Wrap Up CCU Bank Deals by July, Says Treasury
Published Date: 9/30/2026
Rule
Summary
The Treasury’s Office of Foreign Assets Control (OFAC) published General License 2, letting people wind down business with CCU Commercial Bank Plc. until July 23, 2026. This means certain transactions that were blocked before are now allowed temporarily, as long as payments to blocked accounts follow the rules. If you’re dealing with CCU Bank or its big owners, this gives you a clear deadline to wrap things up without breaking the law.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Temporary OK to wind down CCU Bank deals
If you have business with CCU Commercial Bank Plc. or an entity in which CCU Bank owns 50% or more, you are allowed to carry out transactions that are ordinarily incident and necessary to wind down those relationships through 12:01 a.m. eastern daylight time on July 23, 2026. These transactions are authorized under General License 2 issued June 23, 2026.
Payments must go into blocked accounts
Any payment to a blocked person under this wind-down authorization must be deposited into a blocked account in accordance with the Transnational Criminal Organizations Sanctions Regulations. This payment requirement applies while the General License 2 wind-down authorization is in effect through 12:01 a.m. eastern daylight time on July 23, 2026.
Does not authorize transactions with other blocked persons
General License 2 does not authorize transactions involving any blocked person other than the blocked persons described for CCU Bank and its 50%‑or‑greater owned entities. Transactions with other blocked persons remain prohibited unless separately authorized.
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Key Dates
Department and Agencies
Related Federal Register Documents
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Previous / Next Documents
Previous: 2026-20010, Publication of Iran-Related Web General Licenses X and X1
The Treasury’s Office of Foreign Assets Control (OFAC) published two special Iran-related licenses called GL X and GL X1. GL X started on June 21, 2026, but was replaced by GL X1 on July 7, which then expired on July 17, 2026. These licenses allowed certain transactions that are usually banned, affecting businesses and individuals dealing with Iran, but the short time frame means the money impact was limited.
Next: 2026-20012, Publication of Venezuela Sanctions Regulations Web General License 5W
Starting June 19, 2026, certain financial transactions involving Venezuela’s 2020 8.5% bond are now allowed, thanks to a new license called GL 5W. This update replaces the old GL 5V and opens the door for more legal dealings with this bond, but other sanctions still apply. If you’re involved in these bonds, keep an eye on the dates and rules to stay in the clear!