Good morning. The Trump administration is continuing its push to limit undocumented immigrants’ access to the U.S. banking system, urging banks to consider loans to them as potentially risky.

• The setup: Earlier this year, officials began discussing ways to use the banking system to boost President Trump’s mass deportation campaign, The Wall Street Journal first reported. Those discussions led to an executive order in May directing financial regulators to use a range of existing rules to achieve the administration’s goals.
   
• New guidance: The latest guidance, by the Office of the Comptroller of the Currency and two other regulators, takes aim at retail loans offered to workers who may not be authorized to work in the U.S., according to a copy of the guidance viewed by the Journal.
   
• Backstory: Officials have pointed to the use of the banking system by Mexican cartels and Chinese money-laundering groups as a basis for the administration’s new policies. An “inadmissible and removable alien population” poses a risk to national security and the stability of the country’s financial system, Trump’s executive order said.
   
• Chilling effect: Banks aren’t prohibited from offering accounts or loans to undocumented immigrants, but the changes undertaken by regulators following Trump’s executive order appear intended to make it harder for them to justify to regulators why they might be doing so. Such warnings tend to put a chill on bank activity.

EU proposal to curb minors’ access to social media coming later this year.

The European Union is working to curb minors’ access to social media with a proposal likely to land after the summer, as a growing number of countries move to restrict young people’s use of the platforms.

“It is very clear that we need age-appropriate restrictions to platforms,” European Commission President Ursula von der Leyen said Monday. “The question is no longer if children face risks online, but what can we do to give children a safer start online,” she said.

That could see children under the age of 13 face tighter restrictions on what social media they can use and how long they can spend on those platforms. Her comments come as a panel of experts delivers a report to the commission outlining how they believe rules should be implemented to protect young people online, including staggering how children are able to use social-media platforms as they age.

• Newly-approved legislation in Illinois stops companies from adding potentially harmful so-called forever chemicals to makeup, Clara Hudson reports for Risk Journal. (free link)
   
• A coalition of 12 states led by California is suing to block Paramount’s $81 billion acquisition of Warner Bros. Discovery, presenting the biggest obstacle for a deal that will combine two of Hollywood’s biggest producers and distributors of entertainment and news content.
   
• Gov. Kathy Hochul is banning large data-center construction for up to a year, making New York the latest state to confront the rollout of sites powering the artificial-intelligence boom.
   
• HM Revenue and Customs said it plans to seek new powers that would allow it to publish details of companies that agree to settle certain export and sanctions offences, Risk Journal reports. 

Russian cyberattacks stretching back 15 years prompt European sanctions.

European authorities sanctioned Russian intelligence units and hackers on Monday, accusing them of a 15-year campaign targeting governments and critical infrastructure across the continent.

The European Union and the U.K. said the sanctions would target Russian military intelligence officers, hackers and private companies that support the Kremlin’s cyberattacks. The authorities highlighted the role of the 16th Center of Russia’s Federal Security Service, one of Russia’s main cyber intelligence divisions, saying it was behind a failed attack on Poland’s power grid and many other disruptive operations.

Trump says he is reimposing the U.S. blockade of Iran.

President Trump said Monday he is reimposing the U.S. blockade on Iranian shipping, escalating a standoff over control of the strategic Strait of Hormuz.

His comments came after the U.S. launched additional strikes against Iran, which defied American demands that it publicly declare the strait open and instead closed the waterway. Oil prices jumped, with Brent crude trading more than 8% higher. Speaking later in a radio interview with Hugh Hewitt, Trump said U.S. forces would resume strikes against Iran on Monday.

See also: 

• U.S. Launches New Iran Strikes, as Trump Weighs Attacking Nuclear Site
• New Saudi-Yemen Fighting Threatens to Pull Houthis Into Iran War
• America’s Latest Weapon Against Iran: Sea Drones

• The U.S. eased sanctions on the Democratic Republic of the Congo and Rwanda in an effort to boost humanitarian aid amid an outbreak of Ebola in the region, Risk Journal reports. 
   
• A federal appeals court revived more than 500 lawsuits that allege Tylenol and generic acetaminophen can cause attention-deficit hyperactivity disorder or autism if taken during pregnancy.
   
• British counterterrorism police are now leading investigations into the suspected murder of former U.K. government minister Ann Widdecombe, who was found dead at her home in southern England last week after sustaining what police said were serious injuries.
   
• Brown-Forman Chief Executive Lawson Whiting is planning to step down, as the Jack Daniel’s maker seeks to move past a slowdown in alcohol sales and unfruitful deal talks.
   
• A Quebec judge on Monday found Peter Nygard, the former Canadian fashion and retailing executive, guilty of sexual assault and forcible confinement in an incident at a Montreal penthouse in the 1990s.

• A person was killed in Biddeford, Maine, on Monday morning in a shooting involving federal immigration officials, Maine leaders said.
   
• President Trump and his family acted in bad faith in bringing a $10 billion lawsuit against the Internal Revenue Service, a federal judge ruled Monday in a scathing rebuke of the president, his attorneys and the Justice Department.
   
• South Carolina Gov. Henry McMaster named Darline Graham Nordone, the sister of the late Sen. Lindsey Graham of South Carolina, to serve as an interim replacement in the Senate in the aftermath of the longtime lawmaker’s death.
   
• Even before a stream of wide-eyed World Cup visitors arrived in the U.S. this summer to marvel at the square footage and enjoy the free samples, it’s been a busy year in the Costco cinematic universe.

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