Uncle Sean's Update - 6/20/25

​Happy Friday!!!
 
Welcoming in the first day of summer 🌴🏖️ as today is the Summer Solstice for the Northern Hemisphere! ☀️  Here is the Uncle Sean Update for 6/20/25:
 

• It’s Fed Week!  And as expected, the FOMC unanimously decided to keep the target range for the Fed Funds rate at 4.25% - 4.5% and to continue reducing the size of the balance sheet.  More detail below if you want it:
  • Here is the Summary of Economic Projections (SEP is forecast estimates and NOT policy) that show plenty of changes from March, such as lower GDP growth by 0.3%, higher inflation by 0.3%, and higher unemployment by 0.1% (similar movements from Dec to March SEP). Perhaps the most telling piece was the actual dot plot distribution for the midpoint of fed funds rate (page 9; figure 3.E of the SEP), while declining, is wider and higher than March reflecting wider uncertainty amongst FOMC committee members.  I know… Shocking, right (sarcasm)??? LOL 🤠
  • Here is Chairman Powell’s press conference video (51:30), and unofficial transcript.  Some key points that I picked up on from Chairman Powell’s press conference:
    • Consistent with the theme of the past Fed meetings, we're still in a data-dependent "wait and see" mode.
    • Related to longer run SEP - "No one holds these rate paths with a great deal of conviction."  This was reiterated a couple of times.
    • Powell acknowledged that uncertainty surrounding tariffs has “diminished, but remains elevated.”

 

• Not gonna lie one bit – Uncle Sean loves this!!!  Vantage Bank Texas (FDIC 3405; total assets $4.4B) announced a partnership with Infinant to leverage the Infinant Interlace platform to power Vantage Bank’s new embedded banking line of business, Vantage Collabs. 💥 Looking forward to more from Vantage Collabs!!!
  • 👀 Uncle Sean is seeing a lot of traction with the Infinant platform – be sure to check it out here at https://www.infinant.com/platform/.

 

• Fiserv collaborates with Early Warning Services to offer the digital wallet Paze direct to financial institutions – guessing that Fiserv MALBP special purpose charter (for processing card-based payment transactions) is paying off as a competitive advantage. 😊

 

• Happy to see OMNICOMMANDER making headlines again this week as they announced a new partnership with Tyfone’s digital banking offering enabling Tyfone FI clients to easily access OMNICOMMANDER’s comprehensive digital marketing platform via their unified ecosystem. 🚀

 

• Autobooks announced the launch of Autobooks Capital, powered by Fundbox, enabling short-term funding for small business customers.
  • 👉 “Because Autobooks Capital is embedded directly within digital banking, small business owners can apply for and access funds without ever leaving their banking app. This direct-to-account experience simplifies cash flow management and reinforces the financial institution’s position as the primary operating hub for small businesses.”  Bold emphasis added by Uncle Sean.

 

• This week’s performance flex 💪 goes out to HC3 (which is also a recently Endorsed Service Provider of The Independent Bankers Association of Texas)!!!  HC3 (a fully customizable statement partner for FI’s) continues its strong growth through the first half of 2025 following up on its record-breaking 2024 performance with “profitability growth of more than 42%.” 
  • “FI’s partnering with HC3 have also reported significant operational improvements, including streamlined processes, reduced manual workloads, and enhanced customer experiences through professional, consistent statement designs across all delivery channels.”
  • “Unlike providers that offer limited layout options, HC3 works with each financial institution to create unique, branded statement designs that reflect their brand and marketing objectives.”
    • Very nice!!! 😊

 

• Pinwheel expands its partnership with Jack Henry digital banking platform to include its Switch Kit and Bill Navigator products.  This expands on its direct deposit switch solution available to Banno customers since 2024.
  • Note that Switch Kit is a combination of Direct Deposit Switch and Bill Switch.  Bill Navigator can “identify trial subscriptions and their cancellation timelines, proactively notify consumers of upcoming trial expiration dates, and offer consumers the ability to cancel with one click from within a bank's app.”

 

• State Employees CU of Maryland, Inc (SECU; charter 66330; total assets $5.6B) selects MANTL to enhance its in-branch and online account opening processes for businesses and retail members.
  • SECU already partners with Alkami (who acquired MANTL earlier this year) for online and mobile.

