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Cash and Cash Equivalents
12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents Cash and Cash Equivalents
As of December 31, 2024, cash and cash equivalents include cash due from the FRB of $4.6 billion and cash due from depository institutions of $57 million. As of December 31, 2023, cash and cash equivalents include cash due from the FRB of $4.1 billion and cash due from depository institutions of $41 million. As of December 31, 2024 and 2023, we had no outstanding cash equivalents.
The FRB Term Deposit Facility program is used to facilitate the conduct of monetary policy by providing a tool that may be used to manage the aggregate quantity of reserve balances held by depository institutions. Under this program, the FRB accepts deposits for a stated maturity at a rate of interest determined via auction. The funds are removed from the accounts of participating institutions for the life of the term deposit. We did not participate in these auctions in 2024 or 2023, resulting in no interest reported. As of December 31, 2024 and 2023, no funds were on deposit with the FRB under this program.