Uncle Sean's Update - 9/18/26

​Happy Friday!!!
 
Here is the Uncle Sean Update for 9/18/26 (subscribe here for free):
 

• It’s Fed Week!!!  As expected by many, the FOMC voted unanimously to raise rates by 25 basis points to a new range of 3.75% - 4% citing sticky price inflation, geopolitical concerns, and a strengthening economy.
  • Here is the Transcript of Chairman Warsh’s Press Conference (15 pages) and the Press Conference video (28:42).
  • The Summary of Economic Projections (not policy – just a forecast based on info available today) shows a median projection of 1 additional 25 bps rate hike by year end.

 

• CORA Group officially launches PhoenixWorx into the U.S. banking market.  “PhoenixWorx leverages extensible open architecture and embedded AI-enabled tools through its partnership with Microsoft to provide maximum flexibility and reliability for FIs. Featuring a modern banking processing core that can operate in both batch and real-time environments, a cutting-edge core-agnostic digital banking solution and a fully integrated data analytics platform, the PhoenixWorx product suite supports multilingual digital banking, and creation of custom workflows without software development, enabling faster Go To Market.” (bold emphasis added by Uncle Sean)
  • Recall where CORA Group recently acquired Finastra’s Phoenix Core System, Malauzai Digital Banking and Fusion Analytics businesses on June 3, 2026.

 

• CSI unveils commercial suite to enable community banks to attract and grow business relationships.  The new suite encompasses “business digital banking, real-time ledgering, multi-rail payments, and card capabilities to win and retain complex commercial relationships.”  Check it out here - Commercial Suite | CSI.
  • This follows up on their previously announced acquisition of Qolo expanding their commercial banking and embedded finance capabilities.

 

• BOND.AI announced a strategic partnership with WebMobileFusion to help financial institutions move from banking intelligence to practical action and measurable results.
  • WebMobileFusion helps institutions assess and build the data, governance, and process foundation required to adopt AI – further enabling BOND.AI’s Autopilot platform to combine more effectively “forecasting, benchmarking, risk intelligence, and customer-level decisioning to improve performance, deposits, engagement, and retention.”

 

• Enova terminates the merger agreement with Grasshopper Bancorp (bank subsidiary is Grasshopper Bank; FDIC 59113) citing concerns over the regulatory approval process.

 

• Mercury announced the launch of Mercury Books, an intelligent accounting software system built directly into Mercury.  It uses “AI to categorize and reconcile banking, card, invoicing, and bill pay activity” – all in real-time eliminating the need for imports, exports, or manual entry. 🤙
  • Worth mentioning…  Mercury Bank, NA (de novo application in process) has selected FIS as its core platform provider per this FIS flex - FIS Builds Core Banking Momentum Across New $100 Billion Bank and Five New Charters.

 

• 👀 Well, that didn’t take long…  OpenCoreOS, an AI-native core modernization platform that was set to target tier-1 US banks as of 1Q2026, has been acquired by FIS.  The article states that the deal was completed in March and was not announced at that time. 🤔

 

• Teslar Software announced that TeslarSync is now available through AppMarket from Fiserv.
  • “TeslarSync extends the connection between core systems and the Teslar platform by enabling automated core write-back capabilities. Rather than requiring bankers to enter the same information into multiple systems, TeslarSync synchronizes data between systems as work is completed, helping reduce duplicate data entry, improve accuracy, and create more consistent operational processes.” 💪

 

• Personetics announced the launch of Banking Console, an AI-powered banker enablement product that continuously analyzes customer behavior, primacy, and financial signals across their entire portfolio. 

 

• Middlesex Federal Savings (FDIC 28368; total assets $654M) selects Kobalt Labs to automate fintech partner due diligence and marketing compliance as it scales its fintech partnership program.  The bank cited Kobalt’s combination of advanced AI capabilities and deep understanding of financial services compliance as key to the partnership.

 

• 👉 Lumin Digital leans in again on the bank side as Eclipse Bank, Inc. (FDIC 58049; total assets $486M) selects Lumin Digital as its new digital banking provider.

