Sources told Sema for the Trump administration is expected to launch a "Trump
account" next week, but will not initially provide any mechanism allowing firms
to host or migrate children's savings accounts on its platform. Fintechs
including Chime, Empower, Fidelity and SoFi had sought swift U.S. Treasury
approval to "migrate" those accounts from the app the Treasury developed with
BNY Mellon and Robinhood to their own platforms to capture early user flows; one
source said firms now expect guidance no later than August.
