Uncle Sean's Update - 2/21/25

​Happy Friday!!!
 
It was a relatively light week due to the Presidents’ Day federal holiday, but some key announcements nonetheless – so let’s jump right in!  Here is the Uncle Sean Update for 2/21/25:
 

• Bankers Helping Bankers (BHB) is at it again!  This week, BHB welcomes Carta as a New "Friends of BHB" Sponsor offering community banks fresh pathways to streamline equity management and ownership structures. 🚀
  • “Carta, known for its advanced platforms that manage cap tables, valuations, and equity plans for startups, brings their services directly to community banks. By bringing Carta into the Friends of BHB fold, community banks gain access to solutions that simplify and secure equity-related activities, paving the way for seamless collaborations with emerging entrepreneurs and local businesses.”  NICE!!! 😊  You can check out Carta’s equity and fund management platforms at carta.com.

 

• 💥 Fiserv (NYSE: FI) scores a big win as Third Federal Savings and Loan Association of Cleveland (FDIC 30012; total assets $17B) selects Fiserv DNA core platform to support the financial institution’s long-term growth objectives.

 

• Regions Bank (FDIC 12368; total assets $156B) announced Regions Embedded ERP Finance, powered by Koxa’s treasury open banking platform, allowing treasury clients to seamlessly connect financial data from their Regions bank account to their own enterprise resource planning (ERP) systems.

 

• Lili (fintech platform for small businesses) announced the launch of international wire payments to 27 countries, “empowering small business owners to grow beyond borders.” 👍

 

• Very interesting…  Galileo has launched a new program enabling brands to offer co-brand debit rewards cards - enabling brands to offer debit users access to rewards typically reserved for credit card holders.  “While co-brand credit rewards programs are common, debit users have largely been left out—until now.”
  • “The program will initially focus on the hospitality and travel sectors, leveraging Galileo’s proven capabilities in powering financial solutions for global brands. By enabling airlines, hotels, and other brands to quickly offer loyalty-driven debit cards, Galileo helps boost customer engagement and drive increased spend.”

 

• 👀 The Bank of Brodhead (FDIC 2455, total assets $340M) has launched a new direct digital bank called Vault.Bank in partnership with Linker Finance with direct integrations to Fiserv Premier.  Uncle Sean loves the direct digital bank model!!! 😊
  • “Linker Finance's Unified API with real-time two-way integration to the Fiserv Premier Core and over 30 deep integrations spanning from card issuance, automated  KYC/KYB, intelligent fraud detection, treasury and spend management, message automation, analytics, and beyond.”
    • 👉 Check it out at vault.bank.

 

• The Freedom Bank of Virginia (FDIC 57184; total assets $1.1B) has converted its online and mobile banking platforms to the Apiture Digital Banking Platform; and is also taking advantage of Apiture’s Digital Account Opening solution, “enabling customers to open and fund accounts online in minutes.”

 

• Varo Bank (FDIC 59190; total assets $448M) is seeking to raise $55M in Series G after raising a total of $1B, but has only closed on $29M so far.  This comes as Colin Walsh steps down as Varo Bank CEO, handing the reigns over to Gavin Michael, who previously served as CEO of digital asset platform Bakkt until March last year.

 

• Stellantis (the automotive company) applies for FDIC insurance as of 2/11/25 as Stellantis Bank USA (actual application is not available yet, but additional verification can be found here) and has previously applied for Utah ILC Charter on 4/5/24 (still pending).
  • Recall earlier this month where GM reapplied for Utah ILC charter (GM Financial Bank). 

 

• Utah Community Credit Union (charter 10709; total assets $3.2B) joins the NCR Atleos Allpoint Network with over 40,000 ATMs.

 

• Athol Credit Union (charter 66819; total assets $95M) selects COCC as new core technology provider.

 

• MANTL is making headlines again this week. 
  • Four credit unions have partnered with MANTL for its Loan Origination development partner program for “early access to the unified loan and deposit origination platform and have the opportunity to inform key development decisions.”
  • My Community Credit Union (charter 68682; total assets $500M) partners with MANTL for account opening as the CU continues its expansion in the Collin County area (one of the fastest growing counties in Texas and the Nation).

 

• The OCC published formal agreement with Patriot Bank, National Association (FDIC 33928; total assets $1B) citing BSA/AML as well as credit and liquidity risk.
  • Note that Patriot Bank had already disclosed this OCC agreement in an 8K filing back on January 14, 2025.
  • Also recall where Patriot had filed an 8K on December 20, 2024 stating they were evaluating strategic initiatives including capital raise, strategic partnership, sale, and/or merger and acquisition interest; and had engaged Performance Trust Capital Partners.

 

• And a couple of quick regulatory updates:
  • Delayed again…  The Federal Reserve Financial Services (FRFS) has reschedule the Fedwire Funds Service ISO 20022 implementation date from March 10 to July 14, 2025 to provide “customers and vendors who are not ready additional time to better prepare for the transition to the new ISO 20022 format.”
    • “The Fedwire Funds Service will remain on the current message format (i.e., Fedwire Application Interface Manual (FAIM) 3.0.7 format) until July 14. FRFS will announce its final “go” or “no go” decision for July 14 no later than June 27.”
  • It’s back!  FinCEN’s beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect with an implementation deadline for most companies of March 21, 2025.

 

• Notable FinTech funding for the week:
  • SRA Watchtower raised $4M in new capital following last weeks announced acquisition of Lumio Insight.

 
 
Random Uncle Sean stuff:

• If anyone sees that ole groundhog, let me know – I’d like to have a word with him about this weather!!! 🥶  I am definitely ready for springtime!!!!

• It’s been a rough week, so were just going to jump right to it and get this weekend started with some Dad / Bad Jokes:
  • The best place to shop for sports uniforms is….  New Jersey! 😄
  • If you have a parrot and you don’t teach it to say “Help – they’ve turned me into a parrot”, you are clearly wasting everyone’s time… 😅🦜
  • I called five different Florists and not a single one knew anything about carpet or tile…. 😂
  • Velociraptor = Distanceraptor / Timeraptor… 🦖🤓
  • I’m getting better at origami….  You could say my skill is in creasing…. 🤠🙃

 
 
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.