Summary
US Bancorp's (USB) second-quarter 2010 10-Q filing highlights the significant impending impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation, signed in July 2010, is expected to negatively affect the company's financial results through various provisions, including the establishment of a Consumer Financial Protection Bureau, changes to deposit insurance assessment bases, and potential rate-setting for interchange fees. Furthermore, certain instruments currently contributing to Tier 1 capital will be phased out, reducing the company's capital ratio by an estimated 1.4 percent over three years. The annual increase in deposit insurance assessments alone is projected to be around $200 million.
Financial Highlights
35 data pointsBeta
Financial Statements
Beta
| Interest Expense | $638.00M |
| Net Income | $766.00M |
| EPS (Basic) | $0.45 |
| EPS (Diluted) | $0.45 |
| Shares Outstanding (Basic) | 1.91B |
| Shares Outstanding (Diluted) | 1.92B |
Key Highlights
- 1Dodd-Frank Act to adversely impact financial results upon full implementation.
- 2Establishment of a Consumer Financial Protection Bureau is a key provision of Dodd-Frank.
- 3Deposit insurance assessment base changes expected to increase annual costs by approximately $200 million.
- 4Certain instruments excluded from Tier 1 capital ratio calculation, phasing in from 2013.
- 5Excluded capital instruments currently boost Tier 1 capital ratio by 1.4 percent.
- 6Company anticipates detrimental impact on revenues and expenses from Dodd-Frank's future rulemaking.
- 7Referral to 2009 10-K for a comprehensive discussion of other risk factors.