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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Components of Available-for-Sale Securities Portfolio
The major components of our AFS investment securities portfolio at June 30, 2021 and December 31, 2020 are as follows:
 June 30, 2021
(Dollars in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Carrying
Value
AFS securities, at fair value:
U.S. Treasury securities$6,051 $189 $(5)$6,235 
U.S. agency debentures84 — (3)81 
Foreign government debt securities15 — — 15 
Residential MBS:
Agency-issued MBS11,606 80 (124)11,562 
Agency-issued CMO—fixed rate4,497 17 (90)4,424 
Agency-issued CMBS1,523 44 (8)1,559 
Total AFS securities$23,776 $330 $(230)$23,876 

 December 31, 2020
(Dollars in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Carrying
Value
AFS securities, at fair value:
U.S. Treasury securities$4,198 $272 $— $4,470 
U.S. agency debentures234 4 (1)237 
Foreign government debt securities24 — — 24 
Residential MBS:
Agency-issued MBS13,271 233 (1)13,503 
Agency-issued CMO—fixed rate8,077 40 (10)8,107 
Agency-issued CMBS4,441 134 (3)4,572 
Total AFS securities$30,245 $683 $(15)$30,913 
Activity of Available-for-Sale Securities
The following table summarizes sale activity of AFS securities during the three and six months ended June 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
For the three and six months ended June 30, 2021 and three months ended June 30, 2020 we did not have any sales proceeds, gross unrealized gains, or gross unrealized losses from our AFS securities portfolio.
 Three months ended June 30, Six months ended June 30,
(Dollars in millions)2021202020212020
Sales proceeds$— $— $— $2,654 
Net realized gains and losses:
Gross realized gains$— $— $— $61 
Gross realized losses— — — — 
Net realized gains$— $— $— $61 
Summary of Unrealized Losses on Available for Sale Securities
The following tables summarize our AFS securities in an unrealized loss position for which an ACL has not been recorded and summarized into categories of less than 12 months, or 12 months or longer, as of June 30, 2021 and December 31, 2020:
 June 30, 2021
 Less than 12 months12 months or longer (1)Total
(Dollars in millions)Fair Value of
Investments		Unrealized
Losses		Fair Value of
Investments		Unrealized
Losses		Fair Value of
Investments		Unrealized
Losses
AFS securities:
U.S. Treasury securities $2,218 $(5)$— $— $2,218 $(5)
U.S. agency debentures81 (3)— — 81 (3)
Residential MBS:
Agency-issued MBS8,268 (124)— — 8,268 (124)
Agency-issued CMO —fixed rate2,832 (89)76 (1)2,908 (90)
Agency-issued CMBS651 (8)— — 651 (8)
Total AFS securities (1)$14,050 $(229)$76 $(1)$14,126 $(230)
(1)As of June 30, 2021, we identified a total of 344 investments that were in unrealized loss positions with 2 investments in an unrealized loss position for a period of time greater than 12 months. Based on our analysis of the securities in an unrealized loss position as of June 30, 2021, the decline in value is unrelated to credit loss and is related to changes in market interest rates since purchase and therefore changes in value for securities are included in other comprehensive income. Market valuations and credit loss analyses on assets in the AFS securities portfolio are reviewed and monitored on a quarterly basis. As of June 30, 2021, we do not intend to sell any of our securities in an unrealized loss position prior to recovery of our amortized cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our amortized cost basis. None of the investments in our AFS securities portfolio were past due as of June 30, 2021.
 December 31, 2020
 Less than 12 months12 months or longer Total
(Dollars in millions)Fair Value of
Investments		Unrealized
Losses		Fair Value of
Investments		Unrealized
Losses		Fair Value of
Investments		Unrealized
Losses
AFS securities:
U.S. Treasury securities (1)$60 $— $— $— $60 $— 
U.S. agency debentures133 (1)— — 133 (1)
Residential MBS:
Agency-issued MBS904 (1)— — 904 (1)
Agency-issued CMO—fixed rate2,199 (10)— — 2,199 (10)
Agency-issued CMBS989 (3)— — 989 (3)
Total AFS securities (2)$4,285 $(15)$— $— $4,285 $(15)
(1)At December 31, 2020, gross unrealized losses totaled less than $1 million for U.S. Treasury AFS securities with a loss duration of less than less than 12 months.
(2)As of December 31, 2020, we identified a total of 93 investments that were in unrealized loss positions, of which no investments are in an unrealized loss position for a period of time greater than 12 months. None of the investments in our AFS securities portfolio were past due as of December 31, 2020.
Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities
The following table summarizes the fixed income securities, carried at fair value, classified as AFS as of June 30, 2021 by the remaining contractual principal maturities. For U.S. Treasury securities, U.S. agency debentures and foreign government debt securities, the expected maturity is the actual contractual maturity of the notes. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as AFS typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments.
