COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

Change in FHLB Funding Agreements during the Three Months Ended March 31, 2024

	Outstanding Balance at December 31, 2023		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at March 31, 2024
	(in millions)
Short-term funding agreements:
Due in one year or less	$	6,168	$	15,193	$	(15,643)	$	—	$	—	$	5,718
Long-term funding agreements:
Due in years two through five	799		—		—		—		—		799
Due in more than five years	648		—		—		—		—		648
Total long-term funding agreements	1,447		—		—		—		—		1,447
Total funding agreements (1)	$	7,615	$	15,193	$	(15,643)	$	—	$	—	$	7,165

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(1)The $3 million and $3 million difference between the funding agreements carrying value shown in fair value table for March 31, 2024 and December 31, 2023, 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 Three Months Ended March 31, 2024

	Outstanding Balance at December 31, 2023		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at March 31, 2024
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,000	$	—	$	—	$	—	$	—	$	—	$	1,000
Long-term funding agreements:
Due in years two through five	4,984		—		—		—		—		(16)		4,968
Due in more than five years	300		—		—		—		—		—		300
Total long-term funding agreements	5,284		—		—		—		—		(16)		5,268
Total funding agreements (1)	$	6,284	$	—	$	—	$	—	$	—	$	(16)	$	6,268

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(1)The $16 million and $17 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2024 and December 31, 2023, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.