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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 1/2 3/19/2020 Financial Stability Oversight Council Announces Proposed Decision to Grant Petition from ZB, N.A. | U.S. Department of the Treasury ### https://home.treasury.gov/news/press-releases/sm429 2/2
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