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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.
