SECURITIES (Tables)

3 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of securities held

The following table provides the major components of securities at amortized cost and fair value:

	March 31, 2015									December 31, 2014
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Securities Available for Sale
U.S. Treasury		$15		$—		$—			$15		$15		$—		$—			$15
State and political subdivisions	10		—		—			10		10		—		—			10
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	17,999		382		(25		)	18,356		17,683		301		(50		)	17,934
Other/non-agency	667		4		(31		)	640		703		4		(35		)	672
Total mortgage-backed securities	18,666		386		(56		)	18,996		18,386		305		(85		)	18,606
Total debt securities available for sale	18,691		386		(56		)	19,021		18,411		305		(85		)	18,631
Marketable equity securities	7		1		—			8		10		3		—			13
Other equity securities	12		—		—			12		12		—		—			12
Total equity securities available for sale	19		1		—			20		22		3		—			25
Total securities available for sale		$18,710		$387		($56	)		$19,041		$18,433		$308		($85	)		$18,656
Securities Held to Maturity
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities		$3,799		$52		($4	)		$3,847		$3,728		$22		($31	)		$3,719
Other/non-agency	1,379		55		—			1,434		1,420		54		—			1,474
Total securities held to maturity		$5,178		$107		($4	)		$5,281		$5,148		$76		($31	)		$5,193
Other Investment Securities
Federal Reserve Bank stock		$468		$—		$—			$468		$477		$—		$—			$477
Federal Home Loan Bank stock	393		—		—			393		390		—		—			390
Venture capital and other investments	6		—		—			6		5		—		—			5
Total other investment securities		$867		$—		$—			$867		$872		$—		$—			$872

Schedule of unrealized loss on investments

The following tables summarize those securities whose fair values are below carrying values, segregated by those that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer:

	March 31, 2015
	Less than 12 Months						12 Months or Longer						Total
(dollars in millions)	Number of Issues	Fair Value		Gross Unrealized Losses			Number of Issues	Fair Value		Gross Unrealized Losses			Number of Issues	Fair Value		Gross Unrealized Losses
State and political subdivisions	1		$10		$—		—		$—		$—		1		$10		$—
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	14	561		(2		)	40	1,292		(27		)	54	1,853		(29		)
Other/non-agency	6	75		(2		)	17	385		(29		)	23	460		(31		)
Total mortgage-backed securities	20	636		(4		)	57	1,677		(56		)	77	2,313		(60		)
Total	21		$646		($4	)	57		$1,677		($56	)	78		$2,323		($60	)

	December 31, 2014
	Less than 12 Months						12 Months or Longer						Total
(dollars in millions)	Number of Issues	Fair Value		Gross Unrealized Losses			Number of Issues	Fair Value		Gross Unrealized Losses			Number of Issues	Fair Value		Gross Unrealized Losses
State and political subdivisions	—		$—		$—		1		$10		$—		1		$10		$—
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	75	3,282		(24		)	52	1,766		(57		)	127	5,048		(81		)
Other/non-agency	6	80		(2		)	17	397		(33		)	23	477		(35		)
Total mortgage-backed securities	81	3,362		(26		)	69	2,163		(90		)	150	5,525		(116		)
Total	81		$3,362		($26	)	70		$2,173		($90	)	151		$5,535		($116	)

Schedule of credit losses recognized in earnings

The following table presents the cumulative credit related losses recognized in earnings on debt securities held by the Company:

	Three Months Ended March 31,
(in millions)	2015			2014
Cumulative balance at beginning of period		$62			$56
Credit impairments recognized in earnings on securities that have been previously impaired	1			4
Reductions due to increases in cash flow expectations on impaired securities	(1		)	(1		)
Cumulative balance at end of period		$62			$59

Schedule of investments classified by maturity date

The amortized cost and fair value of debt securities at March 31, 2015 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Distribution of Maturities
(in millions)	1 Year or Less		1-5 Years		5-10 Years		After 10 Years		Total
Amortized Cost:
Debt securities available for sale
U.S. Treasury		$15		$—		$—		$—		$15
State and political subdivisions	—		—		—		10		10
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	2		53		2,196		15,748		17,999
Other/non-agency	—		54		44		569		667
Total debt securities available for sale	17		107		2,240		16,327		18,691
Debt securities held to maturity
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		—		—		3,799		3,799
Other/non-agency	—		—		—		1,379		1,379
Total debt securities held to maturity	—		—		—		5,178		5,178
Total amortized cost of debt securities		$17		$107		$2,240		$21,505		$23,869
Fair Value:
Debt securities available for sale
U.S. Treasury		$15		$—		$—		$—		$15
State and political subdivisions	—		—		—		10		10
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	2		56		2,226		16,072		18,356
Other/non-agency	—		54		45		541		640
Total debt securities available for sale	17		110		2,271		16,623		19,021
Debt securities held to maturity
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		—		—		3,847		3,847
Other/non-agency	—		—		—		1,434		1,434
Total debt securities held to maturity	—		—		—		5,281		5,281
Total fair value of debt securities		$17		$110		$2,271		$21,904		$24,302

Schedule of income recognized on investment securities

The following table reports the amounts recognized in interest income from investment securities on the Consolidated Statement of Operations:

	Three Months Ended March 31,
(in millions)	2015		2014
Taxable		$159		$149
Non-taxable	—		—
Total interest income from investment securities		$159		$149

Realized gains and losses on AFS securities are shown below:

	Three Months Ended March 31,
(in millions)	2015			2014
Gains on sale of debt securities		$12			$25
Losses on sale of debt securities	(4		)	—
Debt securities gains, net		$8			$25
Equity securities gains		$2			$—

Schedule of financial instruments owned and pledged as collateral

The amortized cost and fair value of securities pledged are shown below:

	March 31, 2015				December 31, 2014
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Pledged against repurchase agreements		$4,334		$4,423		$3,650		$3,701
Pledged against FHLB borrowed funds	1,315		1,367		1,355		1,407
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law	3,657		3,745		3,453		3,520

Schedule of effect of repurchase agreements on balance sheet accounts

The effects of this offsetting on the Consolidated Balance Sheets are presented in the following table:

	March 31, 2015								December 31, 2014
(in millions)	Gross Assets (Liabilities)			Gross Assets (Liabilities) Offset		Net Amounts of Assets (Liabilities)			Gross Assets (Liabilities)			Gross Assets (Liabilities) Offset		Net Amounts of Assets (Liabilities)
Securities sold under agreements to repurchase		($3,400	)		$—		($3,400	)		($2,600	)		$—		($2,600	)

Securities under agreements to repurchase or resell

The following table presents the Company's related activity, by collateral type and remaining contractual maturity, at March 31, 2015:

	Remaining Contractual Maturity of the Agreements
(in millions)	Overnight and Continuous		Up to 30 Days			30-90 Days			Greater Than 90 Days			Total
Securities sold under agreements to repurchase
Mortgage-backed securities - Agency		$—		($350	)		($1,000	)		($2,050	)		($3,400	)