​Happy Friday!!!
Don’t forget to sign up here to have the FinTech Cowboys and The Uncle Sean Update delivered straight to your inbox every week (powered by FedFis data).  Here is the Uncle Sean Update for 8/4/23:
Special shout out to Core Bank as the latest innovative financial institution to join The BaaS Association!!! 
Uncle Sean is very happy to see this launch this week – MOCA Financial and The Association of Military Banks of America announce the official launch of the PATRIOT Card for active-duty military members, veterans, and those who support our military.  Equipped with card controls through the MOCA mobile app, real-time transaction monitoring, P2P, virtual card issuance and much more – check it out at PATRIOT Card presented by AMBA.  Very cool!!!! 😎 
The BLS Jobs Report for July came in at 187,000 (estimate was 200,000 and June downward revision of 185,000 actual – down from 209,000 as originally reported) reflecting a gradual deceleration in new job creation, but still a strong employment market.  Unemployment trended down to 3.5% from 3.6% in June.  CNBC has a good summary and digs into average hourly earnings and labor force participation rates. 
Heartland Tri-State Bank (FDIC 25851; Total Assets $139M) was closed last week after being deemed “insolvent due to an isolated event” by the Kansas Office of the State Bank Commissioner; and is being reported by certain media outlets as a victim of an alleged scam
Another CU buying a bank…  Harborstone Credit Union (Charter #66399; Total Assets $1.9B) to acquire First Sound Bank (Cert #57799; Total Assets $159M) in Seattle, WA.If First Sound Bank sounds familiar, this is the same bank that BMTX (f/k/a BankMobile) tried to acquire back in 2021 that subsequently fell apart last December.This is the 5th CU acquisition of a bank so far for 2023.  That compares to 16 in 2022, 13 in 2021, 7 in 2020, and 16 in 2019 (Source: FedFis). 
WOWZA – Apple is reporting that their high-yield savings account (by Goldman Sachs) has reached over $10 billion in deposits since the launch in April… CHA-CHING!!!! 😊The hook here is you have to be an Apple Credit Card holder to participate in the high-yield savings account….  Ah the power of a major brand… 
NCR Corporation (NYSE: NCR) and Autobooks have partnered together to enable financial institutions “to offer a comprehensive suite of integrated payments and cash management solutions built specifically for small businesses.”  The PR also states that later this summer, NCR and Autobooks will also “enable Tap to Pay capabilities, allowing financial institutions to offer their small business customers the ability to use smartphones to accept in-person, contactless payments — without the need for additional hardware.” 
Treasury Prime (embedded BaaS platform) announced a partnership with Academy Bank (Cert #19600; Total Assets $2.9B) to provide sponsor bank services to fintech clients of the bank. 
Finzly announced a strategic partnership with Metropolitan Commercial Bank to enhance the banks payment operations, covering ACH, Fedwire, and FedNow for its customers and industry partners via Finzly’s payment core. 
Unbanked (f/k/a Ternio) is the latest fintech to get a cease and desist order from the FDIC for making “false and misleading statements about FDIC deposit insurance and to immediately correct these statements.”Maybe more of a warning to others as Unbanked is in the process of winding down operations per their website
Interesting personnel updates this week:The Federal Reserve Bank of Kansas City has appointed Jeffrey R. Schmid as President and CEO of the Kansas City Fed effective August 21, 2023.Rocket Companies appoints Varun Krishna as CEO effective September 5, 2023Stripe announced that Steffan Tomlinson will join the company as CFO.  Payments Dive has a pretty good article pointing towards Stripe’s potential IPO. 
Figure Technologies (blockchain) has withdrawn their application for a bank charter with the OCC; and has a planned IPO for its lending arm, LendCo. 
👀 The Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) have announced plans to merge and form a new organization to be called America’s Credit Unions
Notable FinTech funding for the week:Knot (API-enabled ‘card on file’ management platform) raised $10M in Series A funding round.Novo launches Novo Funding (small business working capital) after raising a $125M facility.Petal (card platform) raised $240M in Capital comprised of $220M in debt and $20M in equity financing. 
Random Uncle Sean stuff:
Oh well… 🤷‍♂️  Fitch downgrades US credit rating from AAA to AA+ citing “a steady deterioration in standards of governance.”Georgia Power Co. announced Monday that a new nuclear power generator (Unit 3 at Plant Vogtle, southeast of Augusta) has completed testing and is now in commercial operation and delivering energy to utilities in the Southeast US.  It is the first of its kind in 30+ years, albeit seven years late and $17B over budget.  😲Only three more weeks until the start of college football!!!!!  🏈Some extremely random Dad thoughts to ponder going into the weekend (must be the heat making me slightly delirious – slightly more than usual anyway 😝)….Why is there a ‘D’ in fridge, but not refrigerator…???A hen that counts her own eggs is a mathemachicken…  🐔In the word scent, is the ‘S’ silent or the ‘C’…???Chuck Norris can dribble a bowling ball…Beware of that seatbelt buckle in the Texas heat in August – pretty much doubles as a branding iron!!!! 🔥😬  Also, it is perfectly acceptable to hold on to the steering wheel using oven mitts….  😂 
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.