INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Comprehensive Income Tax

Total income tax expense (benefit) was as follows:

	Year Ended December 31,
(in millions)	2015			2014		2013
Income tax expense (benefit)		$423			$403		($42	)
Tax effect of changes in OCI	(12		)	154		(194		)
Total comprehensive income tax expense (benefit)		$411			$557		($236	)

Schedule of Components of Income Tax Expense (Benefit)

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

(in millions)	Current		Deferred			Total
Year Ended December 31, 2015
U.S. federal		$162		$225			$387
State and local	12		24			36
Total		$174		$249			$423
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	)

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the U.S. federal income tax rate of 35% in 2015, 2014 and 2013 as follows:

	Year Ended December 31,
	2015					2014					2013
(dollars in millions)	Amount			Rate		Amount			Rate		Amount			Rate
U.S. Federal income tax expense (benefit) and tax rate		$442		35.0	%		$444		35.0	%		($1,214	)	35.0	%
Increase (decrease) resulting from:
Goodwill impairment	—			—		—			—		1,217			(35.1	)
State and local income taxes (net of federal benefit)	27			2.1		22			1.7		1			—
Bank-owned life insurance	(20		)	(1.6	)	(17		)	(1.3	)	(17		)	0.5
Tax-exempt interest	(17		)	(1.3	)	(15		)	(1.2	)	(13		)	0.4
Tax credits	(16		)	(1.2	)	(27		)	(2.1	)	(11		)	0.3
Non-deductible expenses	8			0.6		—			—		—			—
Other	(1		)	(0.1	)	(4		)	(0.3	)	(5		)	0.1
Total income tax expense (benefit) and tax rate		$423		33.5	%		$403		31.8	%		($42	)	1.2	%

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)	2015			2014
Deferred tax assets:
Other comprehensive income		$241			$232
Allowance for credit losses	465			456
Net operating loss carryforwards	137			155
Accrued expenses not currently deductible	135			170
Deferred income	40			45
Fair value marks	36			34
Other	5			1
Total deferred tax assets	1,059			1,093
Valuation allowance	(123		)	(157		)
Deferred tax assets, net of valuation allowance	936			936
Deferred tax liabilities:
Leasing transactions	882			825
Amortization of intangibles	455			380
Depreciation	213			164
Pension and other employee compensation plans	69			14
MSRs	47			46
Total deferred tax liabilities	1,666			1,429
Net deferred tax liability		$730			$493

Schedule of Unrecognized Tax Benefits Roll Forward

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

	December 31,
(in millions)	2015			2014			2013
Balance at the beginning of the year, January 1		$72			$33			$34
Gross (decrease) increase for tax positions related to prior years	(6		)	60			—
Decreases for tax positions as a result of the lapse of the statutes of limitations	(3		)	(1		)	—
Decreases for tax positions related to settlements with taxing authorities	(1		)	(20		)	(1		)
Balance at end of year		$62			$72			$33