded payment capabilities for the banks business customers by enabling them to accept, issue, and manage transactions entirely within Huntington’s online banking portal.
  • The launch of these new embedded capabilities follows Huntington's minority investment in Payabli.

 

• Forbright, Inc., the BHC for Forbright Bank (FDIC 57614; total assets $7.9B), announced they have filed a confidential draft S-1 registration statement with the U.S. SEC for a proposed IPO.

 

• 🤔 Rumor Mill…  Axios is reporting that Cross River Bank (FDIC 58410; total assets $8.1B) is allegedly eyeing an IPO.

 

• BankCherokee (FDIC 8537; total assets $408M) has launched the Alkami Digital Banking Platform to enhance the digital experiences of its retail and business banking customers.

 

• Mutual Federal Credit Union (charter 24948; total assets $495M) makes a switch by selecting Velera for both debit and credit processing with go-live expected in the summer of 2027.

 

• Day Air Credit Union (charter 66835; total assets $891M) partners with InvestiFi to enable Day Air’s 54,000 members to trade more than 25 cryptocurrencies and stablecoins, as well as over 6,500 stocks and ETFs, directly through their checking accounts.

 

• Marshall Community Credit Union (charter 62160; total assets $361M) partners with Mahalo Banking to enhance the CU’s online and mobile banking platform.  The PR also states that the go-live with Mahalo will be in conjunction with the CU’s ongoing core conversion to Corelation Keystone.

 

• Notable FinTech funding for the week:
  • Vestwell (digital savings platform for workplace retirement, education, and emergency savings) raised $385M in Series E round at a $2B valuation.
  • Sphinx (compliance agent startup for financial institutions) raised a $7.1M seed round.
  • Odynn (AI-powered ‘travel & loyalty’ platform for banks and fintech) raised 9.5M seed round $9.5M seed round

 
 
 Random Uncle Sean stuff:

• Remembering Reverend Jesse Jackson who passed away this week peacefully and surrounded by his loved ones.  He was 84.  Take a moment and read through his biography as published by the Rainbow PUSH Coalition which Jesse Jackson was Founder & President.
• You can stop scrolling now - here are the Dad / Bad Jokes to kick the weekend off:
  • Interesting fact…  In almost all situations, a shark will only attack you if you are wet… 🦈😉
  • I told Aunt Patty that I thought the kids got my brains…  She said I was probably right because she still has hers!!! 🤣🤪
  • And one last deep thought for the week…  Drilling is boring… 🤠

 
 
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 the 13th!!! 😦🐈‍⬛
 
And don’t forget it is Valentine’s Day 💘 tomorrow!!! This week is a quick read so let’s get right to it - Here is the Uncle Sean Update for 2/13/26 (subscribe here for free):
 

• 👍 The BLS Jan CPI Report came in on the light side at 2.4% YoY (last month was 2.7%; Dow forecast estimate was 2.5%) and 0.2% for the month (in line with expectations; last month was 0.3%).  Core CPI came in at 2.5% YoY (last month was 2.6%; Dow forecast estimate was also 2.5%) and 0.3% for the month (in line with expectations; last month was 0.2%). CNBC has a good summary.
  • And more good news as the BLS Jan Jobs Report came in surprisingly strong at +130,000 jobs added (Dow estimate was +55,000; December was revised slightly lower to +48,000) and an unemployment rate of 4.3% (last month was 4.4%). 

