Investment Securities (Tables)

6 Months Ended

Jun. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary Of Investment Securities Available-For-Sale

A summary of the Corporation’s investment securities available-for-sale follows:

(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2014
U.S. Treasury and other U.S. government agency securities	$	65	$	—	$	—	$	65
Residential mortgage-backed securities (a)	9,129		125		113		9,141
State and municipal securities	24		—		1		23
Corporate debt securities	55		—		—		55
Equity and other non-debt securities	253		—		3		250
Total investment securities available-for-sale (b)	$	9,526	$	125	$	117	$	9,534
December 31, 2013
U.S. Treasury and other U.S. government agency securities	$	45	$	—	$	—	$	45
Residential mortgage-backed securities (a)	9,023		91		188		8,926
State and municipal securities	24		—		2		22
Corporate debt securities	56		—		—		56
Equity and other non-debt securities	266		1		9		258
Total investment securities available-for-sale (b)	$	9,414	$	92	$	199	$	9,307

(a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

(b) Included auction-rate securities at amortized cost and fair value of $145 million and $142 million, respectively, as of June 30, 2014 and $169 million and $159 million, respectively, as of December 31, 2013.

Summary Of Investment Securities Available-For-Sale In Unrealized Loss Positions

A summary of the Corporation’s investment securities available-for-sale in an unrealized loss position as of June 30, 2014 and December 31, 2013 follows:

	Temporarily Impaired
	Less than 12 Months				12 Months or more					Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
June 30, 2014
Residential mortgage-backed securities (a)	$	911	$	5	$	3,408	$	108		$	4,319	$	113
State and municipal securities (b)	—		—		22		1			22		1
Corporate debt securities (b)	—		—		1		—		(c)	1		—		(c)
Equity and other non-debt securities (b)	—		—		131		3			131		3
Total impaired securities	$	911	$	5	$	3,562	$	112		$	4,473	$	117
December 31, 2013
Residential mortgage-backed securities (a)	$	5,825	$	187	$	11	$	1		$	5,836	$	188
State and municipal securities (b)	—		—		22		2			22		2
Corporate debt securities (b)	—		—		1		—		(c)	1		—		(c)
Equity and other non-debt securities (b)	—		—		148		9			148		9
Total impaired securities	$	5,825	$	187	$	182	$	12		$	6,007	$	199

(a) Residential mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

(b) Auction-rate securities.

(c) Unrealized losses less than $0.5 million.

Summary of Net Securities Gains (Losses)

Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in “net securities (losses) gains” on the consolidated statements of comprehensive income, computed based on the adjusted cost of the specific security.

	Six Months Ended June 30,
(in millions)	2014		2013
Securities gains	$	1	$	—
Securities losses (a)	—		(2		)
Net securities (losses) gains	$	1	$	(2	)

(a) Charges related to a derivative contract tied to the conversion rate of Visa Class B shares.

Contractual Maturity Distribution Of Debt Securities

The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(in millions)
June 30, 2014	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	154	$	154
After one year through five years	287		289
After five years through ten years	294		306
After ten years	8,538		8,535
Subtotal	9,273		9,284
Equity and other non-debt securities	253		250
Total investment securities available-for-sale	$	9,526	$	9,534