U.S. Bancorp USB, +5.62% said Sunday that it will suspend its stock repurchase program temporarily, for the rest of the first quarter and for the second quarter, in response to the COVID-19 pandemic. As of Dec. 31, the bank had $2.41 billion remaining in its stock repurchase program through June 30, 2020. “This action is being taken to support the efforts that the Federal Reserve is taking to moderate the impact of COVID-19 on the economy and global markets by maintaining strong capital levels and liquidity to support customers, employees and shareholders.,” U.S. Bancorp said in a statement. The Fed cut on Sunday its benchmark interest rate to zero and implemented a $700 billion bond-buying program. U.S. Bancorp’s announcement comes after the Financial Services Forum, a trade group representing eight of the largest U.S. banks, including J.P. Morgan Chase & Co. JPM, +5.45%, Bank of America Corp. BAC, +4.58% and Citigroup Inc. C, +4.92% said its member banks had suspended their share repurchases.