 

• 👀 Fiserv (Nasdaq: FISV)  introduces INDX, a real-time 24x7x365 USD cash settlement platform for digital asset companies “by distributing their funds across the Fiserv Deposit Network, an ecosystem of more than 1,100 insured US-based financial institutions. This keeps cash securely off-chain while delivering the real-time settlement speed and flexible operating windows demanded by digital asset companies.”
  • Per the press release, INDX lets digital asset companies open custodia accounts (with Fiserv’s affiliated US-based trust company), transact with counterparties in milliseconds, and have their balance insured for up to $25 million by the FDIC.
    • “INDX advances the strategic vision behind bringing StoneCastle into the Fiserv ecosystem, combining our unique position at the intersection of banking and commerce with proven insured-deposit funding solutions to create differentiated value for our clients,” said Takis Georgakopoulos, Co-President at Fiserv. “For the first time, digital asset companies have a settlement engine to move real fiat US dollars in a manner that is faster, more secure, scalable, and fully programmable.”
      • Recall back in Sept when Fiserv announced an agreement to acquire StoneCastle Cash Management with one of the benefits described as enabling financial institutions to custody cash supporting FIUSD stablecoins .

 

• Zelle (owned and operated by Early Warning Services) does some flexing 💪 this week as 2025 results show a 20% year-over-year growth in total dollars sent, marking the second consecutive trillion dollar year at $1.2 trillion in payments sent!
  • Transaction volume also increased 16% to 4.2 billion total transactions.  An average of $3.4B moved each day comprised of 100 million bank and credit union accounts.

 

• Cash App (owned by Block) comes out with a pair of headlines this week:
  • Cash App introduced payments links, a P2P payment request feature that can be sent anywhere including text, email, social media, and messaging apps.
    • If this sounds vaguely familiar (it did to me), it’s probably because PayPal introduced a similar feature called PayPal links back in Sept 2025 allowing for a personalized on-time link that can be shared in any conversation.
  • Block (NYSE: XYZ) opened up a waitlist for companies that want to use its Cash App consumer credit score.  Payments Dive has a good summary - Cash App to sell its credit score.

 

• Experian launched a high-yield digital savings account with variably APYs up to 4.00% as a new feature to their existing Experian Smart Money platform that also provides a Mastercard debit card.  Both the savings account and debit card are issued by Community Federal Savings Bank (FDIC 57129; total assets $866M).

 

• NXTMOVES and Vecter Technologies partner to provide an end-to-end payment solution.  Under the mutual partnership, NXTMOVES will provide Vecter Technologies' clients with comprehensive issuing services—including virtual and physical card programs, as well as funds disbursement capabilities. In turn, Vecter Technologies will serve as the acquiring partner for NXTMOVES clients, delivering merchant services, payment facilitation, POS solutions, and integrated payment infrastructure.  Nice!!! 🎉

 

• Blue Sky Bank (FDIC 14899; total assets $1.3B) selects Jack Henry for core processing and Jack Henry Banno platform for digital.
  • 👏 Impressive as the incumbent processor vendor had a strategic position of Core, Online, and Mobile – not an easy conversion.

 

• Bottomline partnered with Koxa to enable Bottomline’s bank clients to offer a fully integrated ERP-banking experience to their corporate and treasury customers but without the cost, risk, or complexity of building and maintaining custom API infrastructure.

 

• Some fintech mergers caught my eye this week and made me think about compliance and risk management…  When banks merge, there is a regulatory approval process (even if it is just a change in control)…  But what is the sponsor bank due-diligence process when the fintech is acquired? 🤔 Not implying there is anything wrong at all with the below acquisition announcements, but just thinking out loud about the sponsor bank TPRM and continuous monitoring process…
  • YouTube creator, MrBeast (Beast Industries to be precise), to acquire Step - the gen-z focused fintech app (secured credit card issued by Evolve Bank & Trust).
  • Grab acquires Stash, a fintech (debit card issued by Stride Bank) and RIA with more than $5B in assets under management.

 

• Rise Analytics launched its new 5300 Automation Solution designed to help credit unions by significantly reducing the amount of time, effort, and risk associated with preparing the NCUA 5300 Call Report.

 

• Target will be closing the Target Circle Card Reloadable program as of April 7, 2026.  Note that this is only the prepaid GPR card, and NOT the credit card or debit card platform (which is not a true debit card, but more of a closed loop loyalty platform that you link your own bank account to for settlement – kind of like pay-by-bank with rewards benefits 😊).

