JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.

To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.

The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2022, and December 31, 2021. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.


Off–balance sheet lending-related financial instruments, guarantees and other commitments
	Contractual amount												Carrying value(h)
	March 31, 2022										Dec 31, 2021			Mar 31, 2022		Dec 31, 2021
By remaining maturity (in millions)	Expires in 1 year or less		Expires after 1 year through 3 years		Expires after 3 years through 5 years		Expires after 5 years		Total		Total
Lending-related
Consumer, excluding credit card:
Residential real estate(a)	$	17,388	$	2,404	$	6,242	$	8,465	$	34,499	$	32,996		$	153	$	100
Auto and other	11,550		—		—		1,054		12,604		12,338			—		2
Total consumer, excluding credit card	28,938		2,404		6,242		9,519		47,103		45,334			153		102
Credit card(b)	757,283		—		—		—		757,283		730,534			—		—
Total consumer(b)(c)	786,221		2,404		6,242		9,519		804,386		775,868			153		102
Wholesale:
Other unfunded commitments to extend credit(d)	119,003		155,375		164,356		24,077		462,811		453,467			2,120		2,037
Standby letters of credit and other financial guarantees(d)	14,536		8,245		4,018		1,110		27,909		28,530			476		476
Other letters of credit(d)	5,943		491		78		—		6,512		4,448			11		9
Total wholesale(c)	139,482		164,111		168,452		25,187		497,232		486,445			2,607		2,522
Total lending-related	$	925,703	$	166,515	$	174,694	$	34,706	$	1,301,618	$	1,262,313		$	2,760	$	2,624
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)	$	365,249	$	—	$	—	$	—	$	365,249	$	337,770		$	—	$	—
Derivatives qualifying as guarantees	3,012		292		12,491		41,779		57,574		55,730			486		475
Unsettled resale and securities borrowed agreements	216,026		2,121		50		—		218,197		103,681			(45)		1
Unsettled repurchase and securities loaned agreements	134,400		889		—		—		135,289		74,263			(2)		—
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability	NA		NA		NA		NA		NA		NA			57		61
Loans sold with recourse	NA		NA		NA		NA		846		827			18		19
Exchange & clearing house guarantees and commitments(f)	141,956		—		—		—		141,956		182,701			—		—
Other guarantees and commitments(g)	11,080		949		282		1,902		14,213		10,490			65		69

(a)Includes certain commitments to purchase loans from correspondents.

(b)Also includes commercial card lending-related commitments primarily in CB and CIB.

(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.

(d)At March 31, 2022, and December 31, 2021, reflected the contractual amount net of risk participations totaling $51 million and $44 million, respectively, for other unfunded commitments to extend credit; $7.8 billion and $7.9 billion, respectively, for standby letters of credit and other financial guarantees; and $660 million and $451 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.

(e)At March 31, 2022, and December 31, 2021, collateral held by the Firm in support of securities lending indemnification agreements was $387.6 billion and $357.4 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.

(f)At March 31, 2022, and December 31, 2021, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.

(g)At March 31, 2022, and December 31, 2021, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and other equity investment commitments.

(h)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

Other unfunded commitments to extend credit

Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in

several forms, including the issuance of a standby letter of credit.

Standby letters of credit and other financial guarantees

Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2022, and December 31, 2021.

Standby letters of credit, other financial guarantees and other letters of credit


	March 31, 2022				December 31, 2021
(in millions)	Standby letters of credit and other financial guarantees		Other letters of credit		Standby letters of credit and other financial guarantees		Other letters of credit
Investment-grade(a)	$	19,186	$	4,771	$	19,998	$	3,087
Noninvestment-grade(a)	8,723		1,741		8,532		1,361
Total contractual amount	$	27,909	$	6,512	$	28,530	$	4,448

Allowance for lending-related commitments	$	136	$	11	$	123	$	9
Guarantee liability	340		—		353		—
Total carrying value	$	476	$	11	$	476	$	9

Commitments with collateral	$	14,921	$	782	$	14,511	$	999

(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.

Derivatives qualifying as guarantees

The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2021 Form 10-K for further information on these derivatives.

The following table summarizes the derivatives qualifying as guarantees as of March 31, 2022, and December 31, 2021.


(in millions)	March 31, 2022		December 31, 2021

Notional amounts
Derivative guarantees	$	57,574	$	55,730
Stable value contracts with contractually limited exposure	31,632		29,778
Maximum exposure of stable value contracts with contractually limited exposure	2,888		2,882

Fair value
Derivative payables	486		475

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.

Merchant charge-backs

Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.

Loan sales- and securitization-related indemnifications

In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.

The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2021 Form 10-K for additional information regarding litigation.