Trump Accounts (REG-117270-25)

The California and Nevada Credit Union Leagues support the creation of Trump accounts and the proposed rulemaking to implement them. They argue that credit unions are well-positioned to serve as trustees and request specific clarifications to ensure operational feasibility, such as recognizing credit union capital structures and allowing for streamlined rollover procedures.

Chime Financial, Inc. supports the Trump Account program and advocates for its expansion by recommending that the Treasury modernize the election process with standardized electronic submission schemas and model custodial agreements. The company also requests formal recognition of consumer-facing fintech platforms as distribution partners to ensure seamless account management and broader consumer access.

The American Fintech Council (AFC) supports the development of the Trump Accounts but advocates for a clear, durable, and technology-agnostic regulatory framework. They emphasize the need for standardized eligibility, tax compliance, consumer protections, and interoperability to ensure the program is scalable and consistent across the financial services industry.

MX Technologies, a provider of open finance APIs, supports the proposed Trump Accounts for expanding wealth-building opportunities for children. They argue that the regulations should mandate standardized API access to ensure data portability, prevent anti-competitive "walled gardens" by initial trustees, and encourage active participation from families.

The CFP Board supports the proposed "Trump Accounts" and expresses a willingness to serve as an advocate and education partner for the program. They request specific regulatory guidance on investment options, fees, contribution rules, and post-growth period distributions to help financial professionals effectively advise their clients.

The Main Street Foundation’s Center for Regulatory Analysis and Engagement (CRAE) supports the establishment of Trump Accounts as a means to promote early capital formation and long-term savings. They argue that the success of the program depends on minimizing administrative friction, ensuring operational scalability, and harmonizing reporting standards with existing financial infrastructure.

The American Bankers Association (ABA) supports the creation of Trump accounts as a tool for building generational wealth for minors and encourages the IRS to allow all banks to serve as trustees for initial accounts. They also request comprehensive rulemaking on investments, fees, contributions, and app access to ensure clarity for participating financial institutions.

AKF Consulting Group, an SEC-registered Municipal Advisor, supports the proposed Trump Accounts and advocates for a collaborative federal-state partnership. They urge the Treasury to provide clear guidance on program sustainability, data sharing, and trustee flexibility to allow states to leverage their existing financial infrastructure and outreach networks.

The Community Development Bankers Association (CDBA), a national trade association for the CDFI bank sector, supports the Trump Accounts program as a wealth-building tool for children. They advocate for specific regulatory changes to ensure CDFI banks can serve as rollover trustees, enrollment facilitators, and program administrators to better reach low- and moderate-income families.

The Securities Industry Financial Markets Association (SIFMA) supports the creation of Trump accounts as a tool for building long-term savings and wealth for children. They advocate for specific modifications to non-bank trustee requirements, clarification on account elections, and the streamlining of transfers to promote portability and operational efficiency.