U.S. Bancorp calculates 2024 stress capital buffer at 3.1% (NYSE:USB)

• U.S. Bancorp (NYSE:USB) said on Friday it expects to be subject to a preliminary stress capital buffer (SCB) of 3.1% for the period starting Oct. 1, 2024 as a result of its 2024 Comprehensive Capital Analysis and Review.
• The Federal Reserve expects to finalize the SCB for all banks by Aug. 31. New SCB’s then would become effective starting Oct. 1, 2024.
• For U.S. Bancorp (USB), the SCB when added to the Basel III Common Equity Tier 1 minimum of 4.5%, requires the company to keep a CET1 ratio at or above 7.6% through this period. The company’s CET1 ratio was 10% as of March 31, 2023.
• The bank said its common stock repurchases still remain suspended.

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