 

• Lineage Bank (FDIC 6100; total assets $198M) has changed their name to Harpeth Bank & Trust.
  • The name change follows a significant recapitalization (about $30M at the BHC level with $21.8M capital infused at the bank as of June 2026 call report) completed earlier this year by Recap Financial Ventures LLC. This locally led investor group acquired a majority interest in the bank's holding company, Lineage Financial Network Inc.
  • The bank also announced its executive leadership team, bringing together veteran bankers with deep experience in Middle Tennessee and expertise spanning commercial banking, credit, finance, deposits, technology and mortgage lending including David McDaniel as President and CEO and Eddie Maynard as EVP and Chief Credit Officer.

 

• 🚀 OMNICOMMANDER continues their weekly roll 💪!!!  This week, OMNICOMMANDER launches a launches a new website for Greenville Heritage Federal Credit Union (charter 4400; total assets $181M) blending modern digital access with the 85 years of personal local service to Greenville County.

 

• Cincinnati Ohio Police Federal Credit Union (COPFCU; charter 389; total assets $188M) has partnered with InvestiFi to give its members embedded digital investing solution direct from their checking accounts without having to exit to a third-party app.

 

• 💥 Reseda Group, a CUSO owned by MSU Federal Credit Union (one of my favorite innovative credit unions; charter #23729; total assets $8.9B) has launched Bolt by Reseda Group, a new BaaS infrastructure platform supporting account opening, payments, debit card issuance, and embedded finance with MSUFCU as the financial institution of record (sponsor bank).  Check it out at Bolt | Reseda Group

 

• Some regulatory updates worth noting:
  • CSBS Announces AI Supervisory Framework to support state examiners in assessing the use and risks of artificial intelligence (AI) at state-chartered banks and state-licensed nonbank financial institutions.
  • Speech by Vice Chair for Supervision Bowman on initial findings from independent review of Silicon Valley Bank - Federal Reserve Board found Fed supervisory staff "knew, or should have known" about the bank's vulnerabilities as early as March 2022 — more than a year before the bank failed.
  • FDIC Board of Directors Approves Proposed Rule to Modernize and Reform the FDIC’s Framework for Reviewing Bank Merger Transactions | FDIC.gov
  • Joint Statement on Community Banks’ Engagement with Core Service Providers
  • Proposed Interagency Third-Party Risk Management Guidance and Issuance of Joint Statement on Community Banks’ Engagement with Core Service Providers | FDIC.gov

 

• Notable FinTech funding for the week:
  • Thatch (health benefit platform) raised $108M in Series C funding citing 7x revenue growth YoY and now serving more than 5,000 companies. Thatch provides a health benefits platform that lets employers set health budgets and employees choose insurance and healthcare services. 
  • Footprint (AI operating system for banks and fintechs supporting financial crime compliance such as AML, enhanced due diligence, KYC / KYB, transaction monitoring investigations and more) raised $25M in Series B round.
  • Kastle (AI workforce platform for financial services) raised $24M in Series A
    • Led by CEO Rishi Choudhary, Kastle builds an AI workforce platform that enables financial institutions to deploy specialized AI agents that execute high-volume workflows across existing core systems without requiring full infrastructure overhauls.

 
 
Random Uncle Sean stuff:

• The legendary Warren Buffett officially retired as CEO of Berkshire Hathaway back on Dec 31, 2025, but has now (as anticipated) stepped down as Chairman of the Board.  In true Buffett fashion, he penned his last shareholder letter stating, “Father Time always wins. He has, however, been generous with me.”  I will miss his straightforward and often humorous writing style.
• 🏈 College football fans – this week the “must watch game” is #7 LSU at #8 Ole Miss this Saturday night at 6:30 PM Central on ABC.  Aside from a top 10 matchup of SEC teams, there is plenty of sideshow drama as Lane Kiffin (Head Coach for LSU) returns to face the program he spurned just last year. 😲
• And here are the Dad / Bad jokes:
  • I can’t speak on behalf of the chicken, but the turtle crossed the road to get to the Shell station… 🐢😉
  • When you say you don’t drink, everyone tries to offer you a drink.  When you say you don’t eat meat, everyone tries to feed you meat.  But if you say you don’t have any money…. Uh nope…🤷‍♂️🤠
  • If you want to impress me with your vehicle…  It’d better be a food truck!!! 😋😀
  • It amazes me how much “exercise” and “extra fries” sound alike! 😅
  • After 50 you’re like an older cell phone battery…  Even when you charge yourself overnight for 11 hours, by 10 AM you’re at 60%. 🙃🤣

 
 
“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.