The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.
The online TV giant will start by moving $25 million to a fund that invests in minority-run financial institutions that serve low-income communities and depositing $10 million into Hope Credit Union in Jackson, Miss.
Royal Bank of Canada's Dave McKay told investors on Tuesday that he's increasingly worried about the so-called FANG companies — Facebook, Amazon.com, Netflix and Google parent Alphabet — getting into banking.
Providing the default card in digital subscription services is one way banks can win back bill-pay business, save customers time and help them manage their data.
