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Fair Value Accounting (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations For the three and nine months ended September 30, 2022 and 2021, unrealized gains and losses from fair value changes on junior subordinated debt were as follows:
Fair Value of Assets and Liabilities
The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of the periods presented: 
Fair Value Measurements at the End of the Reporting Period Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Fair Value
(in millions)
September 30, 2022
Assets:
Available-for-sale debt securities
CLO$— $2,641 $— $2,641 
Commercial MBS issued by GSEs— 62 — 62 
Corporate debt securities— 391 — 391 
Private label residential MBS— 1,228 — 1,228 
Residential MBS issued by GSEs— 1,694 — 1,694 
Tax-exempt— 874 — 874 
Other25 45 — 70 
Total AFS debt securities$25 $6,935 $— $6,960 
Equity securities
CRA investments$24 $25 $— $49 
Preferred stock116 — — 116 
Total equity securities$140 $25 $— $165 
Loans HFS$— $2,052 $1 $2,053 
Mortgage servicing rights— — 1,044 1,044 
Derivative assets (1)— 312 3 315 
Liabilities:
Junior subordinated debt (2)$— $— $60 $60 
Derivative liabilities (1)— 250 31 281 
(1)See "Note 11. Derivatives and Hedging Activities." In addition, the carrying value of loans is decreased by $22 million as of September 30, 2022 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates.
(2)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
 Fair Value Measurements at the End of the Reporting Period Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Fair Value
 (in millions)
December 31, 2021
Assets:
Available-for-sale debt securities
CLO$— $926 $— $926 
Commercial MBS issued by GSEs— 69 — 69 
Corporate debt securities— 383 — 383 
Private label residential MBS— 1,508 — 1,508 
Residential MBS issued by GSEs— 1,993 — 1,993 
Tax-exempt— 1,215 — 1,215 
U.S. treasury securities13 — — 13 
Other28 54 — 82 
Total AFS debt securities$41 $6,148 $— $6,189 
Equity securities
CRA investments$28 $17 $— $45 
Preferred stock114 — — 114 
Total equity securities$142 $17 $— $159 
Loans - HFS$— $3,894 $46 $3,940 
Mortgage servicing rights— — 698 698 
Derivative assets (1)— 39 11 50 
Liabilities:
Junior subordinated debt (2)$— $— $67 $67 
Derivative liabilities (1)— 98 2 100 
(1)See "Note 11. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $39 million as of December 31, 2021 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates.
(2)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis
For the three and nine months ended September 30, 2022 and 2021, the change in Level 3 liabilities measured at fair value on a recurring basis included in OCI was as follows:
Junior Subordinated Debt
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)
Beginning balance$(61.8)$(66.5)$(67.4)$(65.9)
Change in fair value (1)2.1 (0.2)7.7 (0.8)
Ending balance$(59.7)$(66.7)$(59.7)$(66.7)
Assets Measured at Fair Value on Nonrecurring Basis The following table presents such assets carried on the Consolidated Balance Sheet by caption and by level within the ASC 825 hierarchy:
 Fair Value Measurements at the End of the Reporting Period Using
 TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Active Markets for Similar Assets
(Level 2)		Unobservable Inputs
(Level 3)
 (in millions)
As of September 30, 2022:
Loans HFI$254 $— $— $254 
Other assets acquired through foreclosure11 — — 11 
As of December 31, 2021:
Loans HFI$216 $— $— $216 
Other assets acquired through foreclosure12 — — 12 
Estimated Fair Value of Financial Instruments
The estimated fair value of the Company’s financial instruments is as follows:
September 30, 2022
Carrying AmountFair Value
Level 1Level 2Level 3Total
(in millions)
Financial assets:
Investment securities:
HTM$1,270 $— $1,084 $— $1,084 
AFS6,960 25 6,935 — 6,960 
Equity165 140 25 — 165 
Derivative assets315 — 312 3 315 
Loans HFS2,204 — 2,053 152 2,205 
Loans HFI, net51,897 — — 50,068 50,068 
Mortgage servicing rights1,044 — — 1,044 1,044 
Accrued interest receivable313 — 313 — 313 
Financial liabilities:
Deposits$55,589 $— $55,600 $— $55,600 
Other borrowings6,319 — 6,217 — 6,217 
Qualifying debt889 — 743 72 815 
Derivative liabilities281 — 250 31 281 
Accrued interest payable20 — 20 — 20 
December 31, 2021
Carrying AmountFair Value
Level 1Level 2Level 3Total
(in millions)
Financial assets:
Investment securities:
HTM$1,107 $— $1,146 $— $1,146 
AFS6,189 41 6,148 — 6,189 
Equity securities159 142 17 — 159 
Derivative assets50 — 39 11 50 
Loans HFS5,635 — 3,894 1,760 5,654 
Loans HFI, net38,823 — — 39,218 39,218 
Mortgage servicing rights698 — — 698 698 
Accrued interest receivable228 — 228 — 228 
Financial liabilities:
Deposits$47,612 $— $47,616 $— $47,616 
Other borrowings1,502 — 1,518 — 1,518 
Qualifying debt896 — 858 81 939 
Derivative liabilities100 — 98 2 100 
Accrued interest payable9 — 9 — 9