U.S. Department of the Treasury

CBP reported that approximately $136.6 billion in potential and certified refunds had been accepted for CAPE processing as of October 2. Of that amount, approximately $126 billion in duties and interest had been refunded or sent for Treasury disbursement.

The U.S. Department of Education and U.S. Department of the Treasury launched the Defaulted Loans Support Center for borrowers with defaulted federal student loans. The online portal allows borrowers to apply for loan rehabilitation or consolidation rather than use mail- and fax-based processes.

The interest rate on the 10-year Treasury note touched levels last seen in 2002 on October 1 before easing to 5.24%. Axios also reported that 30-year bonds were at multi-decade highs.

Treasury announced that automatic enrolment for Trump Accounts was complete, saying every eligible child under eighteen with a valid Social Security number now has an account. Secretary Scott Bessent said more than 60 million additional eligible children had an account ready to be claimed; a parent or guardian must claim an account through the official Trump Accounts app before the child can receive the one-time $1,000 seed contribution.

Center for American Progress estimated that the federal government paid about $115 billion in tariff refunds from May through August 2026. It said the bulk consisted of refunds for eligible duties collected under invalidated IEEPA tariffs.

SEC staff issued a statement concerning federal securities-law exemptions for the Trump Accounts Master Trust. The Master Trust is limited to Auto Accounts, which adopt and incorporate its governing instruments by reference.

Treasury and the Internal Revenue Service's temporary regulations for automatic Trump Account enrollment became effective. The regulations provide for the Secretary to create accounts for eligible children who do not already have a non-Secretary election.

Treasury and the IRS withdrew the March 9, 2026 proposed rule and issued replacement proposed regulations providing for broad automatic enrollment by the Secretary, which the withdrawn proposal had not.

Treasury and the IRS filed temporary regulations establishing automatic Trump Accounts, under which an auto account is to be established for each eligible individual. The document was filed on September 29 and scheduled for Federal Register publication on September 30.

Todd Young and Brad Gerstner reported that more than nine million families had signed up for Trump Accounts. They said more than 1.5 million newborns among those sign-ups were eligible for Treasury's $1,000 pilot contribution.

CBP reported that CAPE had accepted approximately $134.7 billion in potential and certified refunds for processing. It said approximately $122 billion in duty refunds and interest had been certified and transmitted to the U.S. Treasury for payment.

The two-year Treasury note yield rose 13.33 basis points to 4.56 percent. Reuters reported that this was its highest level since July 2024.

Freddie Mac's survey rate rose to 6.71 percent as the 10-year Treasury yield reached its highest level since October 2023. CNN tied the move to a global bond sell-off driven by the US conflict with Iran, higher energy costs and a national debt above US$40 trillion.

American became the first airline to promise a one-time $1,000 match of the federal deposit for employees' children and to let staff contribute up to $2,500 a year pre-tax through payroll, using the August 11 guidance. Treasury's count of committed employers passed 50.

Treasury proposed the rules governing what a Trump Account may hold, keeping to the statute's limit of low-fee US equity index funds and setting expense caps and diversification requirements meant to stop providers from steering children's money into costly products.

New guidance allowed employers to set up programs through which employees contribute to their children's accounts pre-tax from their paychecks and employers add matches, up to the $2,500 employer limit. Treasury said more than 50 companies had committed to contributions, from Dell's $1,000 pledge onward.

Reporting on the first weeks found that enrollment ran through tax filing, a smartphone app and a Social Security number, leaving out many low-income, non-filing and immigrant families, and that only about 39 percent of eligible children had claimed the $1,000 according to Urban Institute analysis.

Three weeks after launch Treasury's count reached seven million children, and Bessent used prepared remarks to declare the rollout the most successful in government history, while the share of eligible newborns actually enrolled for the $1,000 remained under half by outside estimates.

Treasury reported that over 6.5 million families had signed up for Trump Accounts. It said more than 1.5 million children were eligible for Treasury's $1,000 pilot contribution.

Treasury put Bisignano, the former Fiserv chief who serves as IRS CEO and Social Security commissioner, in charge of the program's expansion, tying account enrollment to the agencies that hold children's Social Security numbers and tax records.

OFAC said its action included more than 50 individuals, entities, and vessels connected to Mohammad Hossein Shamkhani and the Iranian regime. Treasury published the action on 14 July.

OFAC took action against Iranian financial facilitator Ali Ansari. Treasury said the action followed Iran's resumption of attacks on international shipping in the Strait of Hormuz.

CBP had sent approximately $86.3 billion in refunds to the Department of the Treasury for disbursement. The Court of International Trade recited that status in its July 15 order.

The Washington Examiner reported that Treasury said families contributed nearly $125 million to Trump Accounts in the first five days after contributions opened. A senior Treasury official said 500,000 additional accounts had opened during that period, bringing the total above 6.5 million.