 

• Some personnel moves:
  • My friends at FinPro, Inc. continue to build out their impressive talent bench! 🚀  This week Steve Vitale, CRC, ORM joins FinPro as their new Executive Vice President per this LinkedIn post.
  • Upstart (Nasdaq: UPST) announced that Co-founder and CTO Paul Gu will become Upstart’s Chief Executive Officer on May 1. 2026.  Existing Co-founder and CEO Dave Girouard will remain Executive Chairman of Upstart’s Board of Directors and serve as a special advisor to the company’s CEO and leadership team. Additionally:
    • Sanjay Datta has been promoted from CFO to President and Chief Capital Officer, effective immediately.
    • Andrea Blankmeyer will join Upstart as CFO in March.
    • Grant Schneider returns to Upstart today as the company’s CTO.

 

• Notable FinTech funding for the week:
  • Bretton AI (AI agent platform enhancing AML and KYC investigations within existing compliance tools) raised $75M in Series B funding and has rebranded from Greenlite AI to Bretton AI.
  • Uptiq (builds AI agents that automates document-heavy lending and wealth workflows inside banks and credit unions) raised $25M in Series B round.

 
 
 Random Uncle Sean stuff:

• Trying to keep the rambling short this week as I really want to go outside and play!!!  However – I did run across an article that I thought very interesting (and you know how I love Ag Tech).  Check out Upside Robotics and their lightweight solar-powered autonomous robots that deliver right-sized amounts of fertilizer and nutrients to crops when they need it.
• And here are the obligatory Dad / Bad Jokes:
  • I enjoy a glass of wine at dinner for its health benefits…  The rest of the bottle is for my witty comebacks and superb dance moves! 🕺🤣
  • The invitation said Black Tie Only..  But when I got there, everyone else was wearing more than just the tie!!! 😲🤠
  • Be aware of Valentine scams….  I ordered expensive jewelry for Aunt Patty, but they sent fishing gear…. 🤷‍♂️😉😅

 
 
Have a GREAT weekend, a very Happy Valentine’s Day ❤️❤️❤️ - 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!!!
 
Holy smokes it’s a BEAUTIFUL day here in East Texas with temps set to hit 79 degrees.  Let’s run through this quickly so I can go outside and play (don’t tell my boss 😁)!!!  Here is the Uncle Sean Update for 2/6/26 (subscribe here for free):

• 👀 ICYMI…  Unfortunately, we had our first bank failure of 2026 late last Friday as the Illinois Department of Financial and Professional Regulation closed Metropolitan Capital Bank & Trust in Chicago, IL (FDIC 57488; total assets $261.1M; total deposits of $212.1M).  The bank had a FedFis Rating© of 4.76 placing them in the lowest percentile of all banks.  You can read more about this in our FedFis Bank Failure Alert notice on LinkedIn.

• Looking back to last year we talked about Starling Bank opening a US subsidiary called Engine by Starling Services US and building a team and scouting for a regional headquarters on the US East Coast; with the purpose of bringing a new core solution to the US targeting  mid-tier banks, community banks and credit unions… 
  • 👉 Well, looks like they are well on their way as this report “Starling sets sights on US expansion via in-house tech sale” references comments by Engine CEO, Sam Everington:
    • “The big focus this year is North America, focused on the US. The banks haven’t had the same pressure to transform their systems [which] are very static. But that is changing.”  He added: “There’s a lot of consolidation going on in the small end of the regional banking markets. So we think the time is right.”
    • Everington indicated that Starling is aiming to secure a deal with an American institution within the “$5bn-50bn asset range” by early next year, following discussions with several prospective clients.

• 🤔 Keep an eye on your Ag Bank and commercial farming friends as the Agriculture Department is forecasting that U.S. net farm income would fall 0.7% this ​year (which is 2.6% when adjusted for inflation), despite near-record government payments that are expected to account for nearly 29% of producers’ bottom ‌line citing low crop prices, a global grain glut, ‍rising operational costs and lost export sales.

