America’s Credit Unions is pressing the U.S. Department of the Treasury to ensure that the forthcoming “Trump Account” savings and investment program for children includes full participation by credit unions, warning that excluding them would undermine consumer access and financial equity.
In a Nov. 21 letter to Treasury Secretary Scott Bessent, the group said credit unions are “the voice of consumers’ best option for financial services,” especially for low- and moderate-income families the new accounts are meant to serve. The letter outlines how credit unions’ mission, grounded in affordability, financial inclusion, and community-based service, aligns directly with the goals of the Trump Account program.
The program, originally created in the 2024 OBBBA Act, aims to provide every newborn U.S. child with a government-seeded savings and investment account, managed by participating financial institutions, to help future generations build long-term wealth. Treasury is currently preparing implementation guidance, which America’s Credit Unions says must explicitly allow federally insured credit unions to participate.
The organization emphasized that credit unions already have infrastructure and experience managing similar accounts, along with robust consumer protection practices governed by the NCUA. They also highlighted specialized financial education programs and community outreach that could expand the program’s reach to underserved households.
“Credit unions’ sole focus is the well-being of their members and their families,” the letter states, arguing that participation would help ensure the initiative works “for all communities, not just those served by large financial institutions.”
America’s Credit Unions urged Treasury to finalize guidance that recognizes credit unions as essential distribution channels, warning that excluding them would limit access for millions of American families.
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