COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2023

	Outstanding Balance at December 31, 2022		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at September 30, 2023
	(in millions)
Short-term funding agreements:
Due in one year or less	$	6,130	$	46,499	$	(46,825)	$	656	$	—	$	6,460
Long-term funding agreements:
Due in years two through five	1,679		—		—		(645)		—		1,034
Due in more than five years	692		—		—		—		(11)		681
Total long-term funding agreements	2,371		—		—		(645)		(11)		1,715
Total funding agreements (1)	$	8,501	$	46,499	$	(46,825)	$	11	$	(11)	$	8,175

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(1)The $3 million and $4 million difference between the funding agreements carrying value shown in fair value table for September 30, 2023 and December 31, 2022, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

Change in FABN Funding Agreements during the Nine Months Ended September 30, 2023

	Outstanding Balance at December 31, 2022		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at September 30, 2023
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,500	$	—	$	(1,000)	$	500	$	—	$	—	$	1,000
Long-term funding agreements:
Due in years two through five	4,000		671		—		(500)		1,285		(11)		5,445
Due in more than five years	1,585		—		—		—		(1,285)		—		300
Total long-term funding agreements	5,585		671		—		(500)		—		(11)		5,745
Total funding agreements (1)	$	7,085	$	671	$	(1,000)	$	—	$	—	$	(11)	$	6,745

______________

(1)The $28 million and $66 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2023 and December 31, 2022, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.