Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.2
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations The table below includes the notional amount of commitments of $3.3 billion and $4.4 billion at September 30, 2020 and December 31, 2019 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $122 million and $90 million at September 30, 2020 and December 31, 2019 on these commitments, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.
Credit Extension Commitments
Expire in One
Year or Less		 Expire After One
Year Through
Three Years		 Expire After Three Years Through
Five Years		 Expire After
Five Years		 Total
(Dollars in millions) September 30, 2020
Notional amount of credit extension commitments          
Loan commitments (1)
$ 107,984  $ 159,452  $ 145,645  $ 13,290  $ 426,371 
Home equity lines of credit 697  2,672  8,237  31,889  43,495 
Standby letters of credit and financial guarantees (2)
21,648  11,145  2,532  1,133  36,458 
Letters of credit (3)
825  224  33  32  1,114 
Legally binding commitments 131,154  173,493  156,447  46,344  507,438 
Credit card lines (4)
387,059  —  —  —  387,059 
Total credit extension commitments $ 518,213  $ 173,493  $ 156,447  $ 46,344  $ 894,497 
  December 31, 2019
Notional amount of credit extension commitments          
Loan commitments (1)
$ 97,454  $ 148,000  $ 173,699  $ 24,487  $ 443,640 
Home equity lines of credit 1,137  1,948  6,351  34,134  43,570 
Standby letters of credit and financial guarantees (2)
21,311  11,512  3,712  408  36,943 
Letters of credit (3)
1,156  254  65  25  1,500 
Legally binding commitments 121,058  161,714  183,827  59,054  525,653 
Credit card lines (4)
376,067  —  —  —  376,067 
Total credit extension commitments $ 497,125  $ 161,714  $ 183,827  $ 59,054  $ 901,720 
(1)     At both September 30, 2020 and December 31, 2019, $5.1 billion of these loan commitments were held in the form of a security.
(2)     The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.4 billion and $10.5 billion at September 30, 2020, and $27.9 billion and $8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $521 million and $413 million at September 30, 2020 and December 31, 2019.
(3)     At September 30, 2020 and December 31, 2019, included are letters of credit of $1.7 billion and $1.4 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(4)    Includes business card unused lines of credit.