Outstanding Loans and Leases and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Loans and Leases Outstanding

The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at March 31, 2021 and December 31, 2020.

	30-59 Days Past Due (1)			60-89 Days Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total Current or Less Than 30 Days Past Due (1)			Loans Accounted for Under the Fair Value Option			Total Outstandings
(Dollars in millions)	March 31, 2021
Consumer real estate
Residential mortgage	$	1,230		$	414		$	1,635		$	3,279		$	211,500					$	214,779
Home equity	139			75			362			576			31,502						32,078
Credit card and other consumer
Credit card	316			246			755			1,317			71,469						72,786
Direct/Indirect consumer (2)	143			44			27			214			91,523						91,737
Other consumer	—			—			—			—			132						132
Total consumer	1,828			779			2,779			5,386			406,126						411,512
Consumer loans accounted for under the fair value option (3)																$	693		693
Total consumer loans and leases	1,828			779			2,779			5,386			406,126			693			412,205
Commercial
U.S. commercial	1,201			220			349			1,770			281,459						283,229
Non-U.S. commercial	112			26			105			243			91,092						91,335
Commercial real estate (4)	44			141			230			415			58,349						58,764
Commercial lease financing	138			25			48			211			16,148						16,359
U.S. small business commercial (5)	65			41			107			213			34,673						34,886
Total commercial	1,560			453			839			2,852			481,721						484,573
Commercial loans accounted for under the fair value option (3)																6,310			6,310
Total commercial loans and leases	1,560			453			839			2,852			481,721			6,310			490,883
Total loans and leases (6)	$	3,388		$	1,232		$	3,618		$	8,238		$	887,847		$	7,003		$	903,088
Percentage of outstandings	0.37		%	0.14		%	0.40		%	0.91		%	98.31		%	0.78		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $203 million and nonperforming loans of $128 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $100 million and nonperforming loans of $124 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $728 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion and direct/indirect consumer includes $53 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $45.4 billion, U.S. securities-based lending loans of $42.4 billion and non-U.S. consumer loans of $3.1 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $275 million and home equity loans of $418 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.2 billion and non-U.S. commercial loans of $2.1 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $55.8 billion and non-U.S. commercial real estate loans of $3.0 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $15.3 billion. The Corporation also pledged $145.5 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

	30-59 Days Past Due (1)			60-89 Days Past Due (1)			90 Days or More Past Due (1)			Total Past Due 30 Days or More			Total Current or Less Than 30 Days Past Due (1)			Loans Accounted for Under the Fair Value Option			Total Outstandings
(Dollars in millions)	December 31, 2020
Consumer real estate
Residential mortgage	$	1,430		$	297		$	1,699		$	3,426		$	220,129					$	223,555
Home equity	154			78			345			577			33,734						34,311
Credit card and other consumer
Credit card	445			341			903			1,689			77,019						78,708
Direct/Indirect consumer (2)	209			67			37			313			91,050						91,363
Other consumer	—			—			—			—			124						124
Total consumer	2,238			783			2,984			6,005			422,056						428,061
Consumer loans accounted for under the fair value option (3)																$	735		735
Total consumer loans and leases	2,238			783			2,984			6,005			422,056			735			428,796
Commercial
U.S. commercial	561			214			512			1,287			287,441						288,728
Non-U.S. commercial	61			44			11			116			90,344						90,460
Commercial real estate (4)	128			113			226			467			59,897						60,364
Commercial lease financing	86			20			57			163			16,935						17,098
U.S. small business commercial (5)	84			56			123			263			36,206						36,469
Total commercial	920			447			929			2,296			490,823						493,119
Commercial loans accounted for under the fair value option (3)																5,946			5,946
Total commercial loans and leases	920			447			929			2,296			490,823			5,946			499,065
Total loans and leases (6)	$	3,158		$	1,230		$	3,913		$	8,301		$	912,879		$	6,681		$	927,861
Percentage of outstandings	0.34		%	0.13		%	0.42		%	0.89		%	98.39		%	0.72		%	100.00		%

(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $225 million and nonperforming loans of $126 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $103 million and nonperforming loans of $95 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $762 million. Consumer real estate loans current or less than 30 days past due includes $1.2 billion and direct/indirect consumer includes $66 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $41.1 billion and non-U .S. consumer loans of $3.0 billion.

(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million and home equity loans of $437 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.0 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.

(4)Total outstandings includes U.S. commercial real estate loans of $57.2 billion and non-U.S. commercial real estate loans of $3.2 billion.

(5)Includes Paycheck Protection Program loans.

