President Trump's former lawyer, Michael Cohen, is in talks with federal prosecutors to potentially negotiate a plea deal related to charges of "tax fraud and banking-related matters," reports NBC News.

Why it matters: The New York Times reported Sunday that Cohen is under investigation for more than $20 million in bank and tax fraud connected to his family taxi business. He is also being investigated for possible campaign finance violations for paying off women who claimed to have had extramarital affairs with Trump.