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Allowance for Credit Losses (Tables)
12 Months Ended
Dec. 31, 2020
Credit Loss [Abstract]  
Weighted Average of Forecasted Key Macroeconomic Variables Used in Estimating Lifetime ECL
The following table presents the forecasted key macroeconomic variables in our Central scenarios used for estimating lifetime ECL at December 31, 2020 and January 1, 2020:
For the Quarter Ended
June 30, 2021December 31, 2021
Unemployment rate (quarterly average):
Forecast at December 31, 20206.8 %6.2 %
Forecast at January 1, 20203.9 4.0 
GDP growth rate (year-over-year):
Forecast at December 31, 20209.2 
(1)
5.3 
Forecast at January 1, 20201.9 2.0 
(1)Represents the change in forecasted GDP for the quarter ended June 30, 2021 relative to the GDP for the quarter ended June 30, 2020. The GDP year-over-year growth rate for the quarter ended June 30, 2020 was a decline of 9.0 percent.
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:
December 31, 2020January 1, 2020December 31, 2019
 (in millions)
Allowance for credit losses:
Loans$1,015 $467 $637 
Securities held-to-maturity(1)
2 2 — 
Other financial assets measured at amortized cost(2)
2 3 — 
Securities available-for-sale(1)
1 3 — 
Total allowance for credit losses$1,020 $475 $637 
Liability for off-balance sheet credit exposures$237 $158 $104 
(1)See Note 5, "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 years ended December 31, 2020, 2019 and 2018:
 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)
Year Ended December 31, 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 income116 274 149 2 55 6 107 27 736 
Charge-offs(12)(90)(20) (2)(3)(90)(11)(228)
Recoveries 12 1 1 12 6 7 1 40 
Net (charge-offs) recoveries(12)(78)(19)1 10 3 (83)(10)(188)
Allowance for credit losses – end of period
$145 $375 $287 $7 $(9)$22 $161 $27 $1,015 
Year Ended December 31, 2019
Allowance for credit losses – beginning of period
$116 $219 $108 $15 $13 $$58 $$541 
Provision charged (credited) to income37 62 (6)(3)(2)101 195 
Charge-offs— (45)(3)— (8)(4)(60)(5)(125)
Recoveries— — — 10 26 
Net (charge-offs) recoveries— (42)(3)— (54)(3)(99)
Allowance for credit losses – end of period
$153 $239 $106 $$12 $$105 $$637 
Year Ended December 31, 2018
Allowance for credit losses – beginning of period
$82 $244 $264 $18 $25 $11 $32 $$681 
Provision charged (credited) to income34 (31)(109)(3)(18)(3)55 (73)
Charge-offs— (41)(48)— (7)(7)(35)(4)(142)
Recoveries— 47 — 13 75 
Net (charge-offs) recoveries— (47)— (1)(29)(2)$(67)
Allowance for credit losses – end of period
$116 $219 $108 $15 $13 $$58 $$541 
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 years ended December 31, 2020, 2019 and 2018:
Year Ended December 31,202020192018
 (in millions)
Balance at beginning of period$104 $96 $106 
Cumulative effect adjustment to initially apply new accounting guidance for measuring credit losses
54 — — 
Balance at beginning of period, adjusted158 96 106 
Provision charged (credited) to income79 (10)
Balance at end of period$237 $104 $96 
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 5, "Securities," and Note 6, "Loans."
December 31, 2020
 (in millions)
Accrued interest receivables:
Loans$140 
Securities held-to-maturity23 
Other financial assets measured at amortized cost1 
Securities available-for-sale100 
Total accrued interest receivables264 
Allowance for credit losses 2 
Accrued interest receivables, net$262