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.

Federal banking regulators testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs on progress toward implementing the Economic Growth, Regulatory Relief and Consumer Protection Act (the "Act"). As previously covered, the Act makes targeted changes to key areas of Dodd-Frank, which will primarily benefit smaller banking organizations with simpler business models. Testimony was provided by Comptroller of the Currency Joseph M. Otting; Federal Reserve Board ("FRB") Vice Chair for Supervision Randal K. Quarles; FDIC Chair Jelena McWilliams; and National Credit Union

The National Futures Association ("NFA") provided guidance to commodity pool operators ("CPOs") and commodity trading advisors ("CTAs") on avoiding financial ratio errors on NFA Forms PQR and PR. In an Interpretive Notice, the NFA reported that some members have been incorrectly calculating two financial ratios regarding the financial condition of CPOs or CTAs - the Current Asset/Current Liability ratio and the Total Revenue/Total Expenses ("TR/TE") ratio. The NFA advised CPOs and CTAs to remember that: ratios must be calculated using the accrual method of accounting; current asset balance

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.