Amazon is reportedly poised to jump into yet another industry: banking. And that could be a win-win for everyone involved, according to Emily Glazer, the Wall Street Journal reporter who broke the [story](https://www.wsj.com/articles/are-you-ready-for-an-amazon-branded-checking-account-1520251200?reflink=e2twmkts).
“This idea of Amazon coming into the financial services as more of a partner than a disruptor is huge for the banks,” Glazer told Cheddar on Monday.
“Banks would have an...advantage of tapping into Amazon’s data [and] their technology.”
In return, Amazon could enter the financial space without “having to deal with the stringent regulations and capital restrictions...that come with becoming a bank.”
The tech giant is reportedly in talks with JPMorgan Chase to build a checking account-type product for its customers. Though still in its early stages, the idea is to serve a younger generation, particularly those who don't now have bank accounts.
Amazon has branched out far beyond its core online retail service and entrenched itself as an essential part of many consumers’ daily lives. But its access to such vast amounts of data is unlikely to scare off many customers, said Glazer.
“Millennials don’t care as much about privacy and security as other generations,” she said. “That’s why they’re using Venmo and not worried about Venmo selling their data.”
For the full interview, [click here](https://cheddar.com/videos/why-amazon-might-be-looking-to-team-up-with-big-banks).
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
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Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
Monsanto was ordered to pay $857 million to students and parent volunteers at a Washington school.
A federal judge has struck down hundreds of lawsuits filed against the makers of Tylenol and generic acetaminophen.
