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Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 30, 2020
Credit Loss [Abstract]  
Summary of Allowance for Credit Losses and Liability for Off-balance Sheet Credit Exposures
The following table summarizes our allowance for credit losses and the liability for off-balance sheet credit exposures:
September 30, 2020January 1, 2020December 31, 2019
 (in millions)
Allowance for credit losses:
Loans$1,084 $467 $637 
Securities held-to-maturity(1)
2 2 — 
Other financial assets measured at amortized cost(2)
3 3 — 
Securities available-for-sale(1)
2 3 — 
Total allowance for credit losses$1,091 $475 $637 
Liability for off-balance sheet credit exposures$225 $158 $104 
(1)See Note 4, "Securities," for additional information regarding the allowance for credit losses associated with our security portfolios.
(2)Primarily includes accrued interest receivables and customer acceptances.
Summary of Changes in the Allowance for Credit Losses and the Related Loan Balance by Product
The following table summarizes the changes in the allowance for credit losses on loans by product or line of business during the three and nine months ended September 30, 2020 and 2019:
 Commercial LoansConsumer Loans 
Real Estate, including ConstructionBusiness
and Corporate Banking
Global
Banking
Other
Comm'l
Residential
Mortgages
Home
Equity
Mortgages
Credit
Cards
Other
Consumer
Total Loans
 (in millions)
Three Months Ended September 30, 2020
Allowance for credit losses – beginning of period
$120 $434 $424 $5 $(19)$16 $190 $22 $1,192 
Provision charged (credited) to income43 (36)(103)3 12 (1)(2)9 (75)
Charge-offs(12)(2)(1) (1)(1)(23)(4)(44)
Recoveries 5   3 1 2  11 
Net (charge-offs) recoveries(12)3 (1) 2  (21)(4)(33)
Allowance for credit losses – end of period
$151 $401 $320 $8 $(5)$15 $167 $27 $1,084 
Three Months Ended September 30, 2019
Allowance for credit losses – beginning of period
$149 $251 $110 $$11 $$71 $$613 
Provision charged (credited) to income27 32 — (1)(1)34 94 
Charge-offs— (18)— — (1)(1)(17)— (37)
Recoveries— — — — 
Net (charge-offs) recoveries— (16)— — — (16)— (31)
Allowance for credit losses – end of period
$176 $267 $111 $$11 $$89 $$676 
Nine Months Ended September 30, 2020
Allowance for credit losses – beginning of period
$153 $239 $106 $9 $12 $6 $105 $7 $637 
Cumulative effect adjustment to initially apply new accounting guidance for measuring credit losses
(112)(60)51 (5)(86)7 32 3 (170)
Allowance for credit losses – beginning of period, adjusted
41 179 157 4 (74)13 137 10 467 
Provision charged (credited) to income122 283 183 3 62 1 96 24 774 
Charge-offs(12)(69)(20) (1)(3)(71)(8)(184)
Recoveries 8  1 8 4 5 1 27 
Net (charge-offs) recoveries(12)(61)(20)1 7 1 (66)(7)(157)
Allowance for credit losses – end of period
$151 $401 $320 $8 $(5)$15 $167 $27 $1,084 
Nine Months Ended September 30, 2019
Allowance for credit losses – beginning of period
$116 $219 $108 $15 $13 $$58 $$541 
Provision charged (credited) to income60 67 (6)(1)(1)69 198 
Charge-offs— (22)(3)— (8)(3)(42)(3)(81)
Recoveries— — — 18 
Net (charge-offs) recoveries— (19)(3)— (1)— (38)(2)(63)
Allowance for credit losses – end of period
$176 $267 $111 $$11 $$89 $$676 
Summary of Changes in the Liability for Off-balance Sheet Credit Exposures
The following table summarizes the changes in the liability for off-balance sheet credit exposures during the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 (in millions)
Balance at beginning of period$253 $90 $104 $96 
Cumulative effect adjustment to initially apply new accounting guidance for measuring credit losses
 — 54 — 
Balance at beginning of period, adjusted253 90 158 96 
Provision charged (credited) to income(28)(1)67 (7)
Balance at end of period$225 $89 $225 $89 
Summary of Accrued Interest Receivables The following table summarizes accrued interest receivables associated with financial assets carried at amortized cost and securities available-for-sale along with the related allowance for credit losses, which are reported net in other assets on the consolidated balance sheet. These accrued interest receivables are excluded from the amortized cost basis disclosures presented elsewhere in these financial statements, including Note 4, "Securities," and Note 5, "Loans."
September 30, 2020
 (in millions)
Accrued interest receivables:
Loans$152 
Securities held-to-maturity26 
Other financial assets measured at amortized cost1 
Securities available-for-sale104 
Total accrued interest receivables283 
Allowance for credit losses 2 
Accrued interest receivables, net$281