Uncle Sean's Update - 6/6/25

​Happy Friday!!!
 
Don’t forget that Father’s Day is fast approaching (Sunday, June 15th) – If anyone asks, I wear a size two-week vacation 🤠!!!  Here is the Uncle Sean Update for 6/6/25:
 

• The BLS issued the May Jobs Report showing +139K new jobs added (Dow Jones estimate was +125K) compared to a downwardly revised +147K in April (note that March and April were both revised down by 65K and 30K respectively - full revision history can be found here).  Unemployment rate was unchanged a 4.2% in line with estimates (and consistently ranging between 4.0% and 4.2% since May 2024).  Average hourly earnings came in at 3.9% over last year (estimate was 3.7%) and continues to outpace inflation.  CNBC has a good summary.
  • Keep in mind the next FOMC meeting is scheduled for June 17-18 (less than two weeks away) and will include the always enlightening Summary of Economic Projections (i.e. Dot Plot).

 

• 👉 Virtual high five’s all around as Bankers Helping Bankers welcomes Bankers’ Bank of Kansas as a Friends of BHB Sponsor!!!! 👏
  • As a correspondent bank built to serve community banks exclusively, “Bankers’ Bank of Kansas is more than a service provider — they’re a true advocate for community banking,” said Matthew Smith, CEO of Bankers Helping Bankers. “They share our deep belief in the power of community banks to lead, serve, and innovate — and we’re proud to be walking this path together.” 🎉

 

• Klarna announced they are piloting a new physical debit card in the US, dubbed the Klarna Card, as it looks to diversify its business beyond short-term credit products ahead of their pending IPO.  The Klarna Card is powered by Visa Flexible Credential that lets users chose from multiple payment options (like debit, credit and BNPL) from a single payment card.  It’s a debit card by default, but users can also toggle to one of Klarna’s “pay later” products, including “Pay in 4″ and “Pay in 30 Days.”
  • The Klarna Card physical debit card is issued by WebBank.

 

• Hmmm – a bit of different spin on open banking (“permissioned” anyway)…  Experian and Plaid have teamed up to provide cashflow based credit decisioning to help lenders assess risk more accurately, expand access to credit and deliver better outcomes for consumers.

 

• Apiture announced the launch of Fintech Connector to enable fintech partners to rapidly integrate their solutions with the Apiture Digital Banking Platform, without the need for custom integrations.

 

• Well, well, Wells Fargo (see what I did there) gets a bit of a reprieve as the Fed removes the asset growth restriction the bank has been operating under since 2018.  Banking Dive has a good summary article for more info.

 

• Karat Financial expands beyond its Visa credit card for creators by launching additional business banking solutions, powered by Grasshopper Bank (FDIC 59113), broken down into two tiers:
  • First is a free version consisting of a business checking account with automated tax planning (as most “creators” are independent contractors requiring quarterly estimated tax payments); second is their premium offering that costs $20 per month or requires a $35,000 minimum balance, but provides 2% to 3% APY on checking accounts, free wires, and enhanced customer support, with AI bookkeeping coming soon.

 

• The Citizens Bank of Edmond (FDIC 4084; total assets $413M) expands its digital offerings by partnering with InvestiFi to integrate securities trading, including stocks, ETFs, and cryptocurrency options, and guided investing solutions directly into its current online and mobile banking platforms.  Nice! 😊

 

• Save partners with Customers Bank (FDIC 34444; total assets $22.4B) to launch its Market Savings Sub-advisory Program, a unique investment-driven FDIC insured deposit program designed for RIA’s. “The program uniquely combines deposit accounts provided by Customers Bank with a market-based yield enhancement strategy managed by Save Advisers LLC, an SEC-registered investment adviser.”

 

• Peach State Federal Credit Union (charter 14676; total assets $1.1B) has selected Velera for credit and debit processing.  Velera will begin providing PSFCU credit card processing support in August 2025 and add debit the following month. 

 

• Frontier Credit Union (charter 68376, total assets $698M) has selected Lumin Digital for online and mobile Lumin Digital for online and mobile upgrade.
  • If Frontier CU sounds familiar, it’s because they announced they were acquiring First Citizens Bank of Butte at the beginning of May.

 

• Sunward Federal Credit Union (charter 5851; total assets $4.25B) announced they have added Buy Now, Pay Later (BNPL) to its suite of online banking products, powered by equipifi.

 

• Some personnel movements:
  • Congratulations to Fed Gov. Michelle Bowman with her confirmation as the Fed's Vice Chair of Supervision.
  • Tradeweb appointed Sherry Marcus as Head of AI.
  • Blend names Reva Rao as Head of Digital Transformation for Credit Unions.
  • Congratulations to Cinda McGinnis at Bedel Security for her recent promotion to VP Chief Administrative Officer.

 

• Notable FinTech funding for the week:
  • Oatfi (embedded financing infrastructure for B2B payment platforms) raised $24M in Series A funding round.
  • Kiwi (AI-Driven credit platform for latino communities in the U.S.) raised $7.8M in Series A round.

 
 
Random Uncle Sean stuff:

• On a bit of a personal note, If you are fortunate enough to still have aging parents and / or in-laws that need help with transportation (we are working though some of these issues with Aunt Patty’s parents; and it will happen to all of us eventually) – these two technology expansion programs are certainly worth looking into…  Check out the recently launched Uber Senior Accounts as part of the Uber Family Profile – allows shared family members and / or caregivers to book rides and track movements if needed.  This follows Lyft’s successful launch of Lyft Silver which also includes more accessible vehicles for our seniors.  Both solutions allow for a more simplified app, saved destinations, multiple payment options, and real-time updates for shared family members (who can all help and assist even if they are hours away).  Now, convincing our aging family members to actually use the service is a completely different matter - LOL! 😊 Nonetheless, I am super happy to see technology applications assisting with the quality of life, independence, and service for our elder population that they so much deserve. ❤️
• 🏀 HOLY SMOKES!!!!  Congrats to the Indiana Pacers for their Game 1 victory of the NBA Finals over the Oklahoma City Thunder.  That buzzer beater basket by Tyrese “hold my beer” Haliburton with 0.3 seconds left was the first time Indiana led the entire game – amazing!!!!  Whoever wins out in the seven game championship series will celebrate their first-ever franchise NBA Championship!!!  Now that’s cool!!!
• And here are the Dad / Bad Jokes for the week:
  • According to a scientific study…  Fertility appears to be hereditary.  For instance, if your parents didn’t have children, chances are you won’t either!!! 😉😅
  • Internet recipes should include photos of the mess you’re going to have to clean up after cooking! 🤐🙃
  • If attacked by a group of clowns, remember to always go for the juggler! 🤡
  • Attempted to exercise this morning…  Didn’t work out… 😎
  • The salesman at the boat center said, “this particular boat will fit 5 people without any problems.”  I replied, “Dude - I don’t even know 5 people without any problems!”  😂🤣

 
 
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.