• 💪 Shout-out to Flagstar Bank, N.A. (NYSE: FLG; FDIC 32541; total assets $87.5B) as they announced returned to profitability during the fourth quarter 2025 and successfully executing on their turnaround plan for two years (as they said they would).  Keep up the great work!!!! 🤙

• Narmi announced they have joined the Fiserv AppMarket as a pre-integrated solution enabling those FI’s operating on Fiserv core platforms to gain direct access to Narmi’s API-first account opening, identity verification, and onboarding solutions.

 
Helping families and our young people with financial literacy – Uncle Sean love’s this!!! 🫶 Check out these powerful announcements: 

• Candescent partners with Greenlight to enable financial institutions on the Candescent platform to offer Greenlight's core tools - including a debit card for kids, goal-based savings, spending controls, and investing features - directly within their digital banking experience.
  • Greenlight partners with more than 187 leading banks, credit unions, and employers to bring its family finance solution to more families through the Greenlight for Banks, Greenlight for Credit Unions, and Greenlight for Work programs.

• United Financial Credit Union (Charter 61657; total assets $343M) partners with Nuuvia to launch SmartStart the credit union’s new youth banking program designed to help kids and teens learn how to manage money in a safe, fun, and parent-supported way.
  • Check out Nuuvia™ | Youth Banking. Lifelong Loyalty for their co-branded or white-labeled, youth-centric digital banking experience.

• Collegiate (one of Michigan State University Federal Credit Union’s direct digital banks) has been named the Exclusive Financial Literacy Partner of Opendorse to give student-athletes nationwide access to financial education courses designed for their busy schedules, available to be completed anytime, anywhere.
  • Wow – talk about a much-needed solution (impact of NIL on personal finances, taxes, and long-term financial health)!!!  Check out Collegiate | Finance made for YOUR future and see what they are building!!!  🚀

• equipifi cranks up the hits with a pair of announcements this week (these folks are on fire 🔥):
  • Honor Credit Union (Charter 63004; total assets $1.8B) launched BNPL via equipifi solution embedded directly into Honor’s mobile and online banking platforms enabling its 110,000+ members to pay for purchases over time using their existing credit union debit cards and checking accounts.
  • Avadian Credit Union (Charter 68583; total assets $1.4B) launched in-house BNPL products powered by equipifi and fully embedded within its digital banking environment allowing its members to view personalized offers and accept them within seconds, all without leaving the financial institution’s secure platform.

• Amplify Credit Union (Charter 68681; total assets $1.3B) adopts Alkami's Mantl platform onboarding and account opening processes for both corporate and consumer clients across all banking channels.

• Seven Seventeen Credit Union (aka 7 17; Charter 61077; total assets $2B) selects Velera for debit and credit card processing services and support via a phased rollout spanning Q3 of 2026. 

• Some personnel changes:
  • PayPal (Nasdaq: PYPL) has appointed Enrique Lores as President and CEO, effective March 1, 2026 replacing Alex Chriss.  Enrique Lores will be leaving HP Inc. as President and CEO where he has worked for the last 36 years.
  • Momnt names Tom Anderson as Chief Executive Officer
  • Backbase appoints Jodi Slomp as Chief People Officer.
  • Happy Money promoted John Triggas to Chief Capital Officer and Maria Mosolova to Chief Operating Officer
  • Spire (Pay-by-Bank platform) hires former Fiserv executive Jennifer LaClair as CEO and announced a $10M in Series B capital raise to expand services enabling consumers to make direct payments from their bank accounts to merchants.

• Notable FinTech funding for the week:
  • EnFi (AI-powered lending solution using multi-agent architecture across the entire lending workflow) raised $15M in Series A funding round.
  • Varo Bank (FDIC 59190; total assets $376M) raised $123.9M in Series G funding round.

