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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies


(Dollars in millions)	Balance Sheet Location	Jun 30, 2022		Dec 31, 2021
Investments in affordable housing projects:
Carrying amount	Other assets	$	4,279	$	4,107
Amount of future funding commitments included in carrying amount	Other liabilities	1,445		1,285
Lending exposure	Loans and leases for funded amounts	1,151		763

Renewable energy investments:
Carrying amount	Other assets	192		257
Amount of future funding commitments not included in carrying amount	NA	510		71
Private equity and certain other equity method investments:
Carrying amount	Other assets	1,819		1,822
Amount of future funding commitments not included in carrying amount	NA	424		411

Summary of Tax Credits and Amortization, Tax Credit Investment Activity

The following table presents a summary of tax credits and amortization associated with the Company’s tax credit investment activity:


		Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	Income Statement Location	2022		2021		2022		2021
Tax credits:
Investments in affordable housing projects	Provision for income taxes	$	127	$	119	$	255	$	239
Other community development investments	Provision for income taxes	24		23		47		46
Renewable energy investments	NA (1)	24		21		61		60
Amortization and other changes in carrying amount:
Investments in affordable housing projects	Provision for income taxes	$	124	$	117	$	248	$	236
Other community development investments	Other noninterest income	20		19		39		38
Renewable energy investments	Other noninterest income	—		2		4		2

(1)Tax credits received for these investments are recorded as a reduction to the carrying value of these investments.

Schedule of Off-Balance Sheet

The following is a summary of selected notional amounts of off-balance sheet financial instruments:


(Dollars in millions)	Jun 30, 2022		Dec 31, 2021
Commitments to extend, originate, or purchase credit	$	210,385	$	198,658
Residential mortgage loans sold with recourse	214		244
CRE mortgages serviced for others covered by recourse provisions	9,889		10,243
Other loans serviced for others covered by recourse provisions	646		588
Letters of credit	5,725		5,568

Schedule of Variable Interest Entities

The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds:


(Dollars in millions)	Jun 30, 2022		Dec 31, 2021
Total return swaps:
VIE assets	$	1,531	$	1,519
Trading loans and bonds	1,440		1,491
VIE liabilities	73		50

Schedule of Pledged Assets

The following table provides the total carrying amount of pledged assets by asset type:


(Dollars in millions)	Jun 30, 2022		Dec 31, 2021
Pledged securities	$	28,837	$	29,678

Pledged loans:
FRB	67,658		73,349
FHLB	62,876		64,698
Unused borrowing capacity:
FRB	48,122		52,170
FHLB	41,379		49,244

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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