Chairman Hauptman’s Remarks for FLEC Public Meeting

As Prepared for Delivery on February 6, 2026

Meeting Focus: Implementation and Outreach for Trump Accounts

Good morning and thank you to our colleagues at the U.S. Department of the Treasury and members of the Financial Literacy and Education Commission for convening today’s important discussion. I also want to express my appreciation for this body’s leadership in encouraging savings and advancing the broader goal we all share—ensuring that every American has a meaningful opportunity to build financial capability, resilience, and long-term financial security.

There’s a lot to like about Trump Accounts, including how easy it is to start the process when filing your taxes. These accounts were clearly designed with behavioral economics in mind. That is to say, things that are easier to do are more likely to get done.

Trump accounts also turn all these kids into investors. The more Americans that identify as investors, the better off we are. Investing done by regular people turns Marxism on its head: the proletariat is the supplier of capital, and the owner of the means of production.

But I think my favorite part of these accounts are all these children learning about compound interest. A high-school senior may learn that $1000 was deposited when they were born, and ask “wait if it was just $1000, why do I have $5000 now?” And they’ll learn a powerful lesson about the magic of compound interest.

Historically, credit unions have been trusted financial partners in communities across the country. This trust is a result of their deep commitment to providing and promoting financial education, particularly for youth and first-time savers.

According to recent Call Report data, 55 percent of credit unions we supervise offer financial education to members, with a third offering workshops, and more than half providing financial counseling.¹ Across the nation, credit unions provide innovative, community-based financial education that engages young people and fosters lasting behavioral change.

A shining example is the rise of experiential learning. We know that Trump accounts are designed to increase financial literacy in youth by “providing them with a hands-on education.”² Similarly, credit unions serve youth in their communities through events like reality fairs, which transform financial education into a hands-on exercise where students assume real-world roles, manage budgets, and make choices that mirror everyday financial decisions. Experiential learning goes beyond teaching—it allows participants to feel the consequences of their decisions, reinforcing lessons in a way that traditional instruction cannot. They also reach an impressive number of students. In 2025, just one collaboration among 29 credit unions hosted 98 fairs and engaged over 11,000 students.³

Additionally, credit union partnerships with schools include in-school branches, giving students firsthand experience working at and using credit union services. For example, Visions Credit Union calls their in-school branches Financial Wellness Centers, which function as full-service branches for students, faculty, and staff. This program prioritizes financial education and professional development and employs about 50 high school interns each year. These interns receive comprehensive training through a summer academy before the school year begins.⁴

Recent Pew Research reports nearly all teens—around 95 percent—have access to a smartphone, and many credit unions have leveraged this opportunity to offer gamified learning platforms that make financial literacy accessible and enjoyable.⁵ By rewarding users for completing educational modules, these tools combine technology and behavioral science help teens build financial habits early. 

Looking ahead, NCUA is eager to explore new ideas that build on this momentum, like Trump Accounts. We look forward to hearing how credit unions can participate in opportunities like this to engage future generations in meaningful ways, ensuring that financial security is not an abstract goal but an attainable reality. By bringing together federal agencies, FLEC ensures that consumers receive consistent, educational, and actionable resources. This collaboration is especially important as we confront the ever-growing threat of financial fraud and scams.

I look forward to continued collaboration with the FLEC and its partners as we work together to build lasting financial literacy and confidence in the next generation of Americans.