Michael Cohen, President Trump's former lawyer who has been under investigation for tax and bank fraud, reportedly accepted a plea arrangement with federal prosecutors in New York Tuesday. It remains unclear whether Cohen is cooperating with investigators or just accepting an agreement in exchange for a lighter sentence.

ABC first reported the plea after NBC and others reported earlier in the day that Cohen was discussing a deal, which, should it involve Cohen ultimately cooperating with the Mueller investigation, would have the potential to significantly impact the president.

Federal investigators raided Cohen's office in April in search of documents and materials related to payments he made to women who alleged they had relationships with the president.

Cohen, a longtime Trump loyalist, only recently began to indicate that his commitment has limits, saying in an [interview] (https://abcnews.go.com/GMA/News/video/exclusive-president-trumps-personal-attorney-michael-cohen-speaks-56309885) last month that he put his family and country before the president.

This is a developing story, check back for updates.