Accounting Standards Recently Adopted and Pending Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company's financial statements:



Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Standards adopted in 2014
ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects	The ASU allows the use of the proportional amortization method for investments in qualified affordable housing projects if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the income statement as a component of income tax expense. The ASU provides for a practical expedient, which allows for amortization of the investment in proportion to only the tax credits if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits.	January 1, 2014	The standard is required to be applied retrospectively; therefore amounts included in noninterest expense in periods prior to adoption have been reclassified. For the years ended December 31, 2013 and 2012, $49 million and $39 million, respectively, of investment amortization expense was reclassified from other noninterest expense to provision for income taxes in the Consolidated Statements of Income. For additional information on the impact of adoption see Note 10, "Certain Transfers of Financial Assets and Variable Interest Entities."
Standards not yet adopted
ASU 2014-09, Revenue from Contracts with Customers	The ASU supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.	January 1, 2017	The Company is continuing to evaluate the impact of the ASU.