 June 30, 2021
(Dollars in millions)TotalOne Year
or Less		After One
Year to
Five Years		After Five
Years to
Ten Years		After
Ten Years
U.S. Treasury securities$6,235 $41 $6,037 $157 $— 
U.S. agency debentures81 — — 81 — 
Foreign government debt securities15 15 — — — 
Residential MBS:
Agency-issued MBS11,562 — — — 11,562 
Agency-issued CMO—fixed rate4,424 — — — 4,424 
Agency-issued CMBS1,559 — — 1,559 — 
Total$23,876 $56 $6,037 $1,797 $15,986 
The following table summarizes the remaining contractual principal maturities on fixed income investment securities classified as HTM as of June 30, 2021. For U.S. agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected remaining maturities for certain U.S. agency debentures may occur earlier than their contractual maturities because the note issuers have the right to call outstanding amounts ahead of their contractual maturity. Expected maturities for MBS may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. MBS classified as HTM typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower interest rate environments; however, we expect to collect substantially all of the recorded investment on these securities.
 June 30, 2021
 TotalOne Year
or Less		After One Year to
Five Years		After Five Years to
Ten Years		After
Ten Years
(Dollars in millions)Amortized CostFair Value Amortized CostFair Value Amortized CostFair Value Amortized CostFair Value Amortized CostFair Value
U.S. agency debentures$552 $571 $4 $4 $141 $146 $407 $421 $— $— 
Residential MBS:
Agency-issued MBS36,724 36,616 3 4 9 9 449 465 36,263 36,138 
Agency-issued CMO—fixed rate
4,474 4,480 — — 5 5 404 413 4,065 4,062 
Agency-issued CMO—variable rate
117 118 — — — — — — 117 118 
Agency-issued CMBS12,492 12,507 — — — — 535 554 11,957 11,953 
Municipal bonds and notes5,265 5,438 61 61 113 118 833 881 4,258 4,378 
Corporate bonds373 377 — — — — 373 377 — — 
Total$59,997 $60,107 $68 $69 $268 $278 $3,001 $3,111 $56,660 $56,649 
Held-to-maturity Securities
The components of our HTM investment securities portfolio at June 30, 2021 and December 31, 2020 are as follows:
 June 30, 2021
(Dollars in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair ValueACL
HTM securities, at cost:
U.S. agency debentures (1)$552 $19 $— $571 $— 
Residential MBS:
Agency-issued MBS36,724 194 (302)36,616 — 
Agency-issued CMO—fixed rate4,474 29 (23)4,480 — 
Agency-issued CMO—variable rate117 1 — 118 — 
Agency-issued CMBS12,492 76 (61)12,507 — 
Municipal bonds and notes5,265 189 (16)5,438 — 
Corporate bonds373 4 — 377 5 
Total HTM securities$59,997 $512 $(402)$60,107 $5 
(1)    Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
 December 31, 2020
(Dollars in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair ValueACL
HTM securities, at amortized cost:
U.S. agency debentures (1)$402 $19 $— $421 $— 
Residential MBS:
Agency-issued MBS7,740 240 (2)7,978 — 
Agency-issued CMO—fixed rate1,735 23 — 1,758 — 
Agency-issued CMO—variable rate137 1 — 138 — 
Agency-issued CMBS2,943 124 — 3,067 — 
Municipal bonds and notes3,635 221 (1)3,855 — 
Total HTM securities$16,592 $628 $(3)$17,217 $— 
(1)    Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
Debt Securities, Held-to-maturity, Credit Quality Indicator
On a quarterly basis, management monitors the credit quality for HTM securities through the use of standard credit ratings. The following table summarizes our amortized cost of HTM securities aggregated by credit quality indicator at June 30, 2021 and December 31, 2020:
(Dollars in millions)June 30, 2021December 31, 2020
Municipal bonds and notes:
Aaa$2,680 $2,070 
Aa11,619 1,145 
Aa2802 420 
Aa3152 — 
A112 — 
Total municipal bonds and notes$5,265 $3,635 
Corporate bonds:
Aa1$10 $— 
Aa228 — 
Aa324 — 
A1158 — 
A2153 — 
Total corporate bonds$373 $— 
Schedule of Nonmarketable and Other Securities
The major components of our non-marketable and other equity securities portfolio at June 30, 2021 and December 31, 2020 are as follows:
(Dollars in millions)June 30, 2021December 31, 2020
Non-marketable and other equity securities:
Non-marketable securities (fair value accounting):
Consolidated venture capital and private equity fund investments (1)$108 $89 
Unconsolidated venture capital and private equity fund investments (2)187 185 
Other investments without a readily determinable fair value (3)79 61 
Other equity securities in public companies (fair value accounting) (4)107 281 
Non-marketable securities (equity method accounting) (5):
Venture capital and private equity fund investments544 362 
Debt funds7 5 
Other investments215 203 
Investments in qualified affordable housing projects, net (6)696 616 
Total non-marketable and other equity securities$1,943 $1,802 
(1)The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and our ownership percentage of each fund at June 30, 2021 and December 31, 2020 (fair value accounting):
 June 30, 2021December 31, 2020
(Dollars in millions)AmountOwnership %AmountOwnership %
Strategic Investors Fund, LP$5 12.6 %$5 12.6 %
Capital Preferred Return Fund, LP 51 20.0 50 20.0 
Growth Partners, LP 52 33.0 34 33.0 
Total consolidated venture capital and private equity fund investments$108 $89 

(2)The carrying value represents investments in 157 and 162 funds (primarily venture capital funds) at June 30, 2021 and December 31, 2020, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. We carry our unconsolidated venture capital and private equity fund investments at fair value based on the fund investments' net asset values per share as obtained from the general partners of the investments. For each fund investment, we adjust the net asset value per share for differences between our measurement date and the date of the fund investment’s net asset value by using the most recently available financial information from the investee general partner, for example March 31st for our June 30th consolidated financial statements, adjusted for any contributions paid, distributions received from the investment, and significant fund transactions or market events during the reporting period.
