The outcome of the hearing could put more pressure on the Supreme Court to make a decision on states' same-sex marriage bans.
The bank would pay between $16 billion and $17 billion for alleged mortgage-related abuses, according to a source familiar with the talks. A final announcement could come next week.
At a news conference Wednesday, the president said he would act when he can without Congress but said there are limits to his authority. He also spoke about a range of foreign policy issues.