Bank of America near credit card deal with U.S. regulator

Bank of America Corp is close to settling with a U.S. consumer regulator over the sale of services sold as add-ons to credit cards, sources familiar with the talks said. The second-largest U.S. bank said in an August securities filing that it had been in discussions with regulators to address concerns over the sale and marketing of credit card debt cancellation products and identity theft protection services that it offered alongside its credit cards. News of the potential settlement with the Consumer Financial Protection Bureau was first reported by the Wall Street Journal, which also said Bank of America could pay more than $800 million to settle the allegations against it. In recent years, the CFPB has been cracking down on credit-card companies offering payment protection, credit score tracking and other add-on products.

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