 
 
Random Uncle Sean stuff:

• 🤠 FOODIE ALERT!!!!  Aunt Patty and I are headed to see some friends for the Super Bowl – here is what I’m cooking up:
  • We call them grilled Hot Chix – basically jalapenos stuffed with cream cheese and chicken wrapped in bacon .  Here’s how to do it:
    • Marinate your chicken in a sealed baggie (I’m using chicken breast tenderloins) in the fridge using a 50/50 mix of pineapple juice and Italian dressing at least overnight (24+ hours is better – I’ve left them marinating for over 36 hours before).
    • Cut your jalapenos in half lengthwise – cut the stem off but leave enough of the “end” intact to make a “boat.”  Scrape out the seeds.
    • Dab in some cream cheese (I find that cream cheese is less likely to ooze out too much while cooking).
    • Cut your marinated chicken to top the cream cheese filled jalapeno boat (you can have some chicken overhang – no one will judge you 😊).
    • Wrap with bacon (I use a toothpick to secure the bacon – just remember to remove it before devouring the Hot Chix).
    • Start cooking on your grill chicken side down flipping occasionally.  Watch closely for flare-ups due to the bacon fat.  The small slices of chicken cook pretty quick, so you are basically watching to see how well done you like your bacon.  Remove and chow down (don’t forget to remove that toothpick before eating) – you’ll love the sweet and tangy flavor of the marinated chicken!!! Nom, nom, nom… 😋🤤
• And here are a few Dad / Bad Jokes to close out the week:
  • Scientists have discovered how trees communicate…  They bark… 🌳😅
  • How many times do you have to click “accept all cookies” before they actually send the cookies (asking for a friend)??? 🤷‍♂️🤣🍪
  • 🤔Is being a horse trainer considered a stable job? 🤠🐴

 
 
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 – we all know he’s a little bit different; but that’s why we love him.

​

The first bank failure of 2026...

​Summary:
On 1/30/26, the Illinois Department of Financial and Professional Regulation closed Metropolitan Capital Bank & Trust in Chicago, IL (FDIC 57488; total assets $261.1M; total deposits of $212.1M) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  First Independence Bank (FDIC 20179; total assets $697M as of the 12/31/25 Call Report) agreed to assume substantially all deposits of Metropolitan Capital Bank & Trust. It will also purchase approximately $251 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition. 

• The FDIC preliminarily estimates that the failure will cost its Deposit Insurance Fund (DIF) about $19.7 million.
• Source - First Independence Bank, Detroit, Michigan, Assumes All Deposits of Metropolitan Capital Bank & Trust, Chicago, Illinois | FDIC.gov

 
 
Additional FedFis insights as of the 9/30/25 call report:

• Metropolitan Capital Bank & Trust had a FedFis Rating© of 4.76 placing them in the lowest percentile of all banks.  The bank has struggled with Asset Quality and Profitability issues in the last couple of years that has strained the banks’ capital position.
• The bank loan portfolio is comprised mainly of C&I loans (80.93%).  The bank recorded significant Net Charge-offs of $12.5M related to C&I loans in the Sept 2025 quarter resulting in a Net Loss YTD of ($10.8M).  The bank had another $4.5M in nonperforming loans (about $4.3 of which is also C&I). 
  • The bank had an Allowance for LLL balance of $3.4M – not enough to cover the nonperforming (past due loans / loan loss allowance of 131.71%).
• Metropolitan Capital Bank & Trust had $4.2M in tangible equity capital at 9/30/25 with a YTD Adjusted Texas Ratio of 76.58% (was 172.11% in Jun 2025 prior to the charge-off).
• Compounding the asset quality issues is duration and yield on the AFS Securities portfolio of $52.5M – of which, 49% is 5 – 15 years and another 41% is 15 years + in duration.  Total Yield on Securities is only 1.7% resulting in a negative AOCI on the Balance Sheet of ($9M).  Total loans / Deposits ratio of 68.61%.
  • All securities were pledged with Other Borrowed Money (FHLB borrowing) of $43M.
• Total deposits of $212.1M included $44.4M in brokered deposits.

 
 
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]