Uncle Sean's Update - 9/4/26

​Happy Friday and Happy Labor Day Weekend!!!
 
Here is the Uncle Sean Update for 9/4/26 (subscribe here for free):
 
A couple of quick macroeconomic headlines:

• 💥In a bombshell report, the BLS August Jobs Report showed a very strong +162,000 jobs added (about 3X the Dow Jones estimate of 53K) with unemployment steady at 4.1% as expected.
  • It wasn’t just healthcare and social assistance (+28.4K) hiring this month as job growth was fairly broad.  Food services and drinking places increased by 59K, local government education added 42K, and manufacturing +16K (reference Table B-1 of the Jobs Report).
  • Marking further strength, the Jun and Jul jobs were both revised up by +11K and +44K respectively (source – revision history).
  • Average hourly earnings came in at 3.1% YoY.
  • CNBC has a good summary.

• The Federal Reserve released the Beige Book - August 2026 reflecting slight to moderate economic growth (think of this akin to a “boots on the ground” report by Fed District).  Consumer spending continued to grow, but reports reflect both heightened price sensitivity on the one hand and solid high-end purchases on the other.

• Meanwhile, the US trade deficit in July tops highest level since before 'Liberation Day'; and US Diesel Prices Hit a Record High of $5.85 pushing up transportation costs for a long list of goods – previous record was $5.816, per AAA, set in June 2022.

• CPI and PPI data to be released towards the end of next week.  Next FOMC meeting to set interest rates is Sept 15-16 and includes the Summary of Economic Projections. 

 
Now back to the rest of the Update 😊:

• FIS (NYSE: FIS) announced the launch of FIS® Embedded Banking Platform enabling banks to offer banking services directly within the business software their corporate customers use daily. 
  • “Banks leverage Embedded Banking Platform from FIS, partner with a vertical software provider or fintech, and embed their own accounts and payment capabilities into that partner’s product. Corporate customers get an integrated banking experience without leaving the software they use daily. The bank keeps the customer relationship. The software partner owns the user experience. FIS powers the infrastructure.”
  • Initial pilot banks including Cogent Bank (FDIC 34908; total assets $2.5B), Commercial Bank of California (FDIC 57417; total assets $4B), and M&T Bank (FDIC 588; total assets $218B), with accounts and payments planned for Q4 2026.
    • This PYMNTS article has some good additional insights.

• Experian has launched a new credit cards app on ChatGPT offering consumers a new way to discover credit card options / offers (matched to your Experian credit profile) within Experian's trusted credit card marketplace using conversational AI.

• Nova Credit will now distribute Block's Cash App Score giving lenders near real-time cashflow visibility of borrowers.  “As a distribution partner, Nova Credit will make the Cash App Score available to lenders in its network as part of the lenders' existing underwriting workflows, with no new consumer credentialing required.”

• Digital Onboarding announced the launch of DOBI, an AI-native Business Intelligence agent for banks and credit unions.  DOBI gives banks and credit unions a single AI agent using natural language to analyze (spend behavior, inflows, and outflows), personalize, and act on what it finds - with every action logged for a compliance-ready audit trail.  Everything still runs through your review process: compliance, the business line, marketing sign-off on a clean PDF before anything goes out.
  • Check it out here - DOBI AI Agent | Digital Onboarding. 👏

• 💪 Shout-out to Nymbus as Sagehaven Bancorp partners with Nymbus to launch Sagehaven Bank (In formation), a digital-centric de novo focused on small-to-mid market companies and mid-to-high-net-worth consumers.  The Nymbus cloud-native banking platform will “enable Sagehaven to operate a single Pittsburgh-based branch while giving businesses and consumers nationally the ability to fully manage their banking needs digitally once it is chartered and open for banking business.” 🤙

• Lumin Digital launched the M&A Readiness Advantage platform designed to guide financial institutions through every phase of acquisition integration.
  • “Acquisitions are defining moments for financial institutions, and the digital experience is where members and customers feel the impact first,” said Lisa Daniels, Chief Operating Officer at Lumin Digital. “The M&A Readiness Advantage brings the operational discipline and client partnership we’re known for to this critical moment, giving our clients a structured path to grow through acquisition while protecting the experience their users rely on. Lumin has guided clients through acquisitions of all sizes on a single, modern architecture, and that foundation is what allows us to deliver this kind of consistency and confidence at every phase.”

• Well that didn’t take long (X Money went live at the end of July)…  Elon Musk s’ social network X stated that all of its U.S. creator payouts will now be handled through X Money, the app’s payments service (payouts in the US were previously powered by Stripe).  If you don’t have an X Money account, you will have to open one (X Money is not a bank; the accounts are held at the FDIC-insured Cross River Bank).
  • The benefit to using X Money is access to payouts will be available the moment they’re sent (previously, payments were processed every two weeks, with a minimum payout of $30).

