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]

​Happy Friday!!!
 
Hoping everyone has made it through the recent winter storms relatively unscathed 🙏 as we wrap up the first 100 days or so of January 🤠…  Here is the Uncle Sean Update for 1/30/26 (subscribe here for free):
 

• President Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell.  Following Senate confirmation, Warsh will take over in May when current Chairman Powell’s term expires.

 

• It’s Fed Week!  As was widely expected in the first FOMC meeting of 2026, the Fed voted to keep interest rates at their current range of 3.5% - 3.75% after three consecutive cuts to close out 2025 noting robust economic growth and signs of stability in the unemployment rate.
  • As noted in the FOMC statement above related to the 10-2 vote, Stephen I. Miran and Christopher J. Waller were the two dissenting votes who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
  • For more detail, here is Chairman Powell’s Press Conference transcript (24 pages) and the Press Conference video (50:15)
    • Notable (to me anyway 😊) comments from Chairman Powell during the press conference include:
      • AI’s role in the slowing labor market is “hard to say,” tariff impact expected to peak “sometime in the middle quarters of the year,” and a rate hike “isn’t anybody’s base case” right now.

 

• 🎉More US charters!!!  💥Nu (NYSE: NU), one of the largest digital financial platforms in the world with 127M+ customers across Brazil, Mexico, and Colombia, has received conditional approval from the OCC for the formation of a de novo national bank, Nubank, N.A. here in the US. 
  • “Nu has now entered the bank organization phase, which involves satisfying specific OCC conditions alongside pending required approvals from the FDIC and the Federal Reserve. During this phase, the company will focus on fully capitalizing the institution within 12 months and opening the bank within 18 months, as required by regulators. Nu submitted its application to the OCC on September 30, 2025.”  NICE!!! 👏

 

• Flex 💪 of the week goes out to my friends at Vine Financial as they tripled their customer base and grew revenues by 200% in 2025!  🚀 Congrats to the entire team at Vine as they lean into 2026.  Check out their innovative Commercial Lending platform at vinefin.com and tell them Uncle Sean sent you! 😊
  • “2025 proved to be a year of incredible progress for us. We made significant strides with product strategy, we’ve seen great adoption among both community banks and credit unions and been able to bring on new investors,” said David Eads, CEO and co-founder of Vine. “Our accomplishments this year were a huge testament to what Vine can do, and we are only getting started. I look forward to all the ways our platform and our lenders will grow in 2026.”

 

• Nacha does some flexing too as they  announced new highs in 2025 with growth in both standard and Same Day ACH as well as growth in B2B payments noting:
  • Full year ACH Network volume of 35.2B payments (up nearly 5% over 2024) with a value of $93T (yeah, that is Trillion with a T 😲💰 – an increase of almost 8%).

 

• Zelle also noted gains in 2025 for community banks and credit unions representing at least 13M bank and CU accounts eligible for Zelle within 46 US states and territories.  Notable 2025 stats include:
  • 337 FI’s went live or signed up to bring Zelle to their customers during 2025.
  • 97% were community banks and credit unions with assets of less than $10 billion.
  • Also noted new reseller relationships with Velera to expand Zelle access for Minority Deposit Institution (MDI) credit unions; and Alacriti to embed Zelle into its Orbipay Payments Hub.

 

• 👀 Alkami Technology (ALKT) has reportedly hired an advisor to explore strategic options including a possible sale according to a Bloomberg report.

 

• Unfortunately, Seis (immigrant-focused banking app partnered with Thread Bank and Unit) is winding down operations citing a change in immigration patterns and less demand for the product.

 

• Affirm (Nasdaq: AFRM) continues to make headlines following last weeks announcement that they have submitted applications to establish Affirm Bank, a proposed Nevada ILC.
  • Fiserv (Nasdaq: FISV) announced an exclusive partnership with Affirm (Nasdaq: AFRM) to bring BNPL capabilities as a turnkey integration to existing debit card programs for banks and credit unions.
    • “Fiserv and Affirm first partnered in 2022 to integrate Affirm into Commerce Hub, enabling merchants to offer buy now, pay later (BNPL) at checkout. This latest expansion underscores Fiserv’s commitment to delivering innovative debit solutions that help financial institutions compete and meet rising consumer expectations.”
  • Bolt selects Affirm as their default BNPL provider enabling Bolt merchants in the US to offer flexible payment options at checkout.

