Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.20.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations The table below includes the notional amount of commitments of $4.0 billion and $4.4 billion at December 31, 2020 and 2019 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $99 million and $90 million at December 31, 2020 and 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 21 – 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) December 31, 2020
Notional amount of credit extension commitments          
Loan commitments (1)
$ 109,406  $ 171,887  $ 139,508  $ 16,091  $ 436,892 
Home equity lines of credit 710  2,992  8,738  29,892  42,332 
Standby letters of credit and financial guarantees (2)
19,962  12,038  2,397  1,257  35,654 
Letters of credit (3)
886  197  25  27  1,135 
Legally binding commitments 130,964  187,114  150,668  47,267  516,013 
Credit card lines (4)
384,955  —  —  —  384,955 
Total credit extension commitments $ 515,919  $ 187,114  $ 150,668  $ 47,267  $ 900,968 
  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 December 31, 2020 and 2019, $4.8 billion and $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 $25.0 billion and $10.2 billion at December 31, 2020, and $27.9 billion and $8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $500 million and $413 million at December 31, 2020 and 2019.
(3)     At December 31, 2020 and 2019, included are letters of credit of $1.8 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.