Starting in September, hundreds of credit unions plan to sell individual retirement accounts with returns tied to the stock market's performance.

The product is the first initiative under a pilot program sponsored by the National Credit Union Administration. Organized by the Credit Union National Association, preliminary approval for 500 credit unions to participate was granted last week. More than 250 already have signed up, said Bill Hampel, CUNA's chief economist.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.