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Variable Interest Entities and Securitizations (Tables)

9 Months Ended

Sep. 30, 2020

Variable Interest Entities and Securitization [Abstract]

Carrying Amount of Assets and Liabilities of Variable Interest Entities

The tables below present a summary of VIEs in which we had continuing involvement or held a variable interest, aggregated based on VIEs with similar characteristics as of September 30, 2020 and December 31, 2019. We separately present information for consolidated and unconsolidated VIEs.

Table 5.1: Carrying Amount of Consolidated and Unconsolidated VIEs

						September 30, 2020
						Consolidated												Unconsolidated
(Dollars in millions)						Carrying Amount of Assets						Carrying Amount of Liabilities						Carrying Amount of Assets						Carrying Amount of Liabilities						Maximum Exposure to Loss
Securitization-Related VIEs:
Credit card loan securitizations(1)						$	26,586					$	11,218					$	0					$	0					$	0
Auto loan securitizations						2,671						2,344						0						0						0
Home loan securitizations						0						0						56						0						313
Total securitization-related VIEs						29,257						13,562						56						0						313
Other VIEs:(2)
Affordable housing entities						243						18						4,582						1,281						4,582
Entities that provide capital to low-income and rural communities						2,014						69						0						0						0
Other						0						0						466						0						466
Total other VIEs						2,257						87						5,048						1,281						5,048
Total VIEs						$	31,514					$	13,649					$	5,104					$	1,281					$	5,361

						December 31, 2019
						Consolidated												Unconsolidated
(Dollars in millions)						Carrying Amount of Assets						Carrying Amount of Liabilities						Carrying Amount of Assets						Carrying Amount of Liabilities						Maximum Exposure to Loss
Securitization-Related VIEs:
Credit card loan securitizations(1)						$	31,112					$	16,113					$	0					$	0					$	0
Auto loan securitizations						2,282						2,012						0						0						0
Home loan securitizations						0						0						66						0						352
Total securitization-related VIEs						33,394						18,125						66						0						352
Other VIEs:(2)
Affordable housing entities						236						7						4,559						1,289						4,559
Entities that provide capital to low-income and rural communities						1,889						69						0						0						0
Other						0						0						502						0						502
Total other VIEs						2,125						76						5,061						1,289						5,061
Total VIEs						$	35,519					$	18,201					$	5,127					$	1,289					$	5,413

__________

(1)Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties.

(2)In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets as unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $2.3 billion of assets and $631 million of liabilities as of September 30, 2020, and $2.3 billion of assets and $741 million of liabilities as of December 31, 2019.

External Debt and Receivable Balances of Securitization Programs

The table below presents our continuing involvement in certain securitization-related VIEs as of September 30, 2020 and December 31, 2019.

Table 5.2: Continuing Involvement in Securitization-Related VIEs

(Dollars in millions)						Credit Card						Auto						Mortgages
September 30, 2020:
Securities held by third-party investors						$	11,224					$	2,342					$	832
Receivables in the trust						27,797						2,548						838
Cash balance of spread or reserve accounts						0						10						15
Retained interests						Yes						Yes						Yes
Servicing retained						Yes						Yes						No
December 31, 2019:
Securities held by third-party investors						$	15,798					$	2,010					$	962
Receivables in the trust						31,625						2,192						978
Cash balance of spread or reserve accounts						0						7						17
Retained interests						Yes						Yes						Yes
Servicing retained						Yes						Yes						No

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Variable Interest Entities and Securitization [Abstract]

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Tabular disclosure of a transferor's continuing involvement with financial assets transferred to a transferee in a securitization, asset-backed financing arrangement, or similar transfer. Such disclosure would, at a minimum, contain information allowing for an assessment of the reasons for the transferor's continuing involvement, the risks related to the transferred financial assets to which the transferor continues to be exposed, and the extent of change to the transferor's risk profile due to the transfer (including, but not limited to, credit risk, interest rate risk, other).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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