Federal investigators in New York are examining whether President Trump's former personal lawyer Michael Cohen committed over $20 million in bank and tax fraud by misrepresenting his assets when obtaining loans for his family taxi businesses, The New York Times reports.

The big picture: The NYT report notes that it is "still possible" that Cohen could plead guilty and decide to cooperate with federal prosectors and the Mueller investigation. The fraud inquiry is in conjunction with an ongoing federal investigation regarding Cohen's possible violation of campaign finance laws via the payment of multiple women who claim to have had extramarital affairs with Trump.