On July 4, 2026 Treasury launched the full app and the accounts themselves: the $1,000 pilot deposits began flowing to eligible children, families could contribute up to $5,000 a year, and balances were invested in low-cost index funds from providers including State Street, BlackRock and Vanguard, locked until age 18.

Treasury announced that it would accept large philanthropic contributions of readily tradable public-company stock. The contributions were to support Trump Accounts.

Treasury selected SPYM as the default investment for Trump Accounts at launch. State Street Investment Management said eligible contributions would be invested in SPYM by default.

Treasury and the Internal Revenue Service announced relief for certain Trump Accounts contributions. The agencies said the relief would reduce potential burden on friends and family making contributions.

Treasury's tally passed six million children, of whom about 1.4 million were eligible for the $1,000 pilot deposit, below the roughly 3.6 million babies born in 2025 alone. CNBC reported that lower-income families were the most likely to be missing out, since the election ran through the tax return.

Treasury began allowing state child-welfare agencies and foster-youth representatives to establish Fostering the Future Accounts. The accounts are for children in foster care.

Treasury released the Trump Accounts app as the main interface for the program, initially for account activation and viewing, with full contribution features to follow at the July 4 launch. The accounts are held by a Treasury-selected default trustee with investment in index funds.

CBP reported that approximately $20.6 billion in duty and interest refunds had been completed using CAPE. The declaration was filed in Euro-Notions Florida, Inc. v. United States. Four days later CBP corrected an earlier estimate of refunds in process to $25.46 billion, clarifying that a prior figure of about $35.46 billion had been overstated.

Treasury announced that BNY had partnered with Robinhood for Trump Accounts. Robinhood was to serve as brokerage and initial trustee for the accounts.

Secretaries McMahon and Scott Bessent announced an interagency agreement moving operational responsibility for the $1.7 trillion portfolio to Treasury in phases, starting with collections on defaulted loans and support for returning borrowers to repayment, with non-defaulted loans and other FSA functions to follow 'to the extent practicable and permitted by law'. The department said fewer than 40 percent of borrowers were in repayment and almost 25 percent were in default.

Two proposed rules laid out how Treasury would deposit the $1,000 into each eligible child's account after a Form 4547 election, how accounts are established with a default trustee when parents do not choose one, and how the pilot interacts with the contribution limits. Draft IRS forms had appeared in December.

Treasury hosted a summit with White House press secretary Karoline Leavitt, Senator Ted Cruz, Ways and Means chair Jason Smith and celebrity guests ahead of the launch, and Secretary Scott Bessent published an essay tracing the accounts from 'baby bonds' to Invest America and promising to make every citizen a shareholder.

Having told defaulted borrowers in December that garnishment notices would start the week of January 7, the department reversed course and delayed all involuntary collection, both Administrative Wage Garnishment and the Treasury Offset Program, saying the new law's repayment plan and second-chance rehabilitation should be in place first. The delay ran into tax-refund season and was not given an end date.

Treasury and the IRS issued Notice 2025-68 describing how Trump Accounts would work as a form of IRA for minors and announcing regulations to come. Parents would elect to open an account and claim the $1,000 pilot contribution by filing new Form 4547 with their 2025 return, with no contributions permitted before July 4, 2026.

Under the March 2025 order modernising federal payments, Social Security told advocates that from September 30 benefits would be paid by direct deposit or Direct Express card, that temporary checks would no longer be issued on new claims, and that anyone wanting an exemption had to file a waiver with the Treasury. Roughly half a million people were still receiving paper checks.

The law signed on July 4 added section 530A to the tax code: a tax-deferred account for every child under 18 with a Social Security number, a one-time $1,000 Treasury deposit for children born from January 1, 2025 through December 31, 2028, contributions of up to $5,000 a year (employers up to $2,500 of that), investment limited to low-cost US index funds, no withdrawals until 18, and accounts opening no earlier than July 4, 2026.

On the day collections resumed, Treasury started sending 30-day notices to about 195,000 defaulted borrowers that their federal benefits, including Social Security payments and tax refunds, would be offset, with the first offsets hitting June checks. The department said all 5.3 million defaulted borrowers would be told later in the summer that their wages could be garnished, and sent colleges a Dear Colleague letter warning about cohort default rates.

Secretary Linda McMahon announced that Federal Student Aid would resume collecting on the defaulted portfolio on May 5, 2025, through the Treasury Offset Program and later wage garnishment. The department said 42.7 million borrowers owed more than $1.6 trillion, more than five million were in default, four million more were in late-stage delinquency, and only 38 percent of borrowers were current on their loans.

Mortgage rates reached their lowest level of 2025 as the 10-year Treasury yield fell sharply on tariff news, with selling in equities moving money into bonds. HousingWire's housing-market tracker had said the yield was stubbornly resistant and that it would take bad news to break through it.

Freddie Mac's weekly survey put the average 30-year fixed rate above 7 percent, the first time since May 2024. Axios said mortgage rates move in lockstep with the 10-year Treasury yield, which had climbed in recent months, and that forecasters expected rates to stay above 6 percent for the rest of the year.