: U.S. Bancorp’s stock rallies on release of Fed banking requirement

U.S. Bancorp’s USB stock was up 5.9% after the bank said in a filing that the U.S. Federal Reserve is not requiring it to meet Category II banking requirements by Dec. 31, 2024 under the Dodd-Frank banking law. On Tuesday, the bank said it received notification that “consistent with the standards applicable to other Category III institutions…the Federal Reserve will not require the company to meet Category II requirements by Dec. 31, 2024,” the bank said in a filing. The company is no longer required to submit quarterly implementation plans for complying with the requirement associated with a Category II banking organization, the bank said in the filing. A spokesperson from the bank did not immediately respond to emails and phone calls from MarketWatch. U.S. Bancorp is scheduled to report third-quarter earnings on Wednesday. Category II banks are defined as institutions with more than $700 billion of total assets, while Category III banks have more than $250 billion of total assets. At last check, U.S. Bancorp had $680 billion of assets as of June 30, up 15%.

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