U.S. Bancorp Not Required to Meet Requirements for Category II Banks
October 17 2023 - 2:43PM
Dow Jones News
By Ben Glickman
U.S. Bancorp will not be required to meet the U.S. Federal
Reserve's requirements for Category II banks.
The bank said in a Securities and Exchange Commission filing
that the Fed had informed the company Oct. 16 it would not have to
fulfill commitments applied to larger banking institutions.
U.S. Bancorp agreed in connection with its December 2022
acquisition of MUFG Union Bank that it would submit quarterly
implementation plans for meeting Category II banking
requirements.
Category II banking organizations are those with $700 billion or
more in total assets or at least $75 billion in
cross-jurisdictional activities. The Fed informed the company it
would only have to comply with Category III bank requirements.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 17, 2023 15:28 ET (19:28 GMT)
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