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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]
Three Months Ended September 30, 2022
Balance,
June 30, 2022		Provision for Credit LossesCharge-offsRecoveriesBalance,
September 30, 2022
(in millions)
Held-to-maturity debt securities
Tax-exempt$3.2 $1.2 $— $— $4.4 
Nine Months Ended September 30, 2022
Balance,
December 31, 2021		Recovery of Credit LossesCharge-offsRecoveriesBalance,
September 30, 2022
(in millions)
Held-to-maturity debt securities
Tax-exempt$5.2 $(0.8)$— $— $4.4 
Three Months Ended September 30, 2021:
Balance,
June 30, 2021		Recovery of Credit LossesCharge-offsRecoveriesBalance
September 30, 2021
(in millions)
Held-to-maturity debt securities
Tax-exempt$6.0 $(1.5)$— $— $4.5 
Nine Months Ended September 30, 2021:
Balance,
December 31, 2020		Recovery of Credit LossesCharge-offsRecoveriesBalance
September 30, 2021
(in millions)
Held-to-maturity debt securities
Tax-exempt$6.8 $(2.3)$— $— $4.5 
No allowance has been recognized on the Company's HTM private label residential MBS as losses are not expected due to the Company holding a senior position in these securities.
Carrying Amounts and Fair Values of Investment Securities
The carrying amounts and fair values of investment securities at September 30, 2022 and December 31, 2021 are summarized as follows:
September 30, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Private label residential MBS$201 $— $(44)$157 
Tax-exempt1,069 — (142)927 
Total HTM securities$1,270 $— $(186)$1,084 
Available-for-sale debt securities
CLO$2,786 $— $(145)$2,641 
Commercial MBS issued by GSEs70 — (8)62 
Corporate debt securities429 — (38)391 
Private label residential MBS1,473 — (245)1,228 
Residential MBS issued by GSEs2,085 — (391)1,694 
Tax-exempt1,026 — (152)874 
Other75 7 (12)70 
Total AFS debt securities$7,944 $7 $(991)$6,960 
Equity securities
CRA investments$53 $— $(4)$49 
Preferred stock124 — (8)116 
Total equity securities$177 $— $(12)$165 
December 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Private label residential MBS$217 $— $(2)$215 
Tax-exempt890 43 (2)931 
Total HTM securities$1,107 $43 $(4)$1,146 
Available-for-sale debt securities
CLO$926 $1 $(1)$926 
Commercial MBS issued by GSEs68 1 — 69 
Corporate debt securities383 9 (9)383 
Private label residential MBS1,529 3 (24)1,508 
Residential MBS issued by GSEs2,028 7 (42)1,993 
Tax-exempt1,145 71 (1)1,215 
U.S. treasury securities13 — — 13 
Other75 11 (4)82 
Total AFS debt securities$6,167 $103 $(81)$6,189 
Equity securities
CRA investments$45 $— $— $45 
Preferred stock107 8 (1)114 
Total equity securities$152 $8 $(1)$159 
Securities with carrying amounts of approximately $1.7 billion and $2.2 billion at September 30, 2022 and December 31, 2021, respectively, were pledged for various purposes as required or permitted by law.
Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position unrealized loss position at September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position: 
September 30, 2022
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
CLO$138 $2,460 $7 $123 $145 $2,583 
Commercial MBS issued by GSEs4 48 4 14 8 62 
Corporate debt securities32 295 6 94 38 389 
Private label residential MBS135 796 110 424 245 1,220 
Residential MBS issued by GSEs164 946 227 746 391 1,692 
Tax-exempt125 758 27 73 152 831 
Other5 27 7 25 12 52 
Total AFS securities$603 $5,330 $388 $1,499 $991 $6,829 
December 31, 2021
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
CLO$1 $171 $— $— $1 $171 
Commercial MBS issued by GSEs1 19 — — 1 19 
Corporate debt securities9 107 — — 9 107 
Private label residential MBS24 1,250 — — 24 1,250 
Residential MBS issued by GSEs32 1,356 9 142 41 1,498 
Tax-exempt1 141 — — 1 141 
Other— 2 4 28 4 30 
Total AFS securities$68 $3,046 $13 $170 $81 $3,216 
Amortized Cost and Fair Value of Investment Securities by Contractual Maturities
A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of September 30, 2022, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status.
The amortized cost and fair value of the Company's debt securities as of September 30, 2022, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
September 30, 2022
Amortized CostEstimated Fair Value
(in millions)
Held-to-maturity
Due in one year or less$3 $3 
After one year through five years23 22 
After five years through ten years29 28 
After ten years1,013 874 
Mortgage-backed securities201 157 
Total HTM securities$1,270 $1,084 
Available-for-sale
Due in one year or less$1 $1 
After one year through five years172 159 
After five years through ten years1,147 1,083 
After ten years2,997 2,733 
Mortgage-backed securities3,627 2,984 
Total AFS securities$7,944 $6,960 
Investment Securities by Credit Rating Type
The following tables summarize the carrying amount of the Company’s investment ratings position as of September 30, 2022 and December 31, 2021, which are updated quarterly and used to monitor the credit quality of the Company's securities: 
September 30, 2022
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Private label residential MBS$— $— $— $— $— $— $201 $201 
Tax-exempt— — — — — — 1,069 1,069 
Total HTM securities (1)$— $— $— $— $— $— $1,270 $1,270 
Available-for-sale debt securities
CLO$277 $— $2,096 $268 $— $— $— $2,641 
Commercial MBS issued by GSEs— 62 — — — — — 62 
Corporate debt securities— — — 75 316 — — 391 
Private label residential MBS1,136 — 91 — 1 — — 1,228 
Residential MBS issued by GSEs— 1,694 — — — — — 1,694 
Tax-exempt15 15 392 417 — — 35 874 
Other— — 9 9 27 7 18 70 
Total AFS securities (1)$1,428 $1,771 $2,588 $769 $344 $7 $53 $6,960 
Equity securities
CRA investments$— $24 $— $— $— $— $25 $49 
Preferred stock— — — — 89 17 10 116 
Total equity securities (1)$— $24 $— $— $89 $17 $35 $165 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
December 31, 2021
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Private label residential MBS$— $— $— $— $— $— $217 $217 
Tax-exempt— — — — — — 890 890 
Total HTM securities (1)$— $— $— $— $— $— $1,107 $1,107 
Available-for-sale debt securities
CLO$45 $— $636 $245 $— $— $— $926 
Commercial MBS issued by GSEs— 69 — — — — — 69 
Corporate debt securities— — — 45 319 19 — 383 
Private label residential MBS1,420 — 87 — 1 — — 1,508 
Residential MBS issued by GSEs— 1,993 — — — — — 1,993 
Tax-exempt43 40 469 629 — — 34 1,215 
U.S. treasury securities— 13 — — — — — 13 
Other— — 12 10 30 10 20 82 
Total AFS securities (1)$1,508 $2,115 $1,204 $929 $350 $29 $54 $6,189 
Equity securities
CRA investments$— $28 $— $— $— $— $17 $45 
Preferred stock— — — — 79 20 15 114 
Total equity securities (1)$— $28 $— $— $79 $20 $32 $159 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.