I don't know about their "new" short sale program. However, I just had a borrower that made an offer in April and US Bank finally issued a letter on August 5th that they would accept the short sale. The purchase agreement had expired and the buyer did something else.
It does say in the letter that "if you accept the short sale, please note your account will be reported to the credit depositories as Account paid in full for less than the full balance. This may have a negative impact on your credit rating."