(6)Total outstandings includes loans and leases pledged as collateral of $15.5 billion. The Corporation also pledged $153.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.

Schedule of Financing Receivables, Non Accrual Status

The following table presents the Corporation’s nonperforming loans and leases including nonperforming troubled debt restructurings (TDRs), and loans accruing past due 90 days or more at March 31, 2021 and December 31, 2020. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For information on the Corporation's interest accrual policies, delinquency status for loan modifications related to the pandemic and the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

Credit Quality
	Nonperforming Loans and Leases						Accruing Past Due 90 Days or More (1)
(Dollars in millions)	March 31 2021			December 31 2020			March 31 2021			December 31 2020
Residential mortgage (2)	$	2,366		$	2,005		$	728		$	762
With no related allowance (3)	1,413			1,378			—			—
Home equity (2)	669			649			—			—
With no related allowance (3)	326			347			—			—
Credit Card	n/a			n/a			755			903
Direct/indirect consumer	56			71			25			33
Total consumer	3,091			2,725			1,508			1,698
U.S. commercial	1,228			1,243			99			228
Non-U.S. commercial	342			418			4			10
Commercial real estate	354			404			63			6
Commercial lease financing	80			87			20			25
U.S. small business commercial	67			75			98			115
Total commercial	2,071			2,227			284			384
Total nonperforming loans	$	5,162		$	4,952		$	1,792		$	2,082
Percentage of outstanding loans and leases	0.58		%	0.54		%	0.20		%	0.23		%

(1)For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2021 and December 31, 2020 residential mortgage includes $527 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $201 million and $225 million of loans on which interest was still accruing.

(3)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.

n/a = not applicable

Financing Receivable Credit Quality Indicators

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at March 31, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of March 31, 2021		2021		2020		2019		2018		2017		Prior
Total Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	198,785	$	24,600	$	61,767	$	34,753	$	11,133	$	16,831	$	49,701
Greater than 90 percent but less than or equal to 100 percent	2,966		544		1,576		497		75		48		226
Greater than 100 percent	1,061		265		416		127		34		25		194
Fully-insured loans	11,967		722		4,122		1,693		316		302		4,812
Total Residential Mortgage	$	214,779	$	26,131	$	67,881	$	37,070	$	11,558	$	17,206	$	54,933
Total Residential Mortgage
Refreshed FICO score
Less than 620	$	2,601	$	316	$	550	$	162	$	131	$	139	$	1,303
Greater than or equal to 620 and less than 680	5,167		522		1,374		640		405		352		1,874
Greater than or equal to 680 and less than 740	23,267		2,345		6,998		3,670		1,570		1,993		6,691
Greater than or equal to 740	171,777		22,226		54,837		30,905		9,136		14,420		40,253
Fully-insured loans	11,967		722		4,122		1,693		316		302		4,812
Total Residential Mortgage	$	214,779	$	26,131	$	67,881	$	37,070	$	11,558	$	17,206	$	54,933

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	March 31, 2021
Total Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	31,330	$	1,885	$	21,131	$	8,314
Greater than 90 percent but less than or equal to 100 percent	307		116		82		109
Greater than 100 percent	441		156		104		181
Total Home Equity	$	32,078	$	2,157	$	21,317	$	8,604
Total Home Equity
Refreshed FICO score
Less than 620	$	1,046	$	251	$	237	$	558
Greater than or equal to 620 and less than 680	1,686		247		541		898
Greater than or equal to 680 and less than 740	5,308		540		2,649		2,119
Greater than or equal to 740	24,038		1,119		17,890		5,029
Total Home Equity	$	32,078	$	2,157	$	21,317	$	8,604

(1)At March 31, 2021, includes reverse mortgages of $1.4 billion and home equity loans of $800 million which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/Indirect as of March 31, 2021		Revolving Loans		2021		2020		2019		2018		2017		Prior		Total Credit Card as of March 31, 2021		Revolving Loans		Revolving Loans Converted to Term Loans (3)
Refreshed FICO score
Less than 620	$	830	$	17	$	16	$	120	$	185	$	146	$	192	$	154	$	3,416	$	3,235	$	181
Greater than or equal to 620 and less than 680	2,003		18		191		585		476		273		243		217		8,482		8,267		215
Greater than or equal to 680 and less than 740	7,230		71		958		2,462		1,722		853		597		567		25,592		25,392		200
Greater than or equal to 740	35,592		106		3,750		11,521		9,507		4,982		2,885		2,841		35,296		35,249		47
Other internal credit    metrics (1, 2)	46,082		45,490		46		79		119		87		65		196		—		—		—
Total credit card and other    consumer	$	91,737	$	45,702	$	4,961	$	14,767	$	12,009	$	6,341	$	3,982	$	3,975	$	72,786	$	72,143	$	643

(1)Other internal credit metrics may include delinquency status, geography or other factors.

