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Treasury Department Announces Auto-Enrollment for Trump Accounts, Projecting 60 Million New Child Accounts

Treasury Department Announces Auto-Enrollment for Trump Accounts, Projecting 60 Million New Child Accounts

The U.S. Department of the Treasury has announced that Trump Accounts will begin auto-enrolling millions of children as early as October 1, following the publication of temporary regulations. This change is projected to increase the number of children enrolled in Trump Accounts by over 60 million in 2026, with an additional two million accounts annually in subsequent years. Currently, between 7 to 8 million American children are signed up for these accounts. Treasury Secretary Scott Bessent stated that within a month, the total could reach 70 million due to auto-enrollment. The tax-deferred investing accounts, launched on July 4, include a one-time $1,000 deposit from the Treasury Department for children born between 2025 and 2028, with additional funds potentially available for qualifying families. The previous 'opt-in' requirement, involving IRS Form 4547 or TrumpAccounts.gov, resulted in low participation rates, especially among low-income families.
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Nonprofit Coalition Sues Trump Administration Over HUD Housing Counseling Fund Rescission

Nonprofit Coalition Sues Trump Administration Over HUD Housing Counseling Fund Rescission

A coalition of ten nonprofit housing organizations, represented by Democracy Defenders Action, has filed a lawsuit in the U.S. District Court for the District of Columbia against the Trump administration. The lawsuit seeks to block the administration's 'pocket rescission' of $56.1 million from the $57.5 million Congress appropriated for HUD’s Comprehensive Housing Counseling program. The plaintiffs, including the National Urban League and Housing Action Illinois, allege that President Trump and OMB Director Russell Vought used an illegal maneuver by transmitting a rescission proposal just five days before the September 30, 2026, statutory deadline to obligate the funds. This action, they argue, automatically canceled the money without congressional approval, violating the Impoundment Control Act, the Appropriations Clause, the separation of powers, the First Amendment, and the Administrative Procedure Act. The administration maintains that the Impoundment Control Act permits such last-minute proposals when...
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Treasury Department Guarantees $200 Million in Bonds for Community Development Financial Institutions Following Litigation

Treasury Department Guarantees $200 Million in Bonds for Community Development Financial Institutions Following Litigation

The U.S. Department of the Treasury has exercised its authority to guarantee approximately $200 million in bonds for Community Development Financial Institutions (CDFIs) through its Bond Guarantee Program. This action occurred just hours before the authority was set to expire on September 30, and followed a motion for a temporary restraining order filed by Democracy Forward clients Inclusive Action for the City and CAMEO Network. These organizations had previously sought a preliminary injunction in mid-August to compel the Treasury Department, the CDFI Fund, and the Office of Management and Budget to obligate awards and utilize guaranty authority to provide hundreds of millions of dollars in financial support to CDFIs nationwide. This development marks the second recent reversal by the Treasury Department, as the CDFI Fund had also attested on September 28 to obligating approximately $289 million in awards, contradicting earlier government assertions that such an action would be "unreasonable" or "impossib...
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CHC BOLD PAC Spends $243,648 to Support Representative Sylvia Garcia's Re-election Campaign in Texas's 29th District

CHC BOLD PAC Spends $243,648 to Support Representative Sylvia Garcia's Re-election Campaign in Texas's 29th District

The Congressional Hispanic Caucus (CHC) BOLD PAC has allocated $243,648 in support of Representative Sylvia Garcia (D-TX) for her re-election campaign in Texas's 29th District. This spending is part of the PAC's broader effort, totaling approximately $2.47 million, to support four Democratic House candidates and oppose two Republicans in the current election cycle. The CHC BOLD PAC, which aims to increase Latino representation in Congress and elect Democrats, reported $11.81 million in receipts and $9.44 million in disbursements through August 31. The support for Representative Garcia specifically involved a $204,359 direct mail campaign managed by Sisneros Strategies LLC, initiated on January 20. Other significant expenditures by the PAC include support for Denise Powell in Nebraska's 2nd District and Marlene Galan-Woods in Arizona's 1st District, as well as opposition spending against Republican candidates Greg Cunningham in New Mexico's 2nd District and Tano Tijerina in Texas's 28th District.
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Treasury Department Seeks Public Comment on Community Development Financial Institutions Fund Reporting

Treasury Department Seeks Public Comment on Community Development Financial Institutions Fund Reporting

The U.S. Department of the Treasury, through its Community Development Financial Institutions Fund (CDFI Fund), is inviting public comments on the 'Uses of Awards Report Form.' This initiative is part of the Treasury's ongoing efforts to reduce paperwork and the burden on respondents, as mandated by the Paperwork Reduction Act of 1995. The 'Uses of Awards Report Form' is an online document submitted via the CDFI Fund’s Awards Management Information System (AMIS). The CDFI Fund is specifically seeking feedback on several aspects: whether the information collection is necessary and has practical utility, the accuracy of the agency’s burden estimate, ways to improve the quality and clarity of the collected information, methods to minimize the burden on respondents through technology, and estimates of capital or start-up costs, as well as operational, maintenance, and service purchase costs for providing information. All comments must be submitted in writing by November 30, 2026, through the Federal e-Rulemaki...
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Chairman Smith Announces Automatic Enrollment in Trump Accounts to Benefit Millions More Children

Chairman Smith Announces Automatic Enrollment in Trump Accounts to Benefit Millions More Children

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have established new automatic enrollment procedures for Trump Accounts. As a result, 73 million children are projected to be enrolled in these accounts by the end of the year. Ways and Means Committee Chairman Jason Smith (MO-08) released a statement emphasizing that Republicans advocated for the inclusion of Trump Accounts in the Working Families Tax Cuts, believing they would be transformative for American children. The new procedures aim to simplify the process, ensuring that a child's future financial opportunities are not hindered by complex paperwork, making it easier for all children to get a head start regardless of their background.
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The New Federal Student Loan Numbers Are In (And They're Ugly)

The New Federal Student Loan Numbers Are In (And They're Ugly)

TISLA Founder Betsy Mayotte decodes the alarming new federal student loan data and what it means for millions of borrowers.
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New York lands in top ten for best budgeters

New York lands in top ten for best budgeters

New York ranks ninth in a new study on the best budgeting habits across the United States.
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Yahoo Finance Article Discusses First Stock Purchase Experience

Yahoo Finance Article Discusses First Stock Purchase Experience

Yahoo Finance Article Discusses First Stock Purchase Experience
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Beyond Finance Expert Nathan Astle Addresses 'Back-to-School Parent Trap' in Psychology Today

Beyond Finance Expert Nathan Astle Addresses 'Back-to-School Parent Trap' in Psychology Today

Beyond Finance Expert Nathan Astle Addresses 'Back-to-School Parent Trap' in Psychology Today
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Credit Cards Offer Benefits and Risks for U.S. Consumers Amidst Evolving Payment Landscape

Credit Cards Offer Benefits and Risks for U.S. Consumers Amidst Evolving Payment Landscape

Credit Cards Offer Benefits and Risks for U.S. Consumers Amidst Evolving Payment Landscape
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Financial Experts Offer Strategies for Managing Three-Paycheck Months

Financial Experts Offer Strategies for Managing Three-Paycheck Months

Financial Experts Offer Strategies for Managing Three-Paycheck Months