Capital One pledges $265 billion in lending, philanthropy as it tries to clinch Discover deal

Capital One will commit $265 billion over five years to lending, philanthropy and investment if its takeover of Discover Financial Services goes through, the bank said on Wednesday, as it aims to appease critics and win over regulators.

Under a plan agreed upon with four community groups, Capital One has promised to maintain the combined entity’s lending to low-and-moderate income (LMI) consumers and communities at $200 billion over five years. It will retain Discover’s sole branch in...