Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 35,757,492 | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 000-51999 | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | FEDERAL HOME LOAN BANK OF DES MOINES | |
Entity Central Index Key | 0001325814 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Incorporation, State or Country Code | X1 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Tax Identification Number | 42-6000149 | |
Entity Address, Address Line One | 909 Locust Street | |
Entity Address, City or Town | Des Moines | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 50309 | |
City Area Code | 515 | |
Local Phone Number | 412-2100 |
Statements of Condition
Statements of Condition - USD ($) shares in Millions, $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 255 | $ 978 |
Interest-bearing deposits (Note 3) | 401 | 401 |
Securities purchased under agreements to resell (Note 3) | 3,500 | 4,800 |
Federal funds sold (Note 3) | 7,095 | 3,695 |
Investment securities (Note 3) | ||
Trading securities | 3,348 | 4,875 |
Available-for-sale securities (amortized cost of $15,074 and $15,858) | 15,179 | 15,910 |
Held-to-maturity securities (fair value of $1,767 and $1,921) | 1,679 | 1,816 |
Total investment securities | 20,206 | 22,601 |
Advances (Note 4) | 47,514 | 46,530 |
Mortgage loans held for portfolio, net | ||
Mortgage loans held for portfolio, net of allowance for credit losses of $0 and $1 (Notes 5) | 7,906 | 8,242 |
Accrued interest receivable | 104 | 97 |
Derivative assets, net (Note 6) | 249 | 227 |
Other assets | 123 | 120 |
TOTAL ASSETS | 87,353 | 87,691 |
Deposits | ||
Interest-bearing | 1,686 | 1,635 |
Non-interest-bearing | 282 | 273 |
Total deposits | 1,968 | 1,908 |
Consolidated obligations (Note 7) | ||
Discount notes | 23,898 | 27,345 |
Bonds | 55,066 | 52,254 |
Total consolidated obligations | 78,964 | 79,599 |
Mandatorily redeemable capital stock (Note 8) | 36 | 52 |
Accrued interest payable | 153 | 145 |
Affordable Housing Program payable | 160 | 162 |
Derivative liabilities, net (Note 6) | 1 | 4 |
Other liabilities | 59 | 81 |
TOTAL LIABILITIES | 81,341 | 81,951 |
Commitments and contingencies (Note 10) | ||
CAPITAL (Note 8) | ||
Capital stock - Class B putable ($100 par value); 34 and 45 issued and outstanding shares | 3,535 | 3,341 |
Retained earnings | ||
Unrestricted | 1,788 | 1,775 |
Restricted | 589 | 576 |
Total retained earnings | 2,377 | 2,351 |
Accumulated other comprehensive income (loss) | 100 | 48 |
TOTAL CAPITAL | 6,012 | 5,740 |
TOTAL LIABILITIES AND CAPITAL | 87,353 | 87,691 |
Loans and Leases Receivable, Allowance | 0 | 1 |
Debt Securities, Available-for-sale, Amortized Cost | 15,074 | 15,858 |
Held-to-Maturity Securities, Fair Value | $ 1,767 | $ 1,921 |
Capital Stock - Class B Putable, Par Value | $ 100 | $ 100 |
Non-interest-bearing | $ 282 | $ 273 |
Common Class B [Member] | ||
Capital Stock - Class B Putable, Issued Shares | 35 | 34 |
Capital Stock - Class B Putable, Outstanding Shares | 35 | 34 |
Capital Stock - Class B Putable, Par Value | $ 100 | $ 100 |
Statements of Income
Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME | ||
Advances | $ 131 | $ 399 |
Interest-bearing deposits | 0 | 1 |
Securities purchased under agreements to resell | 1 | 30 |
Federal funds sold | 1 | 27 |
Trading securities | 12 | 9 |
Available-for-sale securities | 36 | 75 |
Held-to-maturity securities | 7 | 14 |
Mortgage loans held for portfolio | 53 | 78 |
Total interest income | 241 | 633 |
INTEREST EXPENSE | ||
Consolidated obligations - Discount notes | 5 | 110 |
Consolidated obligations - Bonds | 126 | 410 |
Deposits | 0 | 1 |
Mandatorily redeemable capital stock | 0 | 3 |
Total interest expense | 131 | 524 |
NET INTEREST INCOME | 110 | 109 |
Provision (reversal) for credit losses on mortgage loans | (1) | 0 |
NET INTEREST INCOME AFTER PROVISION (REVERSAL) FOR CREDIT LOSSES | 111 | 109 |
OTHER INCOME (LOSS) | ||
Net gains (losses) on trading securities | (22) | 26 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 17 | (48) |
Gains on litigation settlements, net | 0 | 56 |
Standby Letters of Credit Fees | 3 | 3 |
Other, net | 4 | (1) |
