Uncle Sean's Update - 8/14/26

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 
 
Random Uncle Sean stuff:

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

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