* Two House Republicans are putting final touches on legislation that would raise the reporting threshold under the Bank Secrecy Act.

* Bank of America is facing a class-action lawsuit alleging that its former appraisal subsidiary, LandSafe, cherry-picked appraisers to help boost mortgage volumes before the financial crisis, the Financial Times reports.

* A federal judge in Los Angeles ordered Wells Fargo to pay $97 million to home mortgage consultants and private mortgage in California over breaks that they did not get but were entitled to, Bloomberg News reports.

* The Royal Bank of Scotland agreed to pay $4.9 billion to settle an investigation into the sale of residential mortgage-backed securities in the U.S., Reuters reports.

* Insurance company CNA Financial is being sued for allegedly raising premiums of certain long-term care insurance policyholders.

* AXA Equitable's IPO has been priced at $20 per share, lower than the expected share price of between $24 and $27.

* Public and private insurers are expected to pay at least $1.5 billion in claims from severe thunderstorms that hit the U.S. in April, according to a report from Aon Benfield's Impact Forecasting.

* Athene Holding continues to expand its holdings in asset-backed securities amid expectations of "significant growth" ahead for said securities.

* Pricing for policies that cover for executives' actions and decisions is slowly rising amid a spike in merger-related lawsuits and a wave of sexual misconduct scandals that hit the business.

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