The Company also provides corporate trust and fund administration services in Europe. These foreign operations are not significant to the Company. Competition The financial services industry is highly competitive. Ratings issued under the LFI Rating System will remain confidential. The OCC may take action against institutions that fail to meet these standards. Federal law imposes limitations on the payment of dividends by national banks. The Company's first SCB requirement of 2.5 percent took effect on October 1, 2020. Full compliance with the final rule is required as of January 1, 2022. U.S. Bank National Association is reviewing its deposits in light of the final rule. In May 2020, the OCC issued its final CRA rule. These regulations went into effect immediately. In addition, similar laws may be adopted by other states where the Company does business. The federal government may also pass data privacy or data protection legislation. That information is incorporated into this report by reference. The Company believes its current facilities are adequate to meet its needs. Item 9B. Other Information None. 23 Table of Contents PART III Item 10. He previously served in various leadership roles at Wells Fargo and Bank of America. Terrance R. Dolan Mr. Dolan is Vice Chair and Chief Financial Officer of U.S. Bancorp. Ms. Kedia, 50, has served in this position since joining U.S. Bancorp in December 2016. Mr. Welsh, 55, has served in this position since March 2019. Previously, Mr. Welsh served as a Partner at McKinsey from 1999 to 2006. U.S. Bancorp agrees to furnish a copy thereof to the SEC upon request. 1)(2)10.8(a) U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan. Filed as Exhibit 10.2 to Form 8-K filed on January 18, 2012. ( Filed as Exhibit 10.37 to Form 10-K for the year ended December 31, 2013. ( 1)(2)10.18 U.S. Bancorp 2015 Stock Incentive Plan. 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. SIXTH: The affairs of the Corporation shall be conducted by a Board of Directors. 147;Depositary Company” shall have the meaning set forth in Section& 6(d) hereof. &# 147;Dividend Period” shall have the meaning set forth in Section& 4(a) hereof. &# Dividends on shares of Series A Preferred Stock shall be non-cumulative. d) Merger, Consolidation and Sale of Assets Not Liquidation. d) Effectiveness of Redemption. The Preferred Directors shall each be entitled to one vote per director on any matter. ( iii) Notice for Special Meeting. Shares of Series C Preferred Stock are not subject to the operation of a sinking fund. & 147;Corporation” means U.S. Bancorp. &# 147;Redemption Price” shall have the meaning set forth in Section& 6(a) hereof. &# b) Supermajority Voting Rights–Priority. The number of authorized shares of Series J Preferred Stock shall be 40,000. 147;Series M Preferred Stock” shall have the meaning set forth in Section& 1 hereof. However, no interest or other payment will be paid in respect of the delay. The Preferred Directors will each be entitled to one vote per director on any matter. Special Meetings of Stockholders. The Notes are listed on the New York Stock Exchange under the symbol “USB24B”. Firstar Corporation merged into U.S. Bancorp effective February& 27, 2001. 1.5 Relation to Qualified Plan. This Plan is completely separate from any tax-qualified retirement plan. 2.8 Committee — the Compensation Committee of the Board of Directors of the Company. 4.2 Nor
