Latest Economy & Budget stories in U.S., with AI-generated summaries from NewsSnap.ai.
The OCC and FDIC have jointly proposed amendments to Community Reinvestment Act (CRA) rules. These changes aim to better align with the CRA's mandate, ensure community development grants effectively reach low- and moderate-income neighborhoods, and reduce regulatory burdens for banks. The proposal seeks to provide clearer guidance for CRA consideration, potentially impacting how banks invest in underserved communities.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) is taking action under Executive Order 13224 to disrupt global networks that provide financial, material, and technological support to Iran's Islamic Revolutionary Guard Corps (IRGC) and Mahan Air. This measure aims to deny the IRGC access to resources that sustain its destabilizing activities.
On July 30, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated six entities and individuals across China, India, Russia, and Iran. These designations target companies acting as general sales agents for Mahan Air, an Iranian airline that the U.S. alleges plays a central role in enabling the Islamic Revolutionary Guard Corps (IRGC) by facilitating the movement of weapons, operatives, and military equipment worldwide. This action aims to intensify economic pressure on the Iranian regime and the IRGC.