Happy Friday!!!
Very happy to report plenty of good news, financial wellness programs, and awesome partnerships this week – Here is the Uncle Sean Update for 5/19/23:

Congratulations to Lise Kruse for being elected as the new CSBS Chair!!!!  Uncle Sean loves this – two firms that I have great respect for doing great things together!  DCI and MOCA sign two banks to digital account platform featuring MOCA’s Digital-First NextGen Card-Based Payment Platform integrated with DCI’s advanced core processing and digital banking solutions.  Love it!!!!  Plinqit (automated savings and financial wellness platform) partners with Sonata Bank to help the banks customers [particularly targeting the quick service restaurant (QSR) franchisees and their employees] grow savings while boosting their knowledge of personal financial wellness.  Uncle Sean is a huge advocate of financial literacy and financial wellness programs at all levels, so I am happy to see this.  😊  More financial wellness…  Just in time for the upcoming student debt repayment moratorium expiration – PNC Bank announced PNC Student Debt Solution, powered by Candidly™ as an employee benefit platform for their business customers.  Nice work!!!!  And even more financial wellness…  Truist Foundry (the division within Truist Bank focused on creating digital solutions) announced the launch of the Truist Long Game mobile app to help users build healthy financial habits with the chance to earn rewards deposited into a linked Truist deposit account.Recall that Truist acquired the fintech Long Game back in May 2022.  The original Long Game “founder Lindsay Holden and her team now make up Truist Foundry, a cross-functional team with the goal of leading innovative growth to help Truist shape the future of finance for clients.”  Arteria AI (digital documentation infrastructure) announced a strategic partnership with Compliance Systems (some great folks over there) to provide a joint solution that will provide community financial institutions with “streamlined, compliant digital documentation in a single solution giving them enhanced collaboration, workflow and data capabilities while driving efficiency and operationalizing the data within their documents” regardless of size / asset class.Worth noting that Compliance Systems will be rebranding to TruStageTM Compliance Solutions.  Meridian Bank (FDIC 57777; Total Assets $2.2B) partners with Corserv card issuing platform to launch a new business credit card program.  Maxwell (Mortgage-as-a-Service B2B platform) announced the acquisition of LenderSelect Mortgage Group from Blue Ridge Bank (who had previously acquired LenderSelect back in Jan 2020) – pricing was not disclosed.  Check out their end-to-end platform including private label origination at himaxwell.com.  The Federal Reserve released their semiannual Supervision and Regulation Report – Uncle Sean found the “Banking System Conditions” section to be really cool with a lot of good macro level data certainly worth paying attention to.”Overall, banks have strong capital and liquidity, enabling them to lend and provide financial services to households and businesses,” Fed Vice Chair for Supervision Michael Barr said in written remarks issued Monday. “At the same time, recent stress in the banking system shows the need for us to be vigilant as we assess and respond to risks.”  Wells Fargo agrees to pay $1 billion to settle shareholders’ class-action lawsuit related to their (uh… well… um… ahem…) previous lawsuits – Yikes!!! 😲  And finally, it was a busy week in Washington with plenty of bank related hearings from both the Senate and the House.  I’m not going to dig into this (thankfully as this dead horse has been beaten enough in the media), but if you really want to check some of it out – here is a pretty good list:Federal Reserve Vice Chair for Supervision Michael S. Barr – full written testimony.Acting Comptroller of the Currency Michael J. Hsu – oral statement as well as full written testimony.FDIC Chairman Martin J. Gruenberg – full testimony.NCUA Chairman Todd M. Harper – oral testimony as well as full written testimony.Former Chief Executive Officer and President, First Republic Bank – testimony of Michael J. Roffler.Banking Dive has a pretty good summary of the somewhat fiery testimony of SVB and Signature Bank execs.  Notable FinTech funding for the week:Zip (intake-to-pay platform) raised $100M in Series C funding round at a $1.5B valuationTipalti (end-to-end business payables platform) raised $150M in Growth Financing following $270M in Series F back in 2021.Cardless (co-branded credit cards) secured a 3-year $75M credit facility.Percent (credit marketplace) raised $30M in Series B funding round.  
Random Uncle Sean stuff:It could be worse…..  Argentina just raised their benchmark interest rate by 600 bps to 97%….  WHOOF!!!!Texans everywhere are rejoicing as Bluebell and Dr Pepper team up to create new Dr Pepper Float flavored ice cream!!!!! Oh Yeah!!! 🤠You can stop scrolling now – LOL!!!!  Here are the Dad Jokes for the week!!!!I set my ring tone to the theme from ‘Titanic’ – now my phone won’t quit syncing….  Hehehehehe!!!!Does Sangria wine count as liquified fruit salad…???  Asking for a friend!!! 😊In the South, chicken coups can’t have more than two doors – because if it had four it would be a chicken sedan….  (eyes rolling)…Aunt Patty said I have C.D.O….  It’s like O.C.D. but all the letters are in alphabetical order as they should be!  😝  
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.