 

• Equifax (NYSE: EFX) introduced Income Confirm providing verified employment and income data along with credit reports to provide lenders with a more comprehensive view of applicant credit risk and financial capacity.

 

• OnePay (Walmart fintech division) announced a new free feature where OnePay Cash customers can file their taxes directly through the OnePay app via partnership with april’s embedded tax platform (getapril.com).

 

• Lithic expands its partner bank network with the addition of Stearns Bank National Association (FDIC 10988; total assets $3.3B).

 

• Kemba Credit Union (charter 61810; total assets $1.75B) selects Velera for debit and credit card processing services and support.  Velera will begin providing debit and credit processing support to Kemba in August 2026.

 

• 👉 GESA Credit Union (charter 68278; total assets $6.4B) announced a partnership with Selah School District to launch a student-run High School Credit Union branch at Selah High School and a co-branded Affinity Debit Card.  Even more impressive is that this is GESA’s 25th High School Credit Union Program!!! 🎉
  • “The student-run branch will operate during school hours at Selah High School, giving students the opportunity to open accounts, make deposits and withdrawals, and experience an authentic credit union atmosphere. The branch will be staffed by student tellers and led by a paid student intern who serves as Campus Branch Manager—a position that provides professional development experience and a competitive edge for future employment.”
    • ❤️ Uncle Sean loves seeing this and the engagement with young people as I feel that financial literacy is not emphasized enough in our schools – AND the added bonus of introducing banking and finance to our young adults…  Nice work GESA CU!!! 🤙

 

• Some personnel moves:
  • CSI appoints Abe Kuruvilla as Chief Information and Technology Officer.
  • Walmart’s OnePay names Patrick O'Connell as Chief Financial Officer.
  • NCR Atleos appoints Rohan Pal as new CIO.

 

• Notable FinTech funding for the week:
  • Mine (fka Fizz, a personal finance company for young adults including AI-powered personal guidance) raised $14M in Series A funding round.

 
Random Uncle Sean stuff:

• 🏈 Super Bowl LX is set for next Sunday, Feb 8th at 5:30 CST on NBC as the Seattle Seahawks take on the New England Patriots.  Aunt Patty is not a fan of the Pat’s (to say the least) so we will be pulling for the Seahawks!
• Umm…  Why can’t the Monday after the Super Bowl be a National Holiday???  Can someone please fix this!!!! 🤠🍺
• And of course we have the obligatory Dad / Bad Jokes related to this crazy weather to get us into the weekend vibe:
  • What bites but doesn’t have teeth?  Frost.. 😁
  • The only blizzard I want to see is at Dairy Queen!!! 🍦
  • On a positive note…  I haven’t seen any mosquitoes this week!!! 🦟🤠
  • (activate Samuel L. Jackson voice) And on this day, all the forest animals gathered and proclaimed in one voice, “okay Mr. Groundhog – you have about two days to get your 💩 together!”  😂🤣
  • Saving the best for last…
    • I must admit…  Greenland deploying their weather on us was an unanticipated first strike!!! 😬🥶😅

 
 
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
 
 

Happy Friday!!!
 
As most of us in the US brace for an arctic blast 🥶 with snow and ice accumulations, please make sure to take care of yourselves!!!  Remember the four P’s (people, pets, pipes, and plants) and don’t forget to check on your neighbors – we are all in this together! 🙏  In the interim, here is the Uncle Sean Update for 1/23/26 (subscribe here for free):
 

• The BEA released the updated US 3Q2025 GDP of 4.4% which is up from the initial estimate of 4.3% and up from 2Q2025 of 3.8%.  Meanwhile the BEA released Oct and Nov 2025 PCE together (due to the government shutdown) showing a sticky 2.8% for Nov headline and core, both matching expectations and slightly higher than Oct 2.7% for each.

