Uncle Sean's Update - 9/11/26

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

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

 

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

 

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

 

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

 

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

 

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

 
👀 De Novo watch is getting exciting!!!

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 
 
Random Uncle Sean stuff:

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

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