​Happy Friday!!!
WOWZA what a week!!!!  I am writing this literally as we are wrapping up our conference – The Roundup presented by FedFis 🤠.  I promise a bit of a summary of The Roundup happenings next week (spoiler alert – it was AMAZING with an overall consistent theme of “compliance, community, and commerce”), but for now – Here is the Uncle Sean Update for 11/3/23:
It’s Fed Week!!!  As widely expected, the FOMC unanimously voted to hold rates steady at the current range of 5.25% – 5.50% where it has been since July.  However, quantitative tightening continues (QT – a/k/a “shrinking the Fed Balance Sheet”) related to reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at the current rate of $60B in Treasuries and $35B in MBS per month per the policy implementation note.  CNBC has a good summary as always.  Keep in mind that the next meeting is scheduled for Dec 12-13 and will include the ever-entertaining Summary of Economic Projections (“dot plot” for us older folks).If you really want to dig deeper, here is:Chairman Powell transcript (26 pages)Press conference video (51:28)Meanwhile, the BLS issued their October Jobs Report showing job growth of 150,000 (estimate was 188K; and down sharply from September’s jaw dropping 300K – which includes a downward revision of 39K).  Unemployment ticked up to 3.9% (expectation was 3.8% which was last month actual). 
Happy to share a good plug here – the CFPB Selects FedFis Data!!! NICE!!!  
And more good news as the Bankers Helping Bankers (BHB) Fund welcomes four new community bank investors – Fannin Bank, Dream First Bank, Ozona Bank, and Generations Bank are the latest to join the BHB Fund as limited partners.Side note…  I finally got the chance to hang out and talk with Richard Leggett and Neeraj Vohra from the BHB Fund (Latitude38 Venture Partners) – a great time with some REALLY great people!!! 😊 
The White House issues AI EO (I’m certain there’s an Old MacDonald joke there, but I digress 🤣😂)….  CNBC has a good summary
👀 Per an SBA announcement earlier this week, Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first non-depository institutions to be granted new Small Business Lending Company licenses in 40 years. 
BankProv has selected Cable to enhance the banks financial crime compliance program with Cable’s all-in-one financial crime effectiveness testing platform. 
Intuit is shutting down Mint by January 1, 2024 while encouraging a shift for those users to the Credit Karma platform it acquired in 2020. 
Neu (financial wellness for students) announced the launch of the Neu Card (a Visa charge card CC) to help college students build credit without falling into the debt trap. 
And not too much of a surprise here, but the jury quickly found SBF guilty on all charges and is now facing up to 115 years in prison. 
Some interesting personnel moves:The Clearing House (TCH) announced that payments industry expert, Margaret Weichert has been hired as Chief Product Officer.PayPal (NASDAQ: PYPL) announced Jamie Miller has been named as Chief Financial Officer
Notable FinTech funding for the week:Charlie (neobank targeting older Americans) raised $23M in Capital consisting of $16M in Series A plus another $7M debt facility.  Charlie intends to use the funding to accelerate growth and “launch industry-first financial fraud protections specifically designed for the unique needs of older Americans.” Payroll Integrations (“financial wellness as a benefit” tools platform) raised $20M in Series A funding round.EarlyBird (app that allows friends and family to gift investments to children via UGMA custodial account) raised $4.5M in extended Seed round
Random Uncle Sean stuff:
Special shout out to our baby girl, Claire – who turns 19 today (how is that even possible???)!!!  Happy Birthday, Claire – Mom and Dad love you and we are super proud of you! 💕 🎂🎉⏰ Don’t forget to set your clocks back this Saturday night as daylight savings time comes to an end (technically at 2 AM local time Sunday Morning)….Congratulations to the Texas Rangers for winning the MLB 2023 World Series in a spectacular game 5 victory (and becomes the first MLB team to win 11 straight playoff games away from home – that’s amazing)!!!!As we wrap up our Roundup conference, this weeks classic Dad Jokes are brought to you by Jeremy Neuharth with Sycorr:A banker friend told me to put something away for a rainy day…..  I’ve gone for an umbrella.  😊This banker I know has absolutely no friends… I think he is “loanly”…   What’s the hardest part bout being addicted to banking?  The withdrawals!!!  😝 
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 smayo@fedfis.com | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | info@fedfis.com #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.