Ethics at U.S. Bank
Integrity and trust
U.S. Bank enjoys a long record of strong performance and an enviable reputation for integrity because of the decisions our team members make every day. We are dedicated to doing the right thing, which helps us grow our business and allows our clients and stakeholders to accomplish their goals.
We know that decisions and actions matter. Our success comes from always doing what is best for our company, clients and colleagues. That begins with acting with integrity and matching our words with our actions. Together, our team has created an environment that encourages everyone to speak up and hold each other accountable for living our core values and behaviors.
Thank you for placing your trust in U.S. Bank. Integrity is central to our culture and to how we serve customers and communities every day. We understand that our continued focus on getting things done the right way helps strengthen that trust and supports our long-term performance.
Note: U.S. Bancorp (the “Company”) periodically updates its Code of Ethics and Business Conduct (the “Code”) applicable to all employees, including its principal executive officer, principal financial officer and principal accounting officer, as those terms are defined under U.S. Securities and Exchange Commission rules.
On April 15, 2026, the Company approved updates to the Code, including updates to reorganize and streamline content. Such updates included:
- Clarified language regarding our commitment to fair and responsible banking and prohibitions against discrimination
- Updated the gifts and business hospitality section, including to reflect updated reporting threshold implemented earlier this year
- Included more common examples in the section addressing misuse of personal accounts and products
- Clarified pre-approval requirements related to lobbying
- Expanded description of limitations and restrictions on use of company resources for soliciting team members in connection with non-company sponsored charitable events
- Added a Q&A regarding prohibition of using confidential information in prediction markets
The above summary of updates to the Code is qualified in its entirety by reference to the full text of the Code.