Happy Friday!!!
Here is the Uncle Sean Update for 4/24/26 (subscribe here for free to join approximately 18,000 of your peers in receiving the Uncle Sean Update straight to your inbox every week):
Here is the Uncle Sean Update for 4/24/26 (subscribe here for free to join approximately 18,000 of your peers in receiving the Uncle Sean Update straight to your inbox every week):
- The Justice Department drops its criminal investigation into the Federal Reserve and Chairman Jerome Powell likely clearing the way for Kevin Warsh confirmation as incoming Fed Chair (Powell’s term as Fed Chair ends on May 15).
- And some good news for community banks as the FDIC’s Final Rule on Revisions to the Community Bank Leverage Ratio (CBLR) Framework reduces the CBLR to 8% and extends the grace period allowing for more community banks to qualify for the CBLR framework.
- Nacha flexes 💪 this week as they reported continued strong growth in the first quarter of 2026, noting:
- The ACH Network’s payments volume grew 4.8% over last year to 8.9B transactions with a value of $24.1 Trillion 💰💰💰 (an increase of 9.3% over last year).
- Same-day ACH payments surged 23.6% year over year to 403M transactions for the quarter with a value of $1.1T (an increase of 22.1% over last year).
- B2B payment volume grew 9.4% to 2.1B transactions.
- The ACH Network’s payments volume grew 4.8% over last year to 8.9B transactions with a value of $24.1 Trillion 💰💰💰 (an increase of 9.3% over last year).
- Forte Bank (FDIC 5297; total assets $432M) selects CSI NuPoint for core processing along with Apiture (owned by CSI) for digital banking and loan origination.
- 👏 That’s a strong trifecta win for CSI (core, online, and mobile) – particularly impressive as they are displacing an incumbent vendor that had a core strategic position (same vendor for core, online, and mobile)!!!
- Stablecore (a BHB Fund company) announced a strategic partnership with the Maine Bankers Association where Stablecore will serve as a preferred technology provider for the Maine Bankers Association’s members, enabling them to offer stablecoin and digital asset products to remain competitive in the market and provide additional value to current and new customers. 👍
- Meow (global business banking fintech – bank partners are Cross River, Grasshopper, and CFSB via Airwallex card) partners with BVNK to “power Meow’s stablecoin and crypto payments globally, adding new currencies and providing access to the Swift network, enabling customers to move seamlessly between fiat and digital assets, reducing costs and delays in cross-border payments.”
- Recall last month (March 17) where Mastercard to acquire BVNK to connect on-chain payments and fiat rails.
- 👉 More de novo activity!!! A pair of OCC de novo applications to create FDIC insured national banks:
- Mission Lane (credit card fintech) applied with the OCC and FDIC to establish Mission Lane Bank, a credit card bank.
- Organizers have filed with the OCC and FDIC to establish OpenReserve Bank, National Association.
- Some name changes this week:
- LendingClub Bank (FDIC 32551, total assets $11.5B) is changing its name Happen Bank with plans to launch the new name by July 2026.
- First-Citizens Bank &Trust Company (FDIC 11063; total assets $230B) aligning its brand names in Q4 2026. “Silicon Valley Bank (SVB), a division of First Citizens Bank, will rebrand as First Citizens Innovation Banking and First Citizens Fund Banking. CIT Commercial Services, a leading provider of working capital financing, and the Silicon Valley Bank Wine division will rebrand as First Citizens Bank.”
- FinWise Bank (FDIC 35323; total assets $967M) announced a sponsorship agreement with Vera, Inc. to launch an unsecured consumer credit card program (using Zeta as card processor) targeting prime and near-prime US customers.
- Walmart’s OnePay announced the launch of OnePay Builder Card, a credit building card (a secured open-loop Mastercard charge card) with no credit check, security deposit, fees or interest.
- “Fully integrated into the OnePay app and connected to a customer’s Cash account, the Builder Card works differently and is designed to simplify credit building. Customers make purchases based on their available Spend balance, with funds set aside automatically to cover those transactions. Payments can also be handled automatically, helping customers stay on track without the risk of missed payments. Each month, OnePay reports positive payment activity to all three major credit bureaus, supporting customers as they build their credit history over time.”
- So this is only in the UK right now, but I can’t help but wonder how long before this comes to the US… Visa and TikTok (yep) launch new ‘Creator Card’ debit card and business account.
