FINRA notified member firms that the SEC approved rule amendments intended to increase the ability of broker-dealers to prevent the financial exploitation of senior citizens and other vulnerable adults.

The House Financial Services Subcommittee on Capital Markets, Securities and Investment considered testimony on the impact of the Volcker Rule on the U.S. capital markets.

FINRA President and CEO Robert Cook discussed the advantages and disadvantages of the Self-Regulatory Organization model, and addressed the "core question" of self-interest in self-regulation.

Republican members of the Senate Banking Committee questioned the policies and procedures of the Financial Stability Oversight Council for designating non-bank systemically important financial institutions, and urged Treasury Secretary Steven Mnuchin to end "Too Big to Fail."

Wells Fargo announced that it had agreed to pay $110 million to settle a class action lawsuit regarding retail sales practices.