 

• 💥 One of the biggest headlines of the week is Capital One to acquire Brex for $5.15B in a 50/50 mix of stock and cash.  Although significantly down from Brex’s $12.3B valuation in 2022 following their $300M Series D-2 round, that is still an impressive price considering Brex launched in 2017.

 

• 👀 Ford and GM get their bank charters…  This week, the FDIC approved deposit insurance applications for Ford Credit Bank and GM Financial Bank – both as Utah ILC charters.
  • Certainly worth noting (be careful what you ask for):
    • Ford Credit Bank approval requires a whopping $1.5B (yes, BILLION 💰) in paid-in capital as well as maintaining a minimum tier 1 capital ratio of 15%.
    • GM Financial Bank requires $667M in paid-in capital and a minimum tier 1 capital ratio of 15%.

 

• More charter news…
  • UBS Bank USA (FDIC 57565; total assets $115B) has received conditional approval from the OCC to convert from a Utah ILC charter to a national OCC charter with the goal of securing final approval expected later this year.
  • Meanwhile….  Revolut is apparently shifting strategy on its US banking plans by dropping plans to acquire a US bank; and is now in discussions with the OCC to apply for a national bank charter.
  • 👉 But wait – there’s more!!!!  Affirm also announced they have submitted applications to establish Affirm Bank, as a Nevada-chartered ILC…

 

• While we are on the topic of charters…  Warning 🤠 – here comes an Uncle Sean “off the rails” commentary….
  • Which begs the question…  I wonder what Walmart is thinking right now…
    • More food for thought…  Are we, as a society and an industry, better off with Walmart providing full financial services via their own fintech company (OnePay), or as a directly regulated and chartered ILC bank??? 🤔  It might be time to revisit this as it is not the same environment as the last time Walmart applied for an ILC charter more than two decades ago (which was ultimately withdrawn) and set the industry on fire.  More interesting info here in this July 2024 Statement by (then) Vice Chairman Travis Hill, who is now the current Chairman of the FDIC.
      • Feel free to comment on the LI post or even email me directly and let me know your thoughts. 👍

 

• Speaking of Walmart…  Klarna will be rolling out after-purchase BNPL options soon allowing customers to convert purchases into installment loans after the transaction.  Klarna is launching the feature within Walmart’s fintech OnePay and is being called Swipe to Finance , “a new OnePay Later option that gives OnePay Cash customers the ability to pay over time after checkout.”

 

• 🎉 Hey Moov…  We see you 🏆!!!  Check out Moov’s new partnership with Apple to introduce Tap to Pay on iPhone with Moov.  Tap to Pay removes the need for dedicated payment terminals, transforming any iPhone into a point of sale (with a primary benefit being card-present interchange rates).  Nice!!!!

 

• Meanwhile, Block flexed 💪 this week by stating it had provided more than $200 Billion in credit to customers across its Cash App Borrow (short-term loans averaging 21 days, with 97% repayment rates despite 70% of borrowers having FICO scores below 580), Afterpay (BNPL with 96% of installments paid on time and 98% of purchases incurring no late fees), and Square Loans products (small business lending with less than 3% loss rates, with 58% going to women-owned businesses and 34% to minority-owned businesses). 👏

 

• Regions Bank (FDIC 12368; total assets $159B) partners with WorldPay, a Global Payments company, to enhance how Regions’ business clients, ranging from small businesses to major enterprises, accept payments and manage cash flow operations.

 

• North Brookfield Savings Bank (FDIC 900258; total assets $438M) selects Narmi to modernize its digital account opening for both consumer and business customers via the Narmi Grow platform that integrates directly with the bank's existing COCC core.

 

• Truity Credit Union (charter 3130; total assets $1.2B) selects InvestiFi to enable the credit union’s 75,000 members access to InvestiFi’s suite of digital investing and wealth management tools direct via Truity’s online and mobile banking platform. 🤙

 

• 👉 Shout-out to MANTL as The Atlantic Federal Credit Union (charter 477; total assets $243M) becomes the first credit union to go live with consumer loans on the MANTL Loan Origination Platform.

