Some states and five banks — Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C) and Ally Financial – are on the brink of finalizing a $25 billion deal over problematic foreclosure practices. California and New York returned to negotiations following a four-month absence, which signaled they could support an agreement. State attorney generals must indicate today whether they will sign on to the deal.

Citigroup’s (NYSE:C) Chinese unit claims it has received approval to issue credit cards in China. It is the first non-Asian bank to receive such permission. Other foreign banks have tried, as have many other industries, but to little or no avail, to gain market share in China. Citigroup’s approval may be a significant step in gaining approval for other entities.

Don’t Miss: Citibank To Issue Credit Cards In China.

JPMorgan Chase & Co. (NYSE:JPM) reportedly agreed to settle a lawsuit over overdraft fees in the amount of $110 million. It would be $300 million lower than what Bank of America (NYSE:BAC) signed off on over its own legal headache on similar accusations of excessive overdraft fees charged to customers.

CNA Financial (NYSE:CNA) beat fourth quarter estimates. It trades lower after posting a 37% year-over-year decline in profit on wider operating losses in its non-core life and group business lines.

Fidelity National Financial (NYSE:FNF) could purchase even more restaurant companies. Even purchasing O’Charley’s (NASDAQ:CHUX) it still has capital stored away from the sales of insurance assets, according to CEO George Scanlon. “The restaurant business can scale pretty quickly, and there are clearly cost benefits to being bigger, particularly on the purchasing side.”

Bank of America’s (NYSE:BAC) United Kingdom and Ireland credit card business (MBNA Europe) reportedly has been abandoned. The reasons are unclear, although new capital requirements by European regulators may have rendered the credit card business less attractive to potential acquirers.

Investing Insights: 2 Financial Stocks Slightly Lower After Earnings.

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To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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