The United States flag hangs on the Federal Reserve Bank of New York, Tuesday, Aug. 4, 2020. (AP Photo/Mark Lennihan)
The United States flag hangs on the Federal Reserve Bank of New York, Tuesday, Aug. 4, 2020. (AP Photo/Mark Lennihan)The U.S. Federal Reserve said Friday it may remove certain foreign banks from its list of systemically important financial institutions as part of ongoing efforts to streamline post-2008 reforms and ease some regulatory burdens.

The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)
The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)Lenders can use any reference rate they wish to replace LIBOR as long as they provide a “robust fallback rate” in case the original is discontinued, U.S. regulators said on Friday, in a win for smaller banks that had pushed back against a mandated replacement.

In this March 16, 2017, file photo, a customer enters a Citibank branch, in New York.(AP Photo/Mark Lennihan, File)
In this March 16, 2017, file photo, a customer enters a Citibank branch, in New York.(AP Photo/Mark Lennihan, File)Citigroup Treasurer Michael Verdeschi said on Friday that he doesn't think the U.S. Federal Reserve is ready to “seriously consider” negative rates as an option to further help the economy bounce back from the fallout it is experiencing due to the ongoing global pandemic.

Federal Reserve Board Chair Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill in Washington, D.C., Sept. 24, 2020. (Drew Angerer/Pool via AP)
Federal Reserve Board Chair Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill in Washington, D.C., Sept. 24, 2020. (Drew Angerer/Pool via AP)U.S. Federal Reserve Chair Jerome Powell said Thursday that the entire government must work together to help the economy recover from COVID-19, calling for additional fiscal measures from Congress as the pace of recovery slows.

In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)
In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)JPMorgan may face a monetary penalty from U.S. regulators for faults in its internal rules and procedures, the bank said on Monday in a regulatory filing, one month after it paid a record settlement in a spoofing probe.

The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)
The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)The U.S. Federal Reserve broadened the terms of its Main Street Lending Program on Friday for the third time while raising the fees originators can charge on smaller loans.

A photo of the Bank of Canada building in Ottawa. (Wladyslaw/Creative Commons)
A photo of the Bank of Canada building in Ottawa. (Wladyslaw/Creative Commons)The Bank of Canada expects to keep its key interest rate near zero through 2023 as a resurgence of coronavirus threatens economic recovery in Canada, the U.S. and Europe.

Acting Comptroller of the Currency Brian Brooks (Creative Commons)
Acting Comptroller of the Currency Brian Brooks (Creative Commons)Acting U.S. Comptroller of the Currency Brian Brooks said his office will release a long-anticipated proposal opposed by Democratic lawmakers changing how banks will be scored under the Community Reinvestment Act.

BlackRock CEO Larry Fink speaks at the Yahoo Finance All Markets Summit in September 2018 in New York. (Photo by Evan Agostini/Invision/AP)
BlackRock CEO Larry Fink speaks at the Yahoo Finance All Markets Summit in September 2018 in New York. (Photo by Evan Agostini/Invision/AP)BlackRock, the world’s biggest investment manager, downgraded its position on U.S. Treasurys, anticipating unified Democratic control of the federal government and aggressive fiscal spending in 2021.

In this Sept. 1, 2020 file photo, Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing on Capitol Hill in Washington. (Graeme Jennings/Pool via AP, File)
In this Sept. 1, 2020 file photo, Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing on Capitol Hill in Washington. (Graeme Jennings/Pool via AP, File)Eight top U.S. regulatory officials said in a letter to a group of bank treasurers that they will not recommend adding a credit-sensitive supplement for the Secured Overnight Funding Rate, a replacement for the LIBOR reference rate that has support from a committee organized by the Federal Reserve Bank of New York.

A Bitcoin logo is displayed on an ATM in Hong Kong. (AP Photo/Kin Cheung, File)
A Bitcoin logo is displayed on an ATM in Hong Kong. (AP Photo/Kin Cheung, File)U.S. regulators want to tighten oversight of money transfers, including those made through cryptocurrencies, in an effort to crack down on money laundering, according to a proposal published Friday.

A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)
A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)The U.S. brokerage arm of Japan’s largest banking group was selected by the Federal Reserve Bank of New York to serve as a new counterparty for its COVID-19 credit facilities, further expanding the program’s lending capacity.

In this July 30, 2019, file photo, the logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
In this July 30, 2019, file photo, the logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)Capital One surprised analysts Thursday after it reported a net income of $2.4 billion for the third quarter, as the bank steadily grew its auto loan business and released COVID-19-related credit loss reserves.

Goldman Sachs world headquarters (Creative Commons)
Goldman Sachs world headquarters (Creative Commons)Goldman Sachs has reached a $2.9 billion settlement with regulators around the world for risk management failures connected to the 1Malaysia Development Berhad fraud scandal, ending several yearslong investigations into the investment bank's wrongdoing and prompting it to decide to claw back $174 million in pay to current and former executives.

Clouds loom over the Miami skyline Thursday, May 14, 2020. (AP Photo/Wilfredo Lee)
Clouds loom over the Miami skyline Thursday, May 14, 2020. (AP Photo/Wilfredo Lee)Allfunds, a Spanish fintech, has been approved by the U.S. central bank to open its first office in the country, allowing the company to connect with another major market in its push to expand its fund distribution business.

A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)
A man walks past the Federal Reserve Bank of New York. (AP Photo/Mark Lennihan)The U.S. banking industry is rebounding due to strong mortgage demand, but its progress is threatened by a potential surge in delinquencies that could be made worse if lawmakers do not agree on fiscal stimulus, according to the U.S. Federal Reserve.

In this image from video, Sen. Jeff Merkley, D-Ore., speaks on the Senate floor about the impeachment trial against President Donald Trump at the U.S. Capitol in Washington, Wednesday, Feb. 5, 2020. The Senate will vote on the Articles of Impeachment on Wednesday afternoon, Feb. 5. (Senate Television via AP)
In this image from video, Sen. Jeff Merkley, D-Ore., speaks on the Senate floor about the impeachment trial against President Donald Trump at the U.S. Capitol in Washington, Wednesday, Feb. 5, 2020. The Senate will vote on the Articles of Impeachment on Wednesday afternoon, Feb. 5. (Senate Television via AP)Financial companies would be prohibited from making new investments in fossil fuels and the United States would pressure international banks and financial institutions to lower their greenhouse gas emissions under a pair of bills introduced in the U.S. Senate on Wednesday.

FDIC Chairman Jelena McWilliams attends a Senate Banking Committee hearing on her nomination, Tuesday, Jan. 23, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
FDIC Chairman Jelena McWilliams attends a Senate Banking Committee hearing on her nomination, Tuesday, Jan. 23, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)U.S. banking regulators finalized a rule imposing new funding stability requirements for financial institutions over an official's concerns that the measure had been severely weakened from its original form.

The skyline of Chicago, Illinois from Grant Park (James Conkis/Creative Commons
The skyline of Chicago, Illinois from Grant Park (James Conkis/Creative CommonsInvestors pulled out of open-end funds at a record rate this year as they continued to search for safety, fueling hefty asset inflows to exchange-traded funds and certain bonds, Morningstar said.

Bank of America's headquarters are shown in Charlotte, N.C., Thursday, July 15, 2010. (AP Photo/Chuck Burton)
Bank of America's headquarters are shown in Charlotte, N.C., Thursday, July 15, 2010. (AP Photo/Chuck Burton)The American Bankers Association is pushing banks to increase their offerings to unbanked and underbanked consumers by creating accounts that follow industry standards meant to expand access to banking services.