Item 8.01 Other Events.
On June 29, 2020, U.S. Bancorp announced that it received its preliminary 2020
Stress Capital Buffer ("SCB") from the Board of Governors of the Federal Reserve
System ("FRB") based on the results of the 2020 Dodd-Frank Act stress tests and
related Comprehensive Capital Analysis and Review. U.S. Bancorp will be subject
to a preliminary SCB of 2.5% for the period beginning October 1, 2020, and
ending on September 30, 2021. U.S. Bancorp also announced that management
expects to recommend to the board of directors that U.S. Bancorp maintain its
current quarterly common dividend of $0.42 per common share. The FRB announced
that it will require all large banks to preserve capital through suspension of
their share repurchase programs. The company will continue to monitor the impact
of COVID-19 on the economic environment and adjust its capital distributions as
circumstances warrant, consistent with regulatory requirements. A copy of the
press release is attached as Exhibit 99.1 hereto and is incorporated into this
Item 8.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated June 29, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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