Swiss bank UBS is reportedly close to a $1 billion settlement with regulators over the LIBOR rate-rigging scandal.

After a recent scandal surrounding manipulation of a key interest rate, reforms are being proposed.

A group representing British banks is giving up its responsibility for setting a key global interest rate. The British Bankers Association will no longer control LIBOR -- the London Interbank Offered Rate. That's the benchmark for hundreds of trillions of dollars in mortgages, student loans and other transactions around the world.

The other shoes have finally dropped in the LIBOR investigation. Seven other shoes, in fact. Attorneys general in New York and Connecticut have subpoenaed seven of the world's biggest banks, including Citigroup and JPMorgan Chase here in the U.S.