Amazon is looking to team up with banks to build a checking account-type product. The e-commerce giant is in talks with JPMorgan Chase according to the Wall Street Journal. Emily Glazer, banking reporter at the WSJ, explains her outlook for Amazon's ability to enter this sector. "The Amazon effect is everywhere," says Glazer. "Banks would have a huge advantage of tapping into Amazon's data, their technology and then Amazon would have a huge advantage of not becoming a bank, not having to deal with stringent financial regulations, and capital restrictions, and all that comes with becoming a big bank." But at what point does Amazon go too far with controlling consumers lives? Glazer says millennials don't care as much about privacy and security as older generations.

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Trump Administration Shutters Consumer Protection Agency
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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