U.S. Bancorp Releases 2020 Dodd-Frank Act Stress Test Results
June 25 2020 - 5:10PM
Business Wire
U.S. Bancorp (NYSE: USB) today disclosed the results of its
company-run Dodd-Frank Act Stress Test (“DFAST”) conducted in
accordance with the Dodd-Frank Wall Street Reform and Consumer
Protection Act.
The DFAST results, along with a summary of the company’s risks
and methodologies used to calculate the results, are available on
the company’s website at www.usbank.com under “About Us,” “Investor
Relations,” “Financial Information” and “Dodd-Frank Act Stress Test
results.” DFAST results for U.S. Bancorp’s primary banking
subsidiary, U.S. Bank National Association, are also available on
the company’s website.
The company’s DFAST results may differ from those calculated and
published by the Federal Reserve Board due to differences in
models, methodologies, assumptions and applicable capital and
accounting rules, among other things.
About U.S. Bank
U.S. Bancorp, with more than 70,000 employees and $543 billion
in assets as of March 31, 2020, is the parent company of U.S. Bank
National Association, the fifth-largest commercial bank in the
United States. The Minneapolis-based bank blends its relationship
teams, branches and ATM network with mobile and online tools that
allow customers to bank how, when and where they prefer. U.S. Bank
is committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank one of the 2020 World’s Most
Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on
social media to stay up to date with company news.
Forward-looking statements
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements about U.S. Bancorp. Statements that are not historical
or current facts, including statements about beliefs and
expectations, are forward-looking statements and are based on the
information available to, and assumptions and estimates made by,
management as of the date hereof. These forward-looking statements
cover, among other things, anticipated future revenue and expenses
and the future plans and prospects of U.S. Bancorp. Forward-looking
statements involve inherent risks and uncertainties, and important
factors could cause actual results to differ materially from those
anticipated. The COVID-19 pandemic is adversely affecting us, our
customers, counterparties, employees, and third-party service
providers, and the ultimate extent of the impacts on our business,
financial position, results of operations, liquidity, and prospects
is uncertain. Continued deterioration in general business and
economic conditions or turbulence in domestic or global financial
markets could adversely affect U.S. Bancorp’s revenues and the
values of its assets and liabilities, reduce the availability of
funding to certain financial institutions, lead to a tightening of
credit, and increase stock price volatility. In addition, changes
to statutes, regulations, or regulatory policies or practices could
affect U.S. Bancorp in substantial and unpredictable ways. U.S.
Bancorp’s results could also be adversely affected by changes in
interest rates; further increases in unemployment rates;
deterioration in the credit quality of its loan portfolios or in
the value of the collateral securing those loans; deterioration in
the value of its investment securities; legal and regulatory
developments; litigation; increased competition from both banks and
non-banks; changes in the level of tariffs and other trade policies
of the United States and its global trading partners; changes in
customer behavior and preferences; breaches in data security;
failures to safeguard personal information; effects of mergers and
acquisitions and related integration; effects of critical
accounting policies and judgments; and management’s ability to
effectively manage credit risk, market risk, operational risk,
compliance risk, strategic risk, interest rate risk, liquidity risk
and reputation risk. For discussion of these and other risks that
may cause actual results to differ from expectations, refer to U.S.
Bancorp’s Annual Report on Form 10-K for the year ended December
31, 2019, on file with the Securities and Exchange Commission,
including the sections entitled “Corporate Risk Profile” and “Risk
Factors” contained in Exhibit 13, and all subsequent filings with
the Securities and Exchange Commission under Sections 13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934. In addition,
factors other than these risks also could adversely affect U.S.
Bancorp’s results, and the reader should not consider these risks
to be a complete set of all potential risks or uncertainties.
Forward-looking statements speak only as of the date hereof, and
U.S. Bancorp undertakes no obligation to update them in light of
new information or future events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200625005899/en/
Investor contact: Jennifer Thompson, U.S. Bancorp Investor
Relations jen.thompson@usbank.com, 612.303.0778, @usbank_news
Media contact: Jeff Shelman, U.S. Bancorp Public Affairs and
Communications jeffrey.shelman@usbank.com, 612.422.1423,
@usbank_news
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