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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Activity of Funding Agreements Change in FHLB Funding Agreements during the Year Ended December 31, 2021
Outstanding Balance at December 31, 2020Issued During the PeriodRepaid During the PeriodLong-term Agreements Maturing Within One YearLong-term Agreements Maturing Within Five YearsOutstanding Balance at December 31, 2021
(in millions)
Short-term funding agreements:
Due in one year or less$5,634 $59,846 $60,504 $377 $— $5,353 
Long-term funding agreements:
Due in years two through five722 411 — (377)534 1,290 
Due in more than five years534 — — — (534)— 
Total long-term funding agreements1,256 411 — (377)— 1,290 
Total funding agreements (1)$6,890 $60,257 $60,504 $— $— $6,643 
____________
(1)The $4 million and $7 million difference between the funding agreements carrying value shown in fair value table for December 31, 2021 and December 31, 2020, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.
Change in FABN Funding Agreements during the Year Ended December 31, 2021
Outstanding Balance at December 31, 2020Issued During the PeriodRepaid During the PeriodLong-term Agreements Maturing Within One YearLong-term Agreements Maturing Within Five YearsForeign Currency Transaction AdjustmentOutstanding Balance at December 31, 2021
(in millions)
Short-term funding agreements:
Due in one year or less$— $— $— $— $— $— $— 
Long-term funding agreements:
Due in years two through five1,150 3,450 — — — — 4,600 
Due in more than five years800 1,359 — — — (40)2,119 
Total long-term funding agreements1,950 4,809 — — — (40)6,719 
Total funding agreements (1)$1,950 $4,809 $— $— $— $(40)$6,719 
_____________
(1)The $70 million and $11 million difference between the funding agreements notional value shown and carrying value table as of December 31, 2021 and December 31, 2020, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.