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Santander Holdings USA and its subsidiary, Santander Consumer USA, announced results from the Federal Reserve's 2020 Dodd-Frank Act Stress Test. SHUSA ranked in the top quartile for capital ratios under a severely adverse scenario. Effective October 1, 2020, the company will face a Stressed Capital Buffer of 2.5%, maintaining a CET1 ratio above 7%. However, due to new economic conditions, large banks must resubmit capital plans, limiting dividend payments and share repurchases. SHUSA anticipates no dividends in Q3 2020 as it complies with regulatory requirements. Their current CET1 ratios are 14.3% and 13.8% for SHUSA and SC, respectively.
Santander US will close its offices and branches early on June 19, 2020, to honor Juneteenth, the oldest national commemoration of the end of slavery in the United States. CEO Tim Wennes emphasized the importance of reflecting on racial inequities during this time. Employees are encouraged to engage with the Black community and support organizations aimed at fostering change. This closure aligns with the company's commitment to racial equality, as it reviews its practices in partnership with its Black Employee Network.