WASHINGTON--The Treasury Department announced Monday that the Bank of New York Mellon Corporation (BNY) is the chosen designated financial agent of the U.S. government to support implementation of the new Trump Accounts program, America's Credit Unions reported.
Under this designation, BNY will manage the initial accounts and help develop the new Trump Accounts app to provide families with easy access and management of their accounts. As part of this process, BNY has partnered with Robinhood, which will serve as brokerage and initial trustee for Trump Accounts.
As outlined by IRS guidance, established Trump Accounts can then be moved to another financial institution or nonbank trustee through the establishment of a rollover account. The rollover account must be funded by the full amount of the existing Trump account, which must be closed within a reasonable time after establishment of the rollover account, ACU explained.
America’s Credit Unions noted it has continuously engaged with the Administration and Congress to ensure credit unions can be authorized Trump Account providers. The compliance team recently analyzed the statutory language and where credit unions fit.