 

• Speaking of…  MANTL announced integration with the Fiserv AppMarket enabling banks and credit unions operating on Fiserv cores to launch deposit origination technology significantly faster, “while reducing integration costs by nearly 50%.” 👏

 

• Glendale Area Schools Credit Union (charter 97101; total assets $437M) is now live with Mahalo Banking for online and mobile banking in conjunction with their recent core upgrade to Corelation Keystone.

 

• Column N.A. (FDIC 58224; total assets $786M) and Best Egg announced a new lending partnership where Column will serve as a sponsor bank partner for Best Egg’s secured and unsecured personal loans.

 

• The Bank of Glen Burnie (FDIC 16820; total assets $358M) partners with CorServ to launch a credit card issuing program for their commercial and consumer customers.
  • Jonathan Shearin, Vice President and Chief Lending Officer at The Bank of Glen Burnie stated, “CorServ’s credit card program has key features like spend controls and virtual cards coupled with high-quality customer service. With CorServ’s solution, we can better service our local customers and retain more control over our issuing program, unlike with an Agent Bank credit card program.” 👍

 

• With the current administration pushing for regulatory framework related to issuers of stablecoins by August, the Senate passed the GENIUS act and now heads to the House which has its own version called the STABLE act (so a high likelihood that some version of the two will become law).  Credit to Nik Milanović and the team at This Week in Fintech for providing this excellent overview of the GENIUS Act and STABLE Act as prepared by Davis Polk & Wardwell LLP (DavisPolk – note disclosures that this document is for general information only and does not constitute legal advice 😊).

 

• 👀 Meanwhile, the DOJ seized more than $225.3M in cryptocurrency this week linked to “cryptocurrency confidence scams” (also known as “pig butchering” scams) that were part of a sophisticated blockchain-based money laundering network where the organized crime ring allegedly linked to an international human-trafficking syndicate (2:07 mark in this DOJ Video) that was ultimately linked back to foreign actors in multiple compounds in Southeast Asia.
  • Notably, one of the victims was Shan Hanes, former CEO of Heartland Tri-State Bank in Elkhart, Kansas who embezzled bank funds to cover (source page 29, paragraphs 85 – 87 of the Complaint for Forfeiture) – ultimately causing the bank to fail.

 

• Some key personnel moves:
  • DCI announced the hiring of Julie Carter as Vice President of Customer Service.
  • Synctera hires former Federal Reserve and OCC examiner Deb Bonosconi as Chief Risk and Compliance Officer (CRCO).
  • R&T Deposit Solutions names Theo Curey as President.

 

• Notable FinTech funding for the week:
  • Ramp (corporate card and spend management platform) raised $200M in Series E funding round at a massive $16B valuation.
  • Payabli (embedded payments) raised $28M in Series B round.
  • Clockout (embedded Earned Wage Access (EWA) solutions for banks and credit unions) raised a $2M Seed Round.

 
 
Random Uncle Sean stuff:

• 🏀 WOWZA!!!  The Indiana Pacers handed the Oklahoma City Thunder an old-fashioned beatdown in Game 6 of the NBA finals with a 36-9 run that put the game way out of reach by the 4th quarter.  This sets up an epic Game 7 on Sunday night in Oklahoma City at 7PM CDT (Uncle Sean is still pulling for OKC).  How epic???  Well, the NBA Championship series hasn’t gone to a Game 7 match in 9 years; and there have only been 8 in the last 50 years!!! 😮🏆
• Alright – let’s wrap this up so I can play hooky this afternoon (don’t tell my Boss – LOL)!!!  Here are the Dad / Bad Jokes for the week:
  • What’s the difference between a well-dressed man on a bicycle and a poorly-dressed man on a unicycle…?  Attire… 🛞🤠
  • I have come to the conclusion that after the age of 50, there’s no way to get out of a pool float with your dignity intact! 🤷‍♂️😅
  • Reverse psychology is when you make your therapist cry!!!! 🙃🤪
  • And my favorite….  I am taking my box of wine back and filing a complaint.  It said good for 6 weeks once opened, but it only lasted about 4 hours!!! 🍷😂🤣

 
 
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 [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #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.