Uncle Sean’s Update – 4/10/26

by | Apr 10, 2026 | Uncategorized | 0 comments

​Happy Friday!!!
 
WOW there is a lot going on, so let’s jump right in!  Here is the Uncle Sean Update for 4/10/26 (subscribe here for free):
 

  • 👀 ICYMI…  Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent called an urgent meeting this week with bank CEO’s to warn of cyber risks associated with Anthropic’s latest AI model (Mythos).  Anthropic has launched Project Glasswing and purposedly limited the Claude Mythos model release to allow major tech firms and banks (critical software infrastructure) to use the model to scan and secure both first-party and open-source systems.
    • Anthropic said the model is capable of identifying and exploiting weaknesses across every major operating system and every major web browser.  “The fallout—for economies, public safety, and national security—could be severe. Project Glasswing is an urgent attempt to put these capabilities to work for defensive purposes.”  Yikes!! 😬

 

  • Quite a bit of news on the economic front:
    • The BLS came out with a strong 💪 March Jobs Report showing +178,000 jobs added (Dow Jones estimate was +59K) with unemployment ticking slightly lower at 4.3% (but that was primarily driven by a sharp reduction in the labor force).
      • January was revised up by 34,000, from +126,000 to +160,000, and the change for February was revised down by 41,000, from -92,000 to -133,000 (revision history can be found here).
        • If you have been following some of my presentations recently, you will not be surprised to see that healthcare is leading the job growth (the other leg of the K-shaped economy – demographic concentration of an aging population).
    • The BEA released the Feb PCE Report (the Fed’s preferred measure of inflation) showing 2.8% headline inflation (estimate was 2.6%) with Core PCE hitting 3.0% (as expected); and well above the Fed long-range target of 2%.
    • The BLS March CPI Report came in smoking hot 🔥as expected at 3.3% headline rate (Feb was 2.4%) driven by a surge in energy costs of 10.9% (the largest monthly increase since Sept 2005) with gasoline spiking by 21.2% (the largest monthly increase since the series was first published in 1967).  Core CPI at 2.6% was much more reasonable (last month was 2.5%).  CNBC has a good summary.
    • And Final 4Q GDP (third and final estimate) was revised down by 0.2 percentage points to 0.5% (first estimate was 1.4%, second estimate was 0.7%).  Recall the BEA estimate that the government shutdown likely resulted in a subtraction of “about 1.0 percentage point from real GDP growth in the fourth quarter.”

 

  • Shout-out to my friends at Acceleron 🫶 as they announced their new partnership with Monex US Division bringing “Monex’s robust payment infrastructure into the Acceleron’s correspondent banking ecosystem, giving financial institutions new capabilities for sending money internationally and managing inbound wires with greater efficiency.” 🚀
    • I may be biased as I know the good folks over at Acceleron pretty well (and yes, they are all awesome), but all community banks need to check out what Acceleron Bank (in formation) is doing to automate international wire processes and grow non-interest income at your bank; all in a hyper-compliant manner (one of their many strengths).  And tell them Uncle Sean sent you! 😊

 

  • And a high-five 🤙 to my friends at OMNICOMMANDER (more great people) as they expand their relationship with their first international client, AffinityPlus Credit Union (headquartered in Bridgetown, Barbados), to launch CHATCOMMANDER to “provide real-time support to website visitors through OMNICOMMANDER’s team of trained live chat agents. Acting as an extension of the credit union’s staff, these agents assist visitors with questions, guide them to the right products and services, and help create a seamless digital member experience.”

 

 

  • 👉 Check out Encore Bank (FDIC 34562; total assets $3.6B) as they announced the launch of Encore Embedded Finance for commercial clients, powered by Koxa.
    • Dubbed ERP Banking, it allows commercial clients to access banking services directly from their enterprise resource planning (ERP) and accounting systems, including Sage Intacct, Workday, Microsoft Dynamics Business Central and NetSuite, with additional platform integrations coming soon.  Outstanding!!! 🎉

 

  • 👀 Another FI goes to an “all-digital” strategy…  This week, Intercredit Bank (FDIC 25258; total assets $1.6B) in Florida announced it will close its branches and transition to a 100% digital banking model under its Pibank direct digital bank brand.
    • Recall just a couple of weeks ago where VersaBank (Nasdaq: VBNK) has agreed to sell its only retail bank branch to Stearns Bank National Association to focus on their “…highly efficient branchless, partner-based, digital banking model..”

 

  • 💥 Nymbus announced the launch of the Nymbus MCP Server purpose-made for core banking; enabling banks and credit unions a standardized, controlled way to connect AI assistants directly to front-office workflows.  The Nymbus MCP Server is available as part of the Nymbus Banking Platform.

