Capital One Financial Corp., with more than 250 branches in New York, agreed to limit its use of customer-screening databases that barred many low-income consumers from getting bank accounts, state officials said.
Ron Wyden, poised to become the Senate’s top Democrat on tax policy, said he will push to establish universal savings accounts for all newborns in the U.S. as a way to “really put a dent in the poverty rate.”
The Federal Reserve will release minutes from its April meeting at which the Federal Open Market Committee said it would cut bond buying as the economy picks up after winter weather slowed first-quarter growth.
Brazilian Finance Minister Guido Mantega's announcement that the government will reduce returns on new deposits in national savings accounts could make room for further interest-rate cuts and help Brazil sustain its economic growth.
Brazilian Finance Minister Guido Mantega denied a newspaper report that he was called to a meeting on April 23 to discuss changes to rules guaranteeing returns for savings accounts. Yields on interest rate futures pared losses.
Brazil’s government will seek to limit returns on newly opened savings accounts to 70 percent of the nation’s benchmark interest rate under rules being proposed today to pave the way for lower borrowing costs, a government official said. The changes being announced by President Dilma Rousseff’s government won’t affect existing deposits, which will continue to earn more than 6 percent, according to the official, who is familiar with the plans and isn’t authorized to discuss them publicly.