- Focus Bank (FDIC 1426; total assets $880M) implements Bond.AI’s Autopilot Profit module to generate real-time customer insights and personalized product recommendations from transaction data using AI.
- Check out Bond.AI’s Autopilot Analyst and their Autopilot Profit modules built specifically for banks and credit unions.
- PECU (charter 67428; total assets $437M) selects CheckAlt’s LoanPay solution to streamline loan payment processing by automating key workflows with a clean interface and flexible payment options.
- 🎉 BIG win for InvestiFi as Pentagon Federal Credit Union (PenFed; charter 227; total assets $29B), one of the largest CU’s in the nation, has partnered with InvestiFi to bring embedded investing to its 2.8 million members.
- OnPath Federal Credit Union (charter 14692; total assets $1.2B) has launched an in-house BNPL solution (powered by equipifi) fully integrated within OnPath’s online and mobile banking platforms.
- Southwest Louisiana Credit Union (charter 62756; total assets $178M) launches family financial literacy partnership with My First Nest Egg.
- 👀 ICYMI… The FBI’s Internet Crime Compliance Center (IC3) published their 2025 Annual Report on cyber-enabled crime noting losses topped $20B in 2025 (up substantially from $4.2B in 2020 😲) with investment-related fraud the largest component of losses and the 60+ age group being the most impacted.
- 👉 Some good macro-level info here if you like to geek out like me 😊… The FDIC published their 2026 Risk Review which is an overview of 2025 economic and financial market conditions as well as key risks to banks. Couple of key points:
- Uninsured deposits drove industry deposit growth.
- Unrealized losses on securities are still a sticky problem, but declining (a steepening yield curve with long-term rates remaining relatively steady).
- NDFI loan growth was (still) the fastest growing loan segment by far (35.2% YoY growth for 2025); and heavily concentrated at the largest banks (with NDFI credit quality remaining favorable).
- 86% of all NDFI loan balance was held by banks with $100B or more in total assets; and ten of those banks held about 66% of total NDFI loans.
- At the very largest institutions (those with assets of more than $250B), NDFI loans have surged from just 1.2% of total loans in 2010 to 15.6% as of 4Q2025.
- Some personnel moves:
- Congratulations to community banker Trey Maust as the new Chief Innovation Officer for the FDIC!!!
- Fiserv appoints Vishal Dalal as Chief Product Officer ( Financial Solutions ) per this LinkedIn post.
Random Uncle Sean stuff:
- IRS PSA (note that Uncle Sean is not a tax attorney; and this does not constitute advice – always do your own diligence 😊)… Check out the final regulations for workers who receive tips – Treasury, IRS issue final regulations listing occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill | Internal Revenue Service. Note the definition of “qualified tips” excludes automatic service charges for large parties:
- “Qualified tips must be paid voluntarily by the customer and not be subject to negotiation. Qualified tips do not include service charges unless the customer has an option to disregard or modify the service charge. For instance, in the case of a restaurant that imposes an automatic 18% service charge for large parties and distributes that amount to waiters, bussers and kitchen staff, if the charge is added with no option for the customer to disregard or modify it, the amounts distributed to the workers from this service charge are not qualified tips.”
- May need to double check that restaurant POS earnings code so payroll can get those W2’s right (taxable tips versus non-taxable tips)!!! 🤔
- “Qualified tips must be paid voluntarily by the customer and not be subject to negotiation. Qualified tips do not include service charges unless the customer has an option to disregard or modify the service charge. For instance, in the case of a restaurant that imposes an automatic 18% service charge for large parties and distributes that amount to waiters, bussers and kitchen staff, if the charge is added with no option for the customer to disregard or modify it, the amounts distributed to the workers from this service charge are not qualified tips.”
- 🤠 You made it!!! Here are the Dad / Bad Jokes for the week:
- Have you heard about the new corduroy pillows? They’re making headlines… 😉😅
- My neighbor has two Dobermans named Rolex and Timex… They’re watch dogs… 🐶😄
- Back in High School I was so excited to become a Senior… I’m not too excited now… 👴😬
- Allegedly, Iran rejected an initial proposal that gave them the Dallas Cowboys… 😂🤣
- Cinco de Mayo lands on Taco Tuesday this year. The stars have aligned… THIS is what we have been training for, people!!! 🙌🎉🌮
“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.
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