• 👀 De Novo watch…
  • Revolut announced that it has received conditional approval from the OCC for its U.S. national bank charter to establish Revolut Bank US.
  • The Blank Slate is reporting that Essex Mortgage (Data Mortgage) seeks to open Bank Elevated in Frisco, TX.  Applications with the FDIC and the Texas Department of Banking were not immediately available.

• 👉 STAR Financial Group (BHC for STAR Financial Bank; FDIC 27235; total assets $3.2B) to launch "Denovo", a direct digital bank subsidiary focused on developing digital financial solutions for small businesses, startups and entrepreneurs with an expected launch in 2027. 🤘

• TabaPay announced $155M in growth financing and the planned acquisition of Transact Bank (FDIC 13986; total assets $6.5M) an OCC-chartered and FDIC-insured bank based in Denver, CO.  Following the acquisition (subject to customary regulatory approvals), Transact Bank will be renamed TabaBank, N.A., and operate alongside TabaPay under TabaHoldings, Inc., a newly registered bank holding company.  Per the PR, the acquisition is expected to close in the fourth quarter of 2026.

• Tyfone announced the acquisition of ATTUNE expanding Tyfone's platform with consumer and business account opening, deposit funding, loan origination and servicing capabilities, extending the digital experience from the first interaction through lifelong engagement.
  • 👉 “Because ATTUNE's account opening and loan origination solutions are core and digital banking agnostic, financial institutions can deploy them alongside existing technology investments or integrate them seamlessly with Tyfone's nFinia® Digital Banking Solution.”

• OnePay (Walmart’s fintech app sporting 7 million retail customers 😲) announced the launch of My Garage enabling customers to have a full financial picture of one of their largest sources of monthly expense.  My Garage gives customers access to an up-to-date vehicle value, loan equity, payoff timeline, auto insurance offers, and gas rewards, all in one place inside the app where they manage the rest of their financial lives.

• Check Alt announced a partnership with LoanPro where CheckAlt will support LoanPro customers with lockbox, electronic lockbox, remote deposit capture, and remote lockbox capabilities - helping lenders streamline inbound payment processing and reconciliation.

• Do these guys ever sleep?!?!?!  OMNICOMMANDER is at it again 🚀 as credit unions continue to prioritize upgrading their digital platforms – this week they have launched another new website and brand identity for Mohawk Valley FCU.
  • Check out Mohawk Valley’s new website here - https://www.mohawkvalleyfcu.org/.

• InvestiFi continues their march across the US with another big win…  Northwest Federal Credit Union (charter 5500; total assets $4.5B) partners with InvestiFi to offer investing services directly through its online and mobile banking platforms to more than 280,000 members nationwide.

• Some personnel moves this week:
  • Teslar Software names Kevin Tweddle as Chief Financial Officer as Teslar enters its next phase of growth, including its expansion into the consumer loan origination market and continued investment in intelligent lending solutions for community financial institutions.
  • Carefull (a financial safety platform designed to protect older adults, next-gen families, and the financial institutions that care for them) adds Duke neuroscientist Gregory Samanez-Larkin as Research Fellow, a scientific leadership role focused on accelerating the application of new behavioral and cognitive science directly into the development of Carefull’s technology.

• Notable FinTech funding for the week:
  • Felix (AI-powered WhatsApp money-transfer platform for Latino immigrants) raised $200M in capital consisting of $87M in Series C funding and a $113M debt facility.
  • Immediate (EWA and financial wellness platform) raised $13M in Series B funding round and is also expanded its existing working capital facility with Always.bank to support the company’s continued growth.

 
 
Random Uncle Sean stuff:

• Ah, we made it to Labor Day – the psychological end to summer although the technical first day of fall (autumnal equinox) is not until Sept 22.  We welcome college football (YAY), thoughts of the upcoming holiday season, and hopefully a break in this heat dome here in Texas – WHEW!!! 
  • If you are getting in the mood for fall foliage (I am) – check out this interactive Fall Foliage Prediction Map to see peak color estimates by region and date range.
• Okay – let’s finish this so we can start the long weekend festivities!!!  Here are the Dad / Bad Jokes to wrap up this week:
  • My doctor told me that jogging could add years to my life.  He was right – I feel 10 years older already!!! 😂🤣
  • A nose is for smelling and feet are for running, so why do noses run and feet smell??? 🤔🤷‍♂️
  • Found a coin with teeth marks all over it….  It was Bitcoin… 😉
  • This one goes to my friend Mr. Dan Heilveil who has been under the weather all week (get well soon buddy!):
    • Do lizards ever look at snakes and be like “Lieutenant Dan!!!” 🤠🙋‍♂️🫡

 
 
“The world needs good people - be one of them.”
 
Have a GREAT Labor Day 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.