Total other income (loss) | 2 | 36 |
OTHER EXPENSE | ||
Compensation and benefits | 21 | 18 |
Contractual services | 4 | 4 |
Professional fees | 4 | 8 |
Other operating expenses | 5 | 6 |
Federal Housing Finance Agency | 2 | 3 |
Office of Finance | 2 | 2 |
Other, net | 2 | 2 |
Total other expense | 40 | 43 |
NET INCOME BEFORE ASSESSMENTS | 73 | 102 |
Affordable Housing Program assessments | 7 | 10 |
NET INCOME | $ 66 | $ 92 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 66 | $ 92 |
Other comprehensive income (loss) | ||
Unrealized gains (losses) | 52 | (164) |
Pension and postretirement benefits | 0 | 1 |
Total other comprehensive income (loss) | 52 | (163) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 118 | $ (71) |
Statements of Capital
Statements of Capital - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 5,740 | $ 6,726 |
Proceeds from issuance of capital stock | 719 | 2,074 |
Repurchases/redemptions of capital stock | (525) | (1,932) |
Net shares reclassified (to) from mandatorily redeemable capital stock | 0 | (6) |
Total Comprehensive Income | 118 | (71) |
Cash dividends on capital stock | (40) | (59) |
Ending Balance | 6,012 | 6,733 |
Retained Earnings, Unrestricted [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 1,775 | 1,661 |
Total Comprehensive Income | 53 | 74 |
Cash dividends on capital stock | (40) | (59) |
Ending Balance | 1,788 | 1,677 |
Retained Earnings, Restricted [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 576 | 504 |
Total Comprehensive Income | 13 | 18 |
Ending Balance | 589 | 522 |
Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 2,351 | 2,165 |
Total Comprehensive Income | 66 | 92 |
Cash dividends on capital stock | (40) | (59) |
Ending Balance | 2,377 | 2,199 |
Accumulated Other Comprehensive Income [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | 48 | 44 |
Total Comprehensive Income | 52 | (163) |
Ending Balance | 100 | (119) |
Common Class B [Member] | Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning Balance | $ 3,341 | $ 4,517 |
BALANCE (shares) | 34 | 45 |
Proceeds from issuance of capital stock | $ 719 | $ 2,074 |
Proceeds from issuance of capital stock (shares) | 7 | 21 |
Repurchases/redemptions of capital stock | $ (525) | $ (1,932) |
Repurchases/redemptions of capital stock (shares) | (6) | (19) |
Net shares reclassified (to) from mandatorily redeemable capital stock | $ (6) | |
Net shares reclassified (to) from mandatorily redeemable capital stock (shares) | 0 | |
Ending Balance | $ 3,535 | $ 4,653 |
BALANCE (shares) | 35 | 47 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Ending Balance | $ 1 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings, Unrestricted [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Ending Balance | 1 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Ending Balance | $ 1 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net Income | $ 66 | $ 92 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 18 | (6) |
Net (gains) losses on trading securities | 22 | (26) |
Net change in derivatives and hedging activities | 248 | (262) |
Other adjustments | 13 | 6 |
Net change in: | ||
Accrued interest receivable | (12) | (7) |
Other assets | (4) | 10 |
Accrued interest payable | 8 | 5 |
Other liabilities | (5) | 2 |
Total adjustments | 288 | (278) |
Net Cash Provided by (Used in) Operating Activities | 354 | (186) |
Net change in: | ||
Interest-bearing deposits | 108 | (346) |
Securities purchased under agreements to resell | 1,300 | 7,400 |
Federal funds sold | (3,400) | (4,330) |
Trading securities | ||
Proceeds from Maturities, Repayments and Calls of Debt Securities, FV-NI, Held-for-investment | 2,105 | 57 |
Payments to Acquire Trading Securities Held-for-investment | (600) | (871) |
Available-for-sale securities | ||
Proceeds from sales and maturities | 585 | 772 |
Purchases | (18) | 0 |
Held-to-maturity securities | ||
Proceeds from sales and maturities | 135 | 113 |
Advances | ||
Principal collected | 24,171 | 79,358 |
Originated | (25,419) | (78,332) |
Mortgage loans held for portfolio | ||
Principal collected | 811 | 357 |
Originated or purchased | (489) | (571) |