 

• The NCUA has also been busy with a couple of very small credit unions being conserved (not a failure) due to the standard “unsafe and unsound practices” verbiage” –  both CU’s have experienced profitability issues per their call report detail.
  • 1/16/26 – The NCUA has conserved People Trust Community Federal Credit Union (charter 24940; total assets $3.3M; total members 1,800).
  • 1/22/26 – The NCUA has conserved Beverly Hills City Employees Federal Credit Union (charter 9823; total assets $16.5M, total members 1,500).

 

• Notable FinTech funding for the week:
  • Credit Key (B2B payments and financing platform) raised $90M in growth capital.
  • Stream (fka Wagestream, a UK-based employee financial wellness platform) raised $90M in Series D round to fund expansion to the US market.

 
 
Random Uncle Sean stuff:

• Congrats to the Indiana Hoosiers 🏈 for winning the CFP National Championship Game in one of the most exciting football games that I can remember; and capping off what may truly be the most amazing turnaround of a college football program ever.
• PSA – I don’t know who needs to hear this (besides me), but don’t eat all the “emergency snacks” before the ice storm even hits!!! 😂🤣
• It’s starting to get cold outside, so let’s get on with the best part of the Update – the Dad / Bad Jokes:
  • If I had to describe myself in one word, it would be “does not follow instructions well.” 🤠
  • Saw a pack of gummy worms that read “no artificial flavor.”  Honestly, who buys gummy worms hoping they’d taste as close to real worms as possible? 😬
  • I ordered 2,000 pounds of Chinese soup… It was won ton… 😅
  • With great power comes great responsibility...  Nah, more like a huge electric bill… 😆
  • Interviewer:  We need a responsible person for this job…  Me: That’s me!  Every place I’ve worked if anything went wrong, they said I was responsible! 😂

 
 
Have a GREAT weekend and please stay safe AND WARM!
 
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
 

​Happy Friday!!!
 
WHEW – it was a CRAZY busy week (and I’m running late on this update 😬), so let’s jump right to it!  Here is the Uncle Sean Update for 1/16/26 (subscribe here for free):
 

• The BLS Dec CPI Report came in fairly bland (which is good by the way) at 0.3% for the month and 2.7% YoY (both in line with expectations).  Core CPI came in 0.2% for the month and 2.6% YoY (both were 0.1 percentage point below expectation).  CNBC has a good summary noting Shelter increases of 0.4% (a key element of stickiness accounting for more than 1/3rd of CPI weight) and Food increases of 0.7%.

 

• And some more fairly good and optimistic economic updates 🤙…  The Federal Reserve Beige Book - January 2026 showed modest increases in overall economic activity in the majority of reserve districts (an improvement over the last three report cycles).  Most banks reported slight to modest growth in consumer spending this cycle, largely attributed to the holiday shopping season; and several districts noted that spending was stronger among higher-income consumers (there’s that K-shaped economy 💰).  The report also noted that “outlooks for future activity were mildly optimistic with most expecting slight to modest growth in coming months.”
  • PYMNTS also has a good recap.

 

• 💪 Congrats to Modak (card and money app for kids and teens) for successfully completing its SOC 2 recertification!
  • The PR notes, “While SOC 2 compliance is not typically required for fintech companies of Modak’s size, Modak voluntarily pursued and maintained the certification to ensure it continues to meet rigorous expectations around data protection and system reliability.”  Nice!!! 👏

 

• Coastal Community Bank (FDIC 34403; total assets $4.5B as of 9/30/25) to acquire GreenFi from Mission Financial Partners.
  • Another scenario in which the BaaS Sponsor Bank acquires the fintech; and now the fintech will essentially become a division of the host FI.  You may recall GreenFi as they were formerly known as Aspiration (name change in April 2025 - GreenFi Launches as New Climate-Friendly Consumer Financial Brand, Secures $17 Million Investment).

 

• Checkout.com becomes the latest to obtain conditional approval for a Georgia merchant acquirer limited purpose bank charter (MALPB).
  • This Banking Dive article reminds us that Checkout.com “is the third payments firm, following Fiserv and Stripe, to receive a conditional green light in the past two years. The charter lets a company bypass banks to underwrite merchants and authorize and settle transactions.”

