What We're Following This Afternoon

‘Affluenza’ teen tentatively sentenced: A Texas judge ordered Ethan Couch to spend 720 days in jail as a condition for his continued probation related to the 2013 drunken-driving crash that killed four people. But the judge said he’d give both Couch’s defense, as well as prosecutors, two weeks to argue against—or for—the decision.

Regulators reject banks’ ‘living wills’: The Fed and the FDIC ordered five big U.S. banks to make significant revisions to their bankruptcy plans. Bank of America, Bank of New York Mellon, JP Morgan Chase, State Street, and Wells Fargo have until October 1 to fix the flaws, the regulators said, or face “more stringent prudential requirements.”

Sanders scores endorsement: Senator Jeff Merkley, Democrat from Oregon, became the first U.S. senator to endorse the senator from Vermont against his Democratic rival Hillary Clinton. Writing in The New York Times, Merkley said: “Bernie Sanders is boldly and fiercely addressing the biggest challenges facing our country.”

News from the morning here