(2)Direct/indirect consumer includes $45.5 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2021.

(3)Represents TDRs that were modified into term loans.

Commercial – Credit Quality Indicators By Vintage (1, 2)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of March 31, 2021		2021		2020		2019		2018		2017		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	266,387	$	9,884	$	29,264	$	31,405	$	15,382	$	13,010	$	28,776	$	138,666
Reservable criticized	16,842		72		1,512		2,339		2,594		793		1,844		7,688
Total U.S. Commercial	$	283,229	$	9,956	$	30,776	$	33,744	$	17,976	$	13,803	$	30,620	$	146,354
Non-U.S. Commercial
Risk ratings
Pass rated	$	87,089	$	4,618	$	13,801	$	9,692	$	6,189	$	3,595	$	3,165	$	46,029
Reservable criticized	4,246		272		809		736		498		395		397		1,139
Total Non-U.S. Commercial	$	91,335	$	4,890	$	14,610	$	10,428	$	6,687	$	3,990	$	3,562	$	47,168
Commercial Real Estate
Risk ratings
Pass rated	$	49,019	$	1,535	$	8,053	$	13,295	$	7,503	$	4,590	$	9,241	$	4,802
Reservable criticized	9,745		143		794		2,688		2,225		1,356		1,910		629
Total Commercial Real Estate	$	58,764	$	1,678	$	8,847	$	15,983	$	9,728	$	5,946	$	11,151	$	5,431
Commercial Lease Financing
Risk ratings
Pass rated	$	15,666	$	437	$	2,938	$	3,123	$	2,597	$	2,331	$	4,240	$	—
Reservable criticized	693		28		110		148		112		70		225		—
Total Commercial Lease Financing	$	16,359	$	465	$	3,048	$	3,271	$	2,709	$	2,401	$	4,465	$	—
U.S. Small Business Commercial (3)
Risk ratings
Pass rated	$	27,410	$	8,323	$	15,411	$	1,118	$	829	$	729	$	838	$	162
Reservable criticized	911		2		60		201		173		131		335		9
Total U.S. Small Business Commercial	$	28,321	$	8,325	$	15,471	$	1,319	$	1,002	$	860	$	1,173	$	171
Total	$	478,008	$	25,314	$	72,752	$	64,745	$	38,102	$	27,000	$	50,971	$	199,124

(1) Excludes $6.3 billion of loans accounted for under the fair value option at March 31, 2021.

(2)     Includes $41 million of loans that converted from revolving to term loans.

(3)     Excludes U.S. Small Business Card loans of $6.6 billion. Refreshed FICO scores for this portfolio are $230 million for less than 620; $553 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $4.1 billion greater than or equal to 740.

The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at December 31, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR.

Residential Mortgage – Credit Quality Indicators By Vintage
			Term Loans by Origination Year
(Dollars in millions)	Total as of December 31, 2020		2020		2019		2018		2017		2016		Prior
Total Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	207,389	$	68,907	$	43,771	$	14,658	$	21,589	$	22,967	$	35,497
Greater than 90 percent but less than or equal to 100 percent	3,138		1,970		684		128		70		96		190
Greater than 100 percent	1,210		702		174		47		39		37		211
Fully-insured loans	11,818		3,826		2,014		370		342		1,970		3,296
Total Residential Mortgage	$	223,555	$	75,405	$	46,643	$	15,203	$	22,040	$	25,070	$	39,194
Total Residential Mortgage
Refreshed FICO score
Less than 620	$	2,717	$	823	$	177	$	139	$	170	$	150	$	1,258
Greater than or equal to 620 and less than 680	5,462		1,804		666		468		385		368		1,771
Greater than or equal to 680 and less than 740	25,349		8,533		4,679		1,972		2,427		2,307		5,431
Greater than or equal to 740	178,209		60,419		39,107		12,254		18,716		20,275		27,438
Fully-insured loans	11,818		3,826		2,014		370		342		1,970		3,296
Total Residential Mortgage	$	223,555	$	75,405	$	46,643	$	15,203	$	22,040	$	25,070	$	39,194

