Happy Friday!!!
What is it with 4 day workweeks that just kill us???!!!  Here is the Uncle Sean Update for 6/23/23:
The BaaS Association (part of the BHB network) was busy this week welcoming new members Treasury Prime and Infinant.  Welcome aboard!!! 
And more Treasury Prime news as they partner with Checkout.com with plans to launch several initiatives in the coming months (including Debit Card Funding product for account opening). 
I like seeing this – Citi has collaborated with Best Buy to introduce the Bridge built by Citi® Platform to Best Buy Suppliers, a supplier finance platform providing loans between $100K and $10M.The really cool part is that this platform is connected to over 75 community and regional banks, including more than 20 Minority Depository Institutions (MDIs) and 4 women-owned banks – Nice job Citi!!!! 😊Take a look at the dedicated website for Best Buy suppliers at www.bridgebuiltbyciti.com/bestbuy 
Jack Henry announced the launch of Payrailz®  Fraud Monitor for AI enhanced real-time payments fraud detection. 
We knew it was coming, but it’s official now – the U.S. Department of Education stated that student loan payments will restart in October with interest to resume accruing beginning Sept 1.  Hopefully, this doesn’t result in delinquencies / asset quality concerns in other areas of personal loans (here’s looking at you Credit Card and Auto debt). 
Congrats to Chris Davis for the recent promotion to SVP, COO at RiverBank
👀 Google Cloud announced the launch of Anti Money Laundering AI tool to help financial institutions “more effectively and efficiently detect money laundering.” 
Plaid announced the launch of Beacon, an anti-fraud network for fintechs and financial institutions to log / track bad actors in order to “mitigate repeat fraud against businesses, protect consumers, and create a safer digital finance ecosystem.” 
Meanwhile, the CFPB is working on creating their own public registry of nonbank persons that are under certain public enforcement orders and will include information regarding those orders. 
Continuing the trend from last week, there was certainly no shortage of ‘wheelin & dealin’ in the merger space for fintechs:Robinhood to acquire X1 credit card platform for $95M.BM Technologies (NYSE: BMTX, f/k/a BankMobile) acquired Envel, an AI powered PFM app, in what has been described as a liquidation sale of Envel.Baker Hill to be acquired by Flexpoint Ford private equity firm 
Well, that didn’t last very long….  Crypto custodian BitGo has terminated the planned acquisition of Prime Trust just two weeks after announcing the acquisition.  😲Prime Trust has now halted all USD deposits and withdrawals by order from Nevada regulator stating “the overall financial condition of Respondent has considerably deteriorated to a critically deficient level, and is now in a position where it is in an unsafe or unsound condition to transact business…”   
As expected, the DOJ is looking at expanding the scope of competitive factors for bank merger review beyond the old school approach of branch overlap and market concentration of deposits (although I admit that “Herfindahl-Hirschman index” is fun to say – LOL).Worth noting that the OCC, FDIC, and Federal Reserve are also in the process of revamping bank merger guidelines that have largely been in place since 1995. 
Figure launched a HELOC wholesale model enabling originators to seamlessly access Figure’s home equity line of credit offering. 
Sezzle (BNPL installment platform) announced the launch of Sezzle Pay Anywhere, a subscription-based product that allows shoppers to use their Sezzle Virtual Card to pay anywhere Visa is accepted whether it be online, in-store, or bill pay. 
Notable FinTech funding for the week:Yendo (f/k/a Otto – credit card collateralized by car ownership) raised $24M in Series A funding round.For my Ag Banker friends (Uncle Sean loves AgTech), Guardian Agriculture (autonomous drones for commercial farming as an alternative to crop dusting and ground spraying) raised $20M in Series A funding to continue to scale their U.S. operations.  The article cites more than $100M in pre-orders – NICE!!! 👍Aktos (system of record for modernized debt collection agencies) raised $4.4M in Seed funding to build an AI-powered operating system for the debt collection industry. 
Random Uncle Sean stuff:
I don’t know how I feel about this just yet – but it is very interesting nonetheless…  The USDA approved two California companies this week, UPSIDE Foods and GOOD Meat, to sell chicken made from animal cells (aka “lab-grown meat”) instead of slaughtered animals. AP News has a good summary; and here are the respective press releases for more info – GOOD Meat press release and UPSIDE Foods press release.One thing is for sure, this brings a whole new meaning to the phrase “tastes like chicken!”  LOL 🐔🍗🤣Potential game changer???  Domino’s Pizza announced Pinpoint Delivery this week.  Yep, you can now “drop a pin” within the Domino’s App showing your location and get your favorite pizza delivered straight to you. I’m sure there are certain geographic/distance restrictions (don’t think they are going to hand deliver your pie to you after you hiked 15 miles in the middle of nowhere and got a pizza craving, but you get the gist) – “customers and delivery experts will meet at specific locations designated in the Domino’s app that may be adjacent to places like parks, baseball fields and beaches…”  That’s a good start – no address / no problem.  “Pin me.” 🍕ICYMI (Uncle Sean loves this) – Apparently, Fed Reserve Chairman Jerome Powell is a Deadhead!!!!  “I’ve been a Grateful Dead fan for 50 years.”  Rock on Chair Powell!!!!  🤘😎And last but certainly not least – this week’s rendition of Dad Jokes from Uncle Sean!!!!Excessive heat warning for my fellow Texans – remember to drink plenty of water and stay indoors from 11 AM to November.  😝Noah’s Captain’s Log on Day 39:  “Grilled Unicorn is delicious!”Cows knees are also referred to as burger joints….I haven’t spoken to Aunt Patty’s sister in years…  I didn’t want to interrupt her…  LOL!!!!  🤣 
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.