Charles Rettig was sworn in as the 49th Commissioner of the Internal Service Revenue.

Federal Reserve Board Vice Chair for Supervision Randal K. Quarles asserted that despite a drop in the numbers, community banks are "faring well" since the financial crisis.

The Office of the Comptroller of the Currency ("OCC") corrected the effective date of a proposal to amend guidelines relating to recovery plans for large insured national banks, federal savings associations and federal branches. The prior Federal Register release incorrectly stated an October 19, 2018 effective date. The OCC clarified that, if adopted, the effective date will be 30 days from the date of publication of the final guidelines in the Federal Register. As previously covered, the comment deadline for the proposal continues to be November 5, 2018.

An SEC rule change intended to simplify or eliminate redundant, overlapping, outdated or superseded disclosure requirements was published in the Federal Register. The effective date is November 5, 2018. As previously covered, the amendments are part of an SEC effort to align regulations with recent changes in U.S. Generally Accepted Accounting Principles (GAAP), and to implement the Fixing America's Surface Transportation (FAST) Act.

Senator Bernie Sanders (D-VT) introduced legislation that would break up the biggest U.S. banking and financial institutions. The bill is sponsored in the U.S. House of Representatives by Representative Brad Sherman (D-CA). The bill, titled the Too Big to Fail, Too Big to Exist Act, would, among other things, require: the restructuring of certain covered financial institutions (including banking organizations, insurance firms, broker-dealers and investment advisers) with a total exposure greater than three percent of the GDP of the U.S.; insurance companies with more than $50 billion in assets