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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