The tentative deal would also include as much as $9 billion in cash penalties for the bank, sources said. Money from the settlement will be divided into a cash penalty and consumer relief, according to sources.
The is not yet finalized, and that timing is not yet clear.
Bank of America CEO Brian Moynihan and Attorney General Eric Holder spoke on the phone Thursday, and the bank soon after agreed to the basics of a deal, The Wall Street Journal reported, citing sources familiar with the matter. The Justice Department has been seeking $17 billion, while Bank of America has pushed for $13 billion, according to the Journal.
—By CNBC.com staff