 

  • Giving a virtual fist-bump 👊 to Portrait Bank for receiving conditional de novo approvals from both the FDIC and the State of Florida Office of Financial Regulation!!!

 

  • State Employees’ Credit Union (charter 66310; total assets $58B) selects Engage fi as its strategic partner for a multi-year engagement spanning technology, operations, and enterprise transformation. 👏

 

  • InvestiFi hits a couple of wins this week (and is also part of the Velera announcement below):
    • Heritage Valley Federal Credit Union (charter 303; total assets $130M) selects InvestiFi’s digital investing tools and educational resources for its members.
    • Freedom Bank of Virginia (FDIC 57184; total assets $1B) selects InvestiFi to enable to bank’s clients to invest from their checking accounts and access robust financial education resources, all within their pre-existing banking environment.

 

  • Tyfone also has a pair of announcements:

 

  • My First Nest Egg get’s in on the 2fer action (Uncle Sean is a HUGE fan of early financial literacy programs ❤️):
    • Reliant Credit Union (charter 20258; total assets $742M) launches family financial education partnership with My First Nest Egg to help children build strong money habits early.
    • North Alabama Educators Credit Union (charter 60500; total assets $140M) partners with My First Nest Egg to provide free, age-appropriate tools that make building healthy financial skills simple—at home, in classrooms, and throughout North Alabama.

 

  • And Velera (payments CUSO) also has a couple of PR’s:
    • River Valley Credit Union (charter 97109; total assets $492M) selects Velera for debit and credit card processing.
    • Velera enhanced its Fintech Engagement Program introducing an inaugural cohort of six fintech partners offering exclusive benefits, such as discounted pricing or waived fees, to Velera credit unions.  The new group includes Coverbase (AI-native third-party risk & procurement platform), InvestiFi (integrated digital investing platform), Larky (proactive account holder engagement), Spiral (personalized savings and giving that grow deposits), Swaystack (gamified onboarding and engagement), and Union Credit (embedded lending marketplace).

 

  • Speaking of Velera…  equipifi announced a partnership with Velera to enable Velera’s credit union clients to launch their own in-house debit BNPL products through equipifi and provide purchase financing capabilities directly within their checking accounts, debit card programs, and digital banking apps. 🚀

 

  • Cash App (owned by Block) adds BNPL for P2P transfers for a 7.5% fee for when you really need to pay your buddy back, but you just don’t have the coin! 😊

 

  • Luana Savings Bank (FDIC 253; total assets $2.2B) selects nCino to enhance its lending capabilities by deploying nCino’s Commercial Lending and Agriculture Lending solutions.

 

  • Monzo exits the US (again) citing a strategic decision to focus on its core markets as it looks to deepen capabilities and accelerate growth across the UK and Europe.

 

  • Mercury leans into payroll with their acquisition of Central, an AI-native payroll and benefits platform designed for startups.

 

  • Granite State Credit Union (charter 63272; total assets $743M) selects Lumin Digital for its cloud-native digital banking platform.

 

  • Washington Trust Bank (FDIC 1281; total assets $10.7B) selects Deluxe to support its merchant services program.

 

 

  • Notable FinTech funding:
    • Cross River Bank’s holding company (CRB Group, Inc.) raised $50M common equity capital raise to fuel expansion across AI, crypto, and embedded finance.
    • OpenFX raised $94M in Series A funding round (HUGE for a series A).
    • b1BANK’s holding company (Business First Bancshares, Inc.) raised $85M in capital to retire approximately $67M in existing subordinated notes and provide additional capital support for b1BANK.
    • Pipe (embedded finance platform for small business financing) raised $16M in capital funding.

 
 
Random Uncle Sean stuff:

  • If you haven’t already, this is the last weekend to get your taxes filed without an extension…  Okay – that note was really just for me! 😬😊
  • Definitely take a few minutes and check out the Artemis II Multimedia: Crew Photos, Videos and Mission Highlights – those pics are amazing!!! 🌎
  • Now let’s crank out some Dad / Bad Jokes:
    • What kind of music does the Easter Bunny listen to?  Hip Hop… 🐰😅
    • What do lizards do when they lose their tail?  They go to the retail store… 🦎🤦‍♂️
    • PSA – 2 Reese’s Peanut Butter Eggs has 4 grams of protein…  You’re welcome! 🤠
    • And another diet tip:  Your pants won’t get too tight if you don’t wear any! 😲🤣 
      • Be sure to follow Uncle Sean for more health and fitness tips! 🙃😉

 
 
“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 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 and its affiliates – we all know he’s a little bit different; but that’s why we love him.