Home Equity - Credit Quality Indicators
	Total		Home Equity Loans and Reverse Mortgages (1)		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	December 31, 2020
Total Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	33,447	$	1,919	$	22,639	$	8,889
Greater than 90 percent but less than or equal to 100 percent	351		126		94		131
Greater than 100 percent	513		172		118		223
Total Home Equity	$	34,311	$	2,217	$	22,851	$	9,243
Total Home Equity
Refreshed FICO score
Less than 620	$	1,082	$	250	$	244	$	588
Greater than or equal to 620 and less than 680	1,798		263		568		967
Greater than or equal to 680 and less than 740	5,762		556		2,905		2,301
Greater than or equal to 740	25,669		1,148		19,134		5,387
Total Home Equity	$	34,311	$	2,217	$	22,851	$	9,243

(1)At December 31, 2020, includes reverse mortgages of $1.3 billion and home equity loans of $885 million which are no longer originated.

Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
	Direct/Indirect
					Term Loans by Origination Year												Credit Card
(Dollars in millions)	Total Direct/Indirect as of December 31, 2020		Revolving Loans		2020		2019		2018		2017		2016		Prior		Total Credit Card as of December 31, 2020		Revolving Loans		Revolving Loans Converted to Term Loans (3)
Refreshed FICO score
Less than 620	$	959	$	19	$	111	$	200	$	175	$	243	$	148	$	63	$	4,018	$	3,832	$	186
Greater than or equal to 620 and less than 680	2,143		20		653		559		329		301		176		105		9,419		9,201		218
Greater than or equal to 680 and less than 740	7,431		80		2,848		2,015		1,033		739		400		316		27,585		27,392		193
Greater than or equal to 740	36,064		120		12,540		10,588		5,869		3,495		1,781		1,671		37,686		37,642		44
Other internal credit    metrics (1, 2)	44,766		44,098		74		115		84		67		52		276		—		—		—
Total credit card and other    consumer	$	91,363	$	44,337	$	16,226	$	13,477	$	7,490	$	4,845	$	2,557	$	2,431	$	78,708	$	78,067	$	641

(1)Other internal credit metrics may include delinquency status, geography or other factors.

(2)Direct/indirect consumer includes $44.1 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2020.

(3)Represents TDRs that were modified into term loans.

Commercial – Credit Quality Indicators By Vintage (1, 2)
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of December 31, 2020		2020		2019		2018		2017		2016		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	268,812	$	33,456	$	33,305	$	17,363	$	14,102	$	7,420	$	21,784	$	141,382
Reservable criticized	19,916		2,524		2,542		2,689		854		698		1,402		9,207
Total U.S. Commercial	$	288,728	$	35,980	$	35,847	$	20,052	$	14,956	$	8,118	$	23,186	$	150,589
Non-U.S. Commercial
Risk ratings
Pass rated	$	85,914	$	16,301	$	11,396	$	7,451	$	5,037	$	1,674	$	2,194	$	41,861
Reservable criticized	4,546		914		572		492		436		138		259		1,735
Total Non-U.S. Commercial	$	90,460	$	17,215	$	11,968	$	7,943	$	5,473	$	1,812	$	2,453	$	43,596
Commercial Real Estate
Risk ratings
Pass rated	$	50,260	$	8,429	$	14,126	$	8,228	$	4,599	$	3,299	$	6,542	$	5,037
Reservable criticized	10,104		933		2,558		2,115		1,582		606		1,436		874
Total Commercial Real Estate	$	60,364	$	9,362	$	16,684	$	10,343	$	6,181	$	3,905	$	7,978	$	5,911
Commercial Lease Financing
Risk ratings
Pass rated	$	16,384	$	3,083	$	3,242	$	2,956	$	2,532	$	1,703	$	2,868	$	—
Reservable criticized	714		117		117		132		81		88		179		—
Total Commercial Lease Financing	$	17,098	$	3,200	$	3,359	$	3,088	$	2,613	$	1,791	$	3,047	$	—
U.S. Small Business Commercial (3)
Risk ratings
Pass rated	$	28,786	$	24,539	$	1,121	$	837	$	735	$	527	$	855	$	172
Reservable criticized	1,148		76		239		210		175		113		322		13
Total U.S. Small Business Commercial	$	29,934	$	24,615	$	1,360	$	1,047	$	910	$	640	$	1,177	$	185
Total	$	486,584	$	90,372	$	69,218	$	42,473	$	30,133	$	16,266	$	37,841	$	200,281

(1) Excludes $5.9 billion of loans accounted for under the fair value option at December 31, 2020.

(2)     Includes $58 million of loans that converted from revolving to term loans.

