Logging the cleartext value of a failed password attempt (cleartext or otherwise) seems like a security anti-pattern. I've never seen a web app that does this, and I'm not aware of any default system services such as SSH that do either. As pointed out by @tylerl below, most systems simply log meta-information about an access attempt (e.g. username, time, perhaps IP address, etc.).
Why This Should Be a Security Anti-Pattern
Offhand, I can think of three reasons why logging the cleartext value of a failed password attempt is a bad idea:
1. User Typos
It's extremely common for people to mistype a password by one or two characters. Examining a log file of failed attempts would make many of these easy to figure out, especially if you could contrast a sequence of failed attempts with a successful auth.
2. Guess-and-Check
Many people have two-or-three passwords they cycle through for everything. Consequently, when they forget which password they used on a given site, they just cycle through all of them until they find a match. This would make it trivial to hack their accounts on other sites.
3. Log Bloat
Storing failed passwords serves no useful purpose for the vast majority of authentication services in production today. While there may be some edge cases, for most people, storing this data is simply throwing away disk space.
On Relevant Legislation / Standards
I don't know of any standards (PCI, HIPAA, etc.) that specifically address procedures for storing failed login attempts, but I think that granted the above facts a good legal argument could be made for why the same standards that apply to storing passwords in general should also apply to failed-password attempts as well. In other words, you could make a legal argument that a failed-password is still categorically a password, and as such it is subject to the same standards.
While I'm certainly not a lawyer, I wouldn't want a judge to have to decide whether or not I was negligent or in violation of industry standards because failed passwords were stored in cleartext and consumers suffered the consequences. I don't think that would end with a favorable decision.
I agree with the OP that it might be useful for the various standards bodies to address this issue specifically (if they indeed haven't already). To that end, my suggestion would be to create a compliance standard of not storing the value of failed password attempts at all.