INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Comprehensive Income Tax

Total income tax expense (benefit) was as follows:

	Year Ended December 31,
(in millions)	2014		2013			2012
Income tax expense (benefit)		$403		($42	)		$381
Tax effect of changes in OCI	154		(194		)	125
Total comprehensive income tax expense (benefit)		$557		($236	)		$506

Schedule of components of income tax expense

Components of income tax expense (benefit) are as follows:

(in millions)	Current		Deferred			Total
Year Ended December 31, 2014
U.S. federal		$224		$145			$369
State and local	38		(4		)	34
Total		$262		$141			$403
Year Ended December 31, 2013
U.S. federal		$3		($47	)		($44	)
State and local	8		(6		)	2
Total		$11		($53	)		($42	)
Year Ended December 31, 2012
U.S. federal		$19		$269			$288
State and local	56		37			93
Total		$75		$306			$381

Schedule of effective income tax rate reconciliation

The effective income tax rate differed from the U.S. federal income tax rate of 35% in 2014, 2013 and 2012 as follows:

	Year Ended December 31,
	2014					2013					2012
(dollars in millions)	Amount			Rate		Amount			Rate		Amount			Rate
U.S. Federal income tax expense (benefit) and tax rate		$444		35.0	%		($1,214	)	35.0	%		$359		35.0	%
Increase (decrease) resulting from:
Goodwill impairment	—			—		1,217			(35.1	)	—			—
State and local income taxes (net of federal benefit)	22			1.7		1			—		61			5.9
Bank-owned life insurance	(17		)	(1.3	)	(17		)	0.5		(18		)	(1.8	)
Tax-exempt interest	(15		)	(1.2	)	(13		)	0.4		(12		)	(1.1	)
Tax credits	(27		)	(2.1	)	(11		)	0.3		(8		)	(0.7	)
Other	(4		)	(0.3	)	(5		)	0.1		(1		)	(0.1	)
Total income tax expense (benefit) and tax rate		$403		31.8	%		($42	)	1.2	%		$381		37.2	%

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	December 31,
(in millions)	2014			2013
Deferred tax assets:
Other comprehensive income		$232			$397
Allowance for credit losses	456			475
Net operating loss carryforwards	155			185
Accrued expenses not currently deductible	170			149
Investment and other tax credit carryforwards	—			62
Deferred income	45			35
Fair value marks	34			30
Other	1			—
Total deferred tax assets	1,093			1,333
Valuation allowance	(157		)	(193		)
Deferred tax assets, net of valuation allowance	936			1,140
Deferred tax liabilities:
Leasing transactions	825			811
Amortization of intangibles	380			296
Depreciation	164			124
Pension and other employee compensation plans	14			56
MSRs	46			50
Other	—			2
Total deferred tax liabilities	1,429			1,339
Net deferred tax liability		$493			$199

Schedule of unrecognized tax benefits rollforward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31,
(in millions)	2014			2013			2012
Balance at the beginning of the year, January 1		$33			$34			$136
Gross increases for tax positions related to prior years	60			—			29
Decreases for tax positions as a result of the lapse of the statute of limitations	(1		)	—			—
Decreases for tax positions related to settlements with taxing authorities	(20		)	(1		)	(134		)
Gross increases for tax positions related to the current year	—			—			3
Balance at end of year		$72			$33			$34