 

• Jenius Bank (direct digital bank division of SMBC Manubank; FDIC 18618; total assets $7.5B) is winding down despite hitting “$1 billion in deposits and $900 million in personal loans in its first year of business” citing “market performance,” per an employee, adding that the digital bank wasn’t yet profitable and wouldn’t be as profitable as quickly as its parent company wanted.

 

• 👉 A new direct digital bank for the filmmaking industry hits the scene (see what I did there 🎥😊) with a niche solution in Atlanta…  First Entertainment Credit Union (charter 68373; total assets $2.1B) has launched CeneFi - digital banking built for the entertainment-industry professionals, filmmakers, and crew.  Check it out at cinefi.com.  Uncle Sean gives it “two thumbs up!” 👍👍
  • It looks like this new direct digital bank brand is at least partially powered by Nymbus per this LinkedIn post.

 

• SPACs are back!  Old Glory Bank (FDIC 18924; total assets $238M) is set to go public via special purpose acquisition company Digital Asset Acquisition Corporation (Nasdaq: DAAQ) and will be listed on Nasdaq under the reserved ticker symbol “OGB.”

 

• Bilt announced their official launch of Bilt Card 2.0 suite of credit cards issued by Column (FDIC 58224; total assets $1.2B) and powered by Cardless. 

 

• A pair of announcements from Alkami / MANTL this week:
  • Citizens State Bank of New Castle, Indiana (FDIC 13107; total assets $851M) selects MANTL to transform its retail and business deposit account opening experience.
  • Harvard Federal Credit Union (charter 24959; total assets $1.2B) has selected MANTL’s Onboarding & Account Opening Solution for retail and business account opening.

 

• Mid Minnesota Federal Credit Union (charter 20194; total assets $801M) partners with InvestiFi to offer its 66,000 members the ability to invest digitally and conveniently directly from their checking accounts, available within the credit union’s online banking platform.

 

• Magnifi Financial Credit Union (charter 68604; total assets $2.6B) partners with Greenlight to bring Magnifi’s 85,000 members access to Greenlight's award-winning family finance app at no cost. 
  • A family app that helps to teach financial literacy and awareness for members at no cost - um, YES PLEASE! 😊 Check it out at mymagnifi.org/greenlight.

 

• 👀 Movin’ and shakin’ with quite a few personnel moves that caught my eye this week:
  • Shout out to my friend, Sanjay Bhaskar for his new role as Vice President, Partner Sales at Kinective per this LinkedIn post.
  • Ingo Payments names Alexandra Nuth as new CPO.
  • Infinant welcomes Chris Rhea as CRO per this LinkedIn post.
  • Hatch Bank adds Francis Mitchell as CFO and Amanda Swoverland as President.
  • Payfinia appoints Nizal Khan as Senior Sales Executive to drive growth in instant payments.
  • Momnt names Tom Anderson as CEO per this LinkedIn post,
  • American Fintech Council appoints Charles E. Potts as Executive Vice President and Head of Growth and Engagement.
  • Rachel King moves over as Vice President of Sales at CSI per this LinkedIn post.

 
 
Random Uncle Sean stuff:

