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3/19/2020

Financial Stability Oversight Council Announces Proposed Decision to Grant Petition from ZB, N.A. | U.S. Department of the Treasury

Financial Stability Oversight Council Announces Proposed
Decision to Grant Petition from ZB, N.A.
July 18, 2018

Washington – The Financial Stability Oversight Council (Council) today announced that it has
made a proposed decision to grant the appeal of ZB, N.A.

(Zions) under section 117 of the

Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank
Act provides for the Council to report to Congress on any proposed decision under section 117,
and subsequently to make a final decision regarding the company’s appeal.
“The Council conducted a careful analysis of Zions’ business and found that there is not a
significant risk that Zions could pose a threat to U.S. financial stability,” said Treasury Secretary
Steven T. Mnuchin. “In appropriate cases, the Council’s use of this authority promotes
regulatory e iciency and enables better service to customers and communities.”
If the Council makes a final decision to grant ZB’s appeal, ZB will not be treated as a designated
nonbank financial company upon completion of ZB’s proposed merger with its parent bank
holding company, Zions Bancorporation.
Section 117 of the Dodd-Frank Act applies to any entity (or successor entity) that:
Was a bank holding company with total consolidated assets of at least $50 billion as of
January 1, 2010; and
Received financial assistance under or participated in the Capital Purchase Plan established
under the Troubled Asset Relief Program.
If an entity subject to section 117 ceases to be a bank holding company, it will be treated as a
nonbank financial company supervised by the Board of Governors of the Federal Reserve
System. Section 117 provides that an entity may appeal its treatment as a designated nonbank
financial company to the Council.
The Council is required by section 117 to make a final decision regarding Zions’ appeal within 60
days, subject to potential extension.
The Council unanimously approved the proposed decision.
https://home.treasury.gov/news/press-releases/sm429

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Financial Stability Oversight Council Announces Proposed Decision to Grant Petition from ZB, N.A. | U.S. Department of the Treasury

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https://home.treasury.gov/news/press-releases/sm429

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