(3)These investments include direct equity investments in private companies. The carrying value is based on the price at which the investment was acquired plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments. We consider a range of factors when adjusting the fair value of these investments, including, but not limited to, the term and nature of the investment, local market conditions, values for comparable securities, current and projected operating performance, exit strategies, financing transactions subsequent to the acquisition of the investment and a discount for certain investments that have lock-up restrictions or other features that indicate a discount to fair value is warranted.
The following table shows the changes to the carrying amount of other investments without a readily determinable fair value for the six months ended June 30, 2021:
(Dollars in millions)Six months ended June 30, 2021Cumulative Adjustments
Measurement alternative:
Carrying value at June 30, 2021$79 
Carrying value adjustments:
Impairment
$— $(1)
Upward changes for observable prices
12 16 
Downward changes for observable prices
(2)(6)
(4)Investments classified as other equity securities (fair value accounting) represent shares held in public companies as a result of exercising public equity warrant assets and direct equity investments in public companies held by our consolidated funds. Changes in equity securities measured at fair value are recognized through net income.
(5)The following table shows the carrying value and our ownership percentage of each investment at June 30, 2021 and December 31, 2020 (equity method accounting):
 June 30, 2021December 31, 2020
(Dollars in millions)AmountOwnership %AmountOwnership %
Venture capital and private equity fund investments:
Strategic Investors Fund II, LP $4 8.6 %$4 8.6 %
Strategic Investors Fund III, LP 28 5.9 16 5.9 
Strategic Investors Fund IV, LP 36 5.0 25 5.0 
Strategic Investors Fund V funds87 Various67 Various
CP II, LP (i)8 5.1 8 5.1 
Other venture capital and private equity fund investments381 Various242 Various
 Total venture capital and private equity fund investments$544 $362 
Debt funds:
Gold Hill Capital 2008, LP (ii)$5 15.5 %$4 15.5 %
Other debt funds2 Various1 Various
Total debt funds$7 $5 
Other investments:
SPD Silicon Valley Bank Co., Ltd.$115 50.0 %$115 50.0 %
Other investments100 Various88 Various
Total other investments$215 $203 
(i)Our ownership includes direct ownership interest of 1.3 percent and indirect ownership interest of 3.8 percent through our investments in Strategic Investors Fund II, LP.
(ii)Our ownership includes direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent.

(6)The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments included as a component of “Other liabilities” on our consolidated balance sheets at June 30, 2021 and December 31, 2020:
(Dollars in millions)June 30, 2021December 31, 2020
Investments in qualified affordable housing projects, net$696 $616 
Other liabilities 415 370 
The following table presents other information relating to our investments in qualified affordable housing projects for the three months ended June 30, 2021 and 2020:
Three months ended June 30, Six months ended June 30,
(Dollars in millions)2021202020212020
Tax credits and other tax benefits recognized$26 $20 $54 $31 
Amortization expense included in provision for income taxes (i)
14 10 30 22 
(i)All investments are amortized using the proportional amortization method and amortization expense is included in the provision for income taxes.
Gain Loss On Investment Securities
The following table presents the net gains and losses on non-marketable and other equity securities for the three and six months ended June 30, 2021 and 2020 as recorded in the line item “Gains on investment securities, net," a component of noninterest income:
 Three months ended June 30, Six months ended June 30,
(Dollars in millions)June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Net gains (losses) on non-marketable and other equity securities:
Non-marketable securities (fair value accounting):
Consolidated venture capital and private equity fund investments$19 $1 $36 $4 
Unconsolidated venture capital and private equity fund investments 15 (2)32 (1)
Other investments without a readily determinable fair value (1)(1)12 (4)
Other equity securities in public companies (fair value accounting)18 13 92 6 
Non-marketable securities (equity method accounting):
Venture capital and private equity fund investments250 26 295 18 
Debt funds1 — 2 — 
Other investments3 (2)3 (3)
Total net gains on non-marketable and other equity securities $305 $35 $472 $20 
Less: realized net gains on sales of non-marketable and other equity securities61 — 127 — 
Net gains on non-marketable and other equity securities still held$244 $35 $345 $20