• ICYMI…  The IRS has set the 2026 business standard mileage rate at 72.5 cents per mile – so don’t skip those expense reports or mileage logs!!!
• FOODIE TIME!!! 😋🍴 For my friend Grace Dauzat here at FedFis (and 18,000+ of our followers 🤠)…  Here is that Chili Crisp Chicken recipe that I tried (spoiler alert – it is AMAZING):
  • 4 boneless, skinless chicken thighs
  • 2 TBSP Chili Crisp oil (aka Chili Crunch oil)
  • ½ cup Hot Honey
  • 1 TBSP all-purpose seasoning (I used Lime Pepper, but you could use Chili Lime or whatever you prefer)
  • Juice of 1 good-sized Lime (not those little tiny ones – LOL)
    • Marinate overnight (I did mine about 24 hours) and grill for about 3+ minutes each side as it will cook pretty quick.  Also – I doubled this recipe for 8 boneless, skinless chicken thighs and it was perfect.
    • Served mine chopped up as a protein topper on baby green salad.  Had leftovers the next day as a chicken sandwich on whole grain bread.  You will love it!!!
• Alright, alright, alright!!!  Let’s get to the Dad / Bad Jokes to kick off the weekend!!!
  • January: [jan-you-air-ee] (n.) – A giant Monday… 😫
  • I’m going to get a bumper sticker that says, “Honk if you think I’m sexy!”  Then I’ll just sit at green lights until I feel better about myself!!! 🤣😂
  • I bought an old used car that was made in Prague…  It was a pretty good deal, but the Czech engine light keeps coming on…  🙄😅
  • This chef on TV said, “Where there’s fat, there’s flavor.”  I know he was talking about food, but I still took it as a compliment! 😆😁
  • And last but not least….
    • Friend: “How much do you spend on a bottle of wine?”  Me: “About 30 minutes, max.” 🤠🍷

 
 
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
 
 

Happy Friday!!!
 
Hopefully everyone enjoyed a GREAT holiday season (I know I did, and my bathroom scale confirms it 😬😅) – and welcome to 2026 🎉!!!  Here is the Uncle Sean Update for 1/9/26 (subscribe here for free):
 

• A virtual fist-bump 👊 to Fiserv for their Bankers Helping Bankers (BHB) sponsorship renewal!!!
  • “Fiserv is more than a sponsor—they’re a force for change in community banking,” said Matthew Smith, CEO of Bankers Helping Bankers. “Their continued support ensures BHB remains a place where bankers can discover what’s next, connect with fintechs, and chart a path to growth—at no cost to them.” 💥

 

• Some quick economic updates now that the data is rolling in post-government shutdown:
  • The BLS Dec Jobs Report showed little change and a mixed bag of results with only 50K jobs added (Dow Jones estimate was 73K; and Nov was downwardly revised by 8K to 56K) while unemployment fell to 4.4% (estimate was 4.5% and last month was 4.6%).  Annual wage growth of 3.8% continues to outpace inflation.
    • Prior revisions were once again material (see revision history) with Oct revised down by another 68K to -173K job losses.  CNBC has a good summary.
  • Coupled with strong 3Q GDP (BLS initial estimate) of 4.3%, this may give the FOMC plenty of “wait and see” ammunition in relation to future rate cuts.

 

• It’s official…  JPMorgan Chase has inked a deal to take over as Apple Card’s issuer replacing Goldman Sachs who has been looking to exit the Apple credit card portfolio for a couple of years.  The transition from GS to JPM is expected to take two years.  The $20B portfolio came with a discount of more than $1B (5%).

 

• And we’re off 🏇!!!!  We have our first announced CU acquisition of a bank this week with Zeal Credit Union (charter 62426; total assets $864M) to acquire The Miners State Bank (FDIC 10928; total assets $145M).
  • Worth noting that Zeal just recently completed (12/29/2025) their previous acquisition of Gogebic Range Bank, first announced 12/30/2024.

 

• PayPal announced the launch of their Transaction Graph Insights & Measurement program giving merchants a full view of consumer personalization / spend habits by connecting search, shop, and share signals across more than 430 million consumer accounts and tens of millions of merchants – allowing brands to “identify high-intent shoppers before they convert elsewhere.”
  • PYMNTS has a good summary article reminding us “this data play follows a partnership with generative AI search engine Perplexity last June.”

 

• Hopefully 🤞 some good news here for the principals of CBW Bank (FDIC 13959; total assets $65M) as the FDIC and CBW have reached a settlement (apologies for the Bloomberg paywall).  Details of the settlement have not been made available.  Case #25-3056 in the Tenth Circuit Court of Appeals.
  • Here is the original notice of assessment of civil money penalty for $20.4M.

 

• Coming to America… Again…  Europe’s second largest neobank, bunq, has filed for a US de novo banking license with the OCC.
  • bunq had previously submitted applications with the OCC and FDIC in 2023, but withdrew them in January 2024, due to the complexity of the US regulatory process and regulatory differences between the OCC, FDIC and the Dutch authorities.

