America’s Credit Unions Respond to President Trump’s Announcement on Trump Accounts

Scott Simpson

Following President Trump’s announcement highlighting the launch of Trump Accounts, America’s Credit Unions welcomed the focus on helping American families build long-term financial security for their children and underscored the important role credit unions can play in delivering these accounts. Scott Simpson, President/CEO of America’s Credit Unions issued the following statement: 

“The President’s announcement today recognizes something credit unions have long understood: the best way to strengthen families and communities is to help them build savings, ownership, and opportunity from the very beginning. Trump Accounts represent a meaningful step toward helping parents invest in their children’s futures, and credit unions are well positioned to help make that vision a reality.

“As not-for-profit, member-owned financial cooperatives, credit unions exist to serve the financial well-being of their members and their families. For generations, credit unions have helped parents save for education, homeownership, and small business dreams, particularly in communities that have historically been left out of traditional financial systems.

“Credit unions have deep experience administering specialized savings products and custodial accounts under strong safety, soundness, and consumer protection standards. They are trusted, locally rooted institutions that already serve more than 145 million Americans and stand ready to help families open, manage, and grow Trump Accounts with care and responsibility.

“As implementation moves forward, expanding access to trusted institutions like credit unions will help ensure Trump Accounts deliver on their promise to support children, families, and long-term economic opportunity across the country.” ​

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