Investment Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Summary Of Investment Securities

A summary of the Corporation’s investment securities follows:

(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2014
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	526	$	—	$	—	$	526
Residential mortgage-backed securities (a)	7,192		122		40		7,274
State and municipal securities	24		—		1		23
Corporate debt securities	51		—		—		51
Equity and other non-debt securities	242		1		1		242
Total investment securities available-for-sale (b)	$	8,035	$	123	$	42	$	8,116
Investment securities held-to-maturity (c):
Residential mortgage-backed securities (a)	$	1,935	$	—	$	2	$	1,933
December 31, 2013
Investment securities available-for-sale:
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 $137 million and $136 million, respectively, as of December 31, 2014 and $169 million and $159 million, respectively, as of December 31, 2013.

(c) Investment securities transferred from available-for-sale are reclassified at fair value at the time of transfer. The amortized cost of investment securities held-to-maturity included gross unrealized gains of $9 million and gross unrealized losses of $32 million at December 31, 2014 related to securities transferred, which are included in accumulated other comprehensive loss.

Summary Of Investment Securities In Unrealized Loss Positions

A summary of the Corporation’s investment securities in an unrealized loss position as of December 31, 2014 and 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
December 31, 2014
U.S. Treasury and other U.S. government agency securities	$	298	$	—	(a)	$	—	$	—		$	298	$	—	(a)
Residential mortgage-backed securities (b)	626		3			3,112		71			3,738		74
State and municipal securities (c)	—		—			22		1			22		1
Corporate debt securities (c)	—		—			1		—		(a)	1		—		(a)
Equity and other non-debt securities (c)	—		—			112		1			112		1
Total impaired securities	$	924	$	3		$	3,247	$	73		$	4,171	$	76
December 31, 2013
Residential mortgage-backed securities (b)	$	5,825	$	187		$	11	$	1		$	5,836	$	188
State and municipal securities (c)	—		—			22		2			22		2
Corporate debt securities (c)	—		—			1		—		(a)	1		—		(a)
Equity and other non-debt securities (c)	—		—			148		9			148		9
Total impaired securities	$	5,825	$	187		$	182	$	12		$	6,007	$	199

(a) Unrealized losses less than $0.5 million.

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

(c) Primarily auction-rate securities.

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 gains (losses)” on the consolidated statements of income, computed based on the adjusted cost of the specific security.

(in millions)
Years Ended December 31	2014			2013			2012
Securities gains	$	2		$	1		$	14
Securities losses (a)	(2		)	(2		)	(2		)
Net securities (losses) gains	$	—		$	(1	)	$	12

(a) Primarily 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)	Available-for-sale				Held-to-maturity
December 31, 2014	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Contractual maturity
Within one year	$	134	$	134	$	—	$	—
After one year through five years	786		787		—		—
After five years through ten years	711		748		—		—
After ten years	6,162		6,205		1,935		1,933
Subtotal	7,793		7,874		1,935		1,933
Equity and other non-debt securities	242		242		—		—
Total investment securities	$	8,035	$	8,116	$	1,935	$	1,933