Payments for (Proceeds from) Other Investing Activities | 0 | (2) |
Net Cash Provided by (Used in) Investing Activities | (711) | 3,605 |
FINANCING ACTIVITIES | ||
Net change in deposits | 75 | 155 |
Net proceeds from issuance of consolidated obligations | ||
Discount notes | 67,278 | 32,197 |
Bonds | 15,897 | 17,706 |
Payments for maturing and retiring consolidated obligations | ||
Discount notes | (70,724) | (28,645) |
Bonds | (13,030) | (25,217) |
Proceeds from issuance of capital stock | 719 | 2,074 |
Proceeds from Issuance of Mandatory Redeemable Capital Securities | 0 | 19 |
Payments for repurchases/redemptions of capital stock | (525) | (1,932) |
Net payments for repurchases/redemptions of mandatorily redeemable capital stock | (16) | (135) |
Cash dividends paid | (40) | (59) |
Net cash provided by (used in) financing activities | (366) | (3,837) |
Net increase (decrease) in cash and due from banks | (723) | (418) |
Cash and due from banks at the beginning of the period | 978 | 1,029 |
cash and due from banks at the end of the period | 255 | 611 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid | 154 | 569 |
Affordable Housing Program payments | 9 | 6 |
Noncash Investing and Financing Items [Abstract] | ||
Capitalized interest on reverse mortgage securities | 6 | 22 |
Traded Not Settled Investments | 0 | 139 |
Capital stock reclassified to (from) mandatorily redeemable capital stock, net | $ 0 | $ 6 |
Background Information
Background Information | 3 Months Ended |
Mar. 31, 2021 | |
Background Information [Abstract] | |
Nature of Operations [Text Block] | Background Information The Federal Home Loan Bank of Des Moines (the Bank) is a federally chartered corporation that is exempt from all federal, state, and local taxation (except real property taxes and certain employer payroll taxes) and is one of 11 district Federal Home Loan Banks (FHLBanks). The FHLBanks are government-sponsored enterprises (GSEs) and were created under the authority of the Federal Home Loan Bank Act of 1932 (FHLBank Act) in order to serve the public by enhancing the availability of funds for residential mortgages and targeted community development. The Bank is regulated by the Federal Housing Finance Agency (Finance Agency). The Bank is a cooperative, meaning it is owned by its customers, whom the Bank calls members. As a condition of membership in the Bank, all members must purchase and maintain capital stock to support business activities with the Bank. In return, the Bank provides a readily available source of funding and liquidity to its member institutions and eligible housing associates in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions (CDFIs) may apply for membership. State and local housing associates that meet certain statutory criteria may also borrow from the Bank; while eligible to borrow, housing associates are not members of the Bank and, as such, are not permitted to hold capital stock. All stockholders, including current and former members, may receive dividends on their capital stock investment to the extent declared by the Bank’s Board of Directors. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements and should be read in conjunction with the audited financial statements for the year ended December 31, 2020, which are contained in the Bank’s 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 10, 2021 (2020 Form 10-K). In the opinion of management, the unaudited financial information is complete and reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of results for the interim periods. The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2021. R eclassifications Certain amounts in the Bank’s 2020 financial statements have been reclassified to conform to the presentation for the three months ended March 31, 2021. These amounts were not deemed to be material. SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Bank’s significant accounting policies during the three months ended March 31, 2021. Descriptions of all significant accounting policies are included in “Note 1 — Summary of Significant Accounting Policies” in the 2020 Form 10-K. