The Bank of New York Mellon Corporation

The Trump administration plans to launch Trump Accounts next week without allowing firms to host the children’s savings accounts on their platforms. Companies like Chime, Empower, Fidelity, and SoFi had hoped to enable rollovers from the Treasury Department’s app, developed with Bank of New York Mellon and Robinhood, but guidance on rollovers may not arrive until August.

The Trump administration has discussed with SpaceX the possibility of donating stock to children’s savings accounts called Trump Accounts, set to launch soon. The potential donation could symbolize a reconciliation between Elon Musk and President Donald Trump after a previous conflict. The Treasury Department partners with Bank of New York Mellon and Robinhood for the account rollout.

BNY Mellon reported higher-than-expected profits driven by revenue gains. The financial services company, based in New York, exceeded analyst estimates, signaling strong performance.