America's Credit Unions is urging the Internal Revenue Service and Treasury Department to provide clearer operational guidance surrounding proposed "Trump Accounts" created under the One Big Beautiful Bill Act.
In a comment letter submitted to the IRS, the trade group said credit unions support expanding long-term savings opportunities for children but warned that implementation details remain unclear.
The proposal would establish tax-advantaged savings accounts for minors, with up to $5,000 in annual contributions and a federal contribution of up to $1,000 for eligible children.
America's Credit Unions asked regulators to confirm that federally insured credit unions can serve as trustees or custodians for the accounts and requested flexibility for rollover processes, electronic signatures and account-opening procedures.
The organization also raised concerns about operational burdens tied to trustee requirements, compliance timelines and documentation standards, particularly for smaller institutions.
In addition, the group urged regulators to allow credit union service organizations, or CUSOs, to support administration and investment functions related to the accounts.
The letter emphasized that clear rules are necessary to ensure credit unions can effectively offer the accounts while maintaining access for families in underserved and rural communities.
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