Bessent urges financial regulators to align programs with Trump Accounts

The Financial Literacy and Education Commission (FLEC) meeting this month focused on how to implement Trump Accounts, the tax-deferred accounts for children under 18 created by H.R. 1. Both the NCUA and CFPB were on hand as Treasury Secretary Scott Bessent urged all agencies present to “mobilize around Trump Accounts by aligning programs, sharing expertise, and integrating these accounts into your financial education, outreach, and service efforts.”

Matt Garber, deputy assistant secretary for fiscal operations and policy, said the accounts will be fully operational for family, employer, and other qualified contributions after July 4. 

During a hearing before the House Financial Services Committee last week, Bessent said when accounts launch, initially there will be a master custodian until ultimately migrating to financial institutions.

America’s Credit Unions continues to engage with the administration and Congress to ensure credit unions can become authorized providers when the accounts can be migrated.

NCUA Chairman Kyle Hauptman said the accounts will complement credit unions’ existing focus on youth financial literacy, including in-school branches and financial reality fairs.

“Looking ahead, NCUA is eager to explore new ideas that build on this momentum, like Trump Accounts,” said Hauptman. “We look forward to hearing how credit unions can participate in opportunities like this to engage future generations in meaningful ways, ensuring that financial security is not an abstract goal but an attainable reality.”