Bank of America close to settling on credit cards with U.S. regulator

WASHINGTON, April 3 Thu Apr 3, 2014 5:16pm EDT

WASHINGTON, April 3 (Reuters) - Bank of America Corp is close to a settlement with the U.S. Consumer Financial Protection Bureau over problems with products sold as add-ons to credit cards, sources familiar with the talks said.

The consumer bureau has reached settlements with other credit card companies over allegations they gave consumers misleading information about add-on products such as identity-theft protection. The Wall Street Journal, which first reported the latest settlement talks, said Bank of America could pay more than $800 million to settle the allegations against it. (Reporting by Emily Stephenson. Editing by Andre Grenon)

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