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Guidance | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Guidance [Text Block] | Recently Adopted and Issued Accounting Guidance Reference Rate Reform (ASU 2020-04) On March 12, 2020, the Financial Accounting Standards Board issued guidance to provide temporary optional expedients and exceptions to GAAP on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Entities can elect to not apply certain modification accounting requirements to contracts affected by rate reform, if certain criteria are met. Additionally, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform. Lastly, entities can make a one-time election to sell and/or transfer to available-for-sale (AFS) or trading classification any held-to-maturity (HTM) debt securities that refer to an interest rate affected by reference rate reform and were classified as HTM before January 1, 2020. This guidance becomes effective for the Bank upon election of any of the amendments and will be applied prospectively from the date elected until December 31, 2022. For certain hedge accounting optional expedients, they will be applied through the end of the hedging relationship, which could extend beyond December 31, 2022. The Bank continues to evaluate this guidance, and its effect on the Bank’s financial condition, results of operations, and cash flows has not yet been determined. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The Bank makes short-term investments in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold and makes other investments in debt securities, which are classified as either trading, AFS, or HTM. INTEREST-BEARING DEPOSITS, SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL, AND FEDERAL FUNDS SOLD The Bank invests in interest-bearing deposits, securities purchased under agreements to resell, and federal funds sold to provide short-term liquidity. These investments are generally transacted with counterparties that have received a credit rating of triple-B or greater (investment grade) by a nationally recognized statistical rating organization (NRSRO). At March 31, 2021 and December 31, 2020, none of these investments were with counterparties rated below triple-B; however, approximately five percent and 21 percent were secured securities purchased under agreements to resell with unrated counterparties. These may differ from any internal ratings of the investments by the Bank. Federal funds sold are unsecured loans that are generally transacted on an overnight term. Finance Agency regulations include a limit on the amount of unsecured credit the Bank may extend to a counterparty. At March 31, 2021 and December 31, 2020, no allowance for credit losses was recorded for interest-bearing deposits and federal funds sold as all assets were repaid or expected to be repaid according to their contractual terms. The carrying values of interest-bearing deposits and federal funds sold exclude accrued interest receivable of less than $1 million at March 31, 2021 and December 31, 2020. Securities purchased under agreements to resell are secured, short-term, and are structured such that they are evaluated regularly to determine if the market value of the underlying securities decreases below the market value required as collateral (i.e. subject to collateral maintenance provisions). If so, the counterparty must place an equivalent amount of additional securities as collateral or remit an equivalent amount of cash, generally by the next business day. Based upon the collateral held as security and collateral maintenance provisions with its counterparties, the Bank determined that no allowance for credit losses was needed for its securities purchased under agreements to resell at March 31, 2021 and December 31, 2020. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of less than $1 million at March 31, 2021 and December 31, 2020. DEBT SECURITIES The Bank invests in debt securities, which are classified as either trading, AFS, or HTM. The Bank is prohibited by Finance Agency regulations from purchasing certain higher-risk securities, such as equity securities and debt instruments that are not investment quality. Exceptions are