Investment Securities (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,772	$	8	$	1	$	2,779
Residential mortgage-backed securities (a)	7,921		48		97		7,872
State and municipal securities	7		—		—		7
Equity and other non-debt securities	129		1		1		129
Total investment securities available-for-sale (b)	$	10,829	$	57	$	99	$	10,787
Investment securities held-to-maturity (c):
Residential mortgage-backed securities (a)	$	1,582	$	1	$	7	$	1,576
December 31, 2015
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,769	$	1	$	7	$	2,763
Residential mortgage-backed securities (a)	7,513		76		44		7,545
State and municipal securities	9		—		—		9
Corporate debt securities	1		—		—		1
Equity and other non-debt securities	199		2		—		201
Total investment securities available-for-sale (b)	$	10,491	$	79	$	51	$	10,519
Investment securities held-to-maturity (c):
Residential mortgage-backed securities (a)	$	1,981	$	2	$	10	$	1,973

(a) 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 $55 million and $54 million, respectively, as of December 31, 2016 and $76 million and $77 million, respectively, as of December 31, 2015.

(c) The amortized cost of investment securities held-to-maturity included net unrealized losses of $12 million at December 31, 2016 and $15 million at December 31, 2015 related to securities transferred from available-for-sale, 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, 2016 and 2015 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, 2016
U.S. Treasury and other U.S. government agency securities	$	527	$	1		$	—	$	—		$	527	$	1
Residential mortgage-backed securities (a)	4,992		87			1,177		32			6,169		119
State and municipal securities (b)	—		—			7		—		(c)	7		—		(c)
Equity and other non-debt securities (b)	36		—		(c)	11		—		(c)	47		—		(c)
Total impaired securities	$	5,555	$	88		$	1,195	$	32		$	6,750	$	120
December 31, 2015
U.S. Treasury and other U.S. government agency securities	$	2,265	$	7		$	—	$	—		$	2,265	$	7
Residential mortgage-backed securities (a)	2,665		21			1,976		51			4,641		72
State and municipal securities (b)	—		—			9		—		(c)	9		—		(c)
Corporate debt securities (b)	—		—			1		—		(c)	1		—		(c)
Equity and other non-debt securities (b)	14		—		(c)	—		—			14		—		(c)
Total impaired securities	$	4,944	$	28		$	1,986	$	51		$	6,930	$	79

(a) Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

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

(in millions)
Years Ended December 31	2016			2015			2014
Securities gains	$	—		$	—		$	2
Securities losses (a)	(5		)	(2		)	(2		)
Net securities losses	$	(5	)	$	(2	)	$	—

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, 2016	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Contractual maturity
Within one year	$	30	$	30	$	—	$	—
After one year through five years	2,840		2,847		—		—
After five years through ten years	1,707		1,742		23		23
After ten years	6,123		6,039		1,559		1,553
Subtotal	10,700		10,658		1,582		1,576
Equity and other non-debt securities	129		129		—		—
Total investment securities	$	10,829	$	10,787	$	1,582	$	1,576