Capital One offers $265B benefit plan to appease regulators for its planned purchase of Discover

Capital One said Wednesday it plans to offer $265 billion in lending, investing and philanthropy projects as part of its $35 billion merger with Discover Financial. The plan is designed to appease federal bank regulators, who have been initially skeptical of approving the merger, which would create the world’s largest credit card company if it goes through. The five-year, $265 billion community benefit plan consists of several initiatives by Capital One, including a plan to lend $200 billion to low- and middle-income consumers, $44 billion in community development work and hundreds of millions of dollars to nonprofits, small businesses and minority-owned financial institutions.