 

• De Novo Georgia Skyline Bank (closing in on their capital goal of $25M - $35M) is scheduled to open in Roswell, GA in late Feb or early March. 👏

 

• 👉 Core Bank (FDIC 34363; total assets $1.1B) has partnered with Kobalt Labs to enhance the banks TPRM and compliance at scale via Kobalt’s AI-driven solution as the bank leans into BaaS and embedded finance. 

 

• Fiserv (Nasdaq: FISV) partners with Wink to integrate Wink’s biometric face and palm identity-based payment technology to its Clover platform.

 

• Modulr (real-time payments hub) announced its launch in the US via partnership with FIS (NYSE: FIS) to bring next-gen payments technology to US financial institutions.

 

• Jack Henry (Nasdaq: JKHY) announced that Sanibel Captiva Community Bank (FDIC 57425; total assets $1B) has selected Jack Henry for its core processing platform.
  • Impressive as the incumbent processor has (er… “had”) a strategic position (same vendor for core, online, and mobile) – which is hard to break into from a vendor perspective.  For more info about this, reach out to our own Bobby Button here at FedFis to discuss our Fintegration Ecosystem© vendor tech stack for all banks and CUs in the US. 😊

 

• North Coast Credit Union (charter 66734; total assets $412M) is now live with Mahalo digital banking platform and reporting "substantial enhancements in member experience and internal workflows" since making this connection, enabled by "real-time account visibility, consistent data flow, and unified workflows".

 

• Digital Storefront has rebranded as Movemint.

 

• Wolf & Company, P.C. has acquired The Kafafian Group, Inc., further expanding Wolf’s bank and credit union advisory capabilities.  The Kafafian Group has provided consulting services (emphasis on strategic planning, performance measurement, and operations consulting) for over 500 financial institutions in 40+ states with asset sizes up to $100B. 🚀

 

• Some personnel moves:
  • Plaid picks up Jelena McWilliams as President of Corporate and External Affairs.
    • WOW!!!  🤔 Can’t help but wonder out loud if I’m the only one smelling a potential IPO here with this extremely high-profile hire???
  • ICI Consulting appoints Lance Tappa as Sr. Vice President, Partner Relations.
  • CSI welcomes back Shane Ferrell as Vice President of Product Management per this post on LinkedIn.
  • Marqeta (Nasdaq: MQ) named Patti Kangwankij as CFO effective Feb 9.
  • Panacea Financial (direct digital bank division of Primis Bank) strengthens its executive team with key hires in marketing, compliance, and medical education finance including Anna Khayet as Chief Marketing Officer, Robin Garrison as Chief Compliance Officer, and Tal Frank as Head of Student Financial Services.

 

• Notable FinTech funding for the week:
  • Rain (stablecoin payments infrastructure) raised $250M in Series C funding at a $1.95B valuation.
  • Onsetto (white-label AI-powered platform to help FI’s with commercial account switching) raised $2.2M in Seed funding round.

 
 
Random Uncle Sean stuff:

• 🏈 We are at the peak of football playoffs!
  • The NFL playoff schedule is set with wild-card games kicking off this weekend on the road to Super Bowl LX on Jan 25th.
  • The college football playoff picture is wrapping up after a thrilling semifinal game last night with Miami outlasting Ole Miss 31-27; and another exciting semifinal game this evening with Oregon and Indiana facing off to see who gets a shot at the National Championship game against Miami on Jan 19th.
• And they’re back!!!  Here are the Dad / Bad jokes for the week:
  • The doctor said I need to eat more greens, so I’m switching from French Vanilla to Mint Chocolate Chip ice cream! 😋
  • Thirty days hath September, April, June, and November.  All the rest have thirty-one, except for January which has about 100! 😒😂
  • I don’t know who needs to hear this, but your future doctor is using ChatGPT to pass med school… So you better start eating healthy!!!! 🤣
  • Recent empirical research shows that starting your day with an early morning run is the best way to make sure your day can’t get any worse! 🤠🏃‍♂️‍➡️

 
 
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