(3)     Excludes U.S. Small Business Card loans of $6.5 billion. Refreshed FICO scores for this portfolio are $265 million for less than 620; $582 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $3.9 billion greater than or equal to 740.

Troubled Debt Restructurings on Financing Receivables

The table below presents the March 31, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three months ended March 31, 2021 and 2020. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period.

Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2021 and 2020 (1)
	Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate (2)
(Dollars in millions)	March 31, 2021
Residential mortgage	$	519	$	464	3.50	%	3.48	%
Home equity	62		49		3.43		3.44
Total	$	581	$	513	3.49		3.48
	March 31, 2020
Residential mortgage	$	122	$	103	4.04	%	3.94	%
Home equity	23		20		4.69		4.68
Total	$	145	$	123	4.15		4.06

(1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.

The following table presents the March 31, 2021 and 2020 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2021 and 2020, by type of modification.

Consumer Real Estate – Modification Programs (1)
	TDRs Entered into During the Three Months Ended March 31
(Dollars in millions)	2021		2020
Modifications under government programs	$	1	$	1
Modifications under proprietary programs	472		28
Loans discharged in Chapter 7 bankruptcy (2)	11		15
Trial modifications	29		79
Total modifications	$	513	$	123

(1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2021 and 2020 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.

Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months (1)
	Three Months Ended March 31
(Dollars in millions)	2021		2020
Modifications under government programs	$	1	$	6
Modifications under proprietary programs	12		14
Loans discharged in Chapter 7 bankruptcy (2)	3		7
Trial modifications (3)	6		18
Total modifications	$	22	$	45

(1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

(3)Includes trial modification offers to which the customer did not respond.

The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the March 31, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three months ended March 31, 2021 and 2020.

Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2021 and 2020 (1)
	Unpaid Principal Balance		Carrying Value (2)		Pre-Modification Interest Rate		Post-Modification Interest Rate
(Dollars in millions)	March 31, 2021
Credit card	$	82	$	90	18.55	%	4.97	%
Direct/Indirect consumer	8		5		5.64		5.64
Total	$	90	$	95	17.85		5.01
	March 31, 2020
Credit card	$	94	$	101	18.52	%	5.30	%
Direct/Indirect consumer	17		9		5.34		5.34
Total	$	111	$	110	17.40		5.30

(1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

(2)Includes accrued interest and fees.

The following table presents the March 31, 2021 and 2020 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three months ended March 31, 2021 and 2020, by program type.

Credit Card and Other Consumer – TDRs by Program Type (1)
	TDRs Entered into During the Three Months Ended March 31
(Dollars in millions)	2021		2020
Internal programs	$	74	$	74
External programs	17		27
Other	4		9
Total	$	95	$	110

(1)Includes accrued interest and fees. For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.

Changes in the Allowance for Credit Losses

The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the table below.

	Consumer Real Estate		Credit Card and  Other Consumer		Commercial		Total
(Dollars in millions)	Three Months Ended March 31, 2021
Allowance for loan and lease losses, January 1	$	858	$	9,213	$	8,731	$	18,802
Loans and leases charged off	(15)		(977)		(194)		(1,186)
Recoveries of loans and leases previously charged off	54		245		64		363
Net charge-offs	39		(732)		(130)		(823)
Provision for loan and lease losses	(207)		(536)		(1,068)		(1,811)
Other	(1)		1		—		—
Allowance for loan and lease losses, March 31	689		7,946		7,533		16,168
Reserve for unfunded lending commitments, January 1	137		—		1,741		1,878
Provision for unfunded lending commitments	(13)		—		(36)		(49)
Reserve for unfunded lending commitments, March 31	124		—		1,705		1,829
Allowance for credit losses, March 31	$	813	$	7,946	$	9,238	$	17,997
	Three Months Ended March 31, 2020
Allowance for loan and lease losses, January 1	$	440	$	7,430	$	4,488	$	12,358
Loans and leases charged off	(35)		(1,121)		(282)		(1,438)
Recoveries of loans and leases previously charged off	47		237		32		316
Net charge-offs	12		(884)		(250)		(1,122)
Provision for loan and lease losses	351		1,712		2,462		4,525
Other	5		—		—		5
Allowance for loan and lease losses, March 31	808		8,258		6,700		15,766
Reserve for unfunded lending commitments, January 1	119		—		1,004		1,123
Provision for unfunded lending commitments	30		—		206		236
Other	—		—		1		1
Reserve for unfunded lending commitments, March 31	149		—		1,211		1,360
Allowance for credit losses, March 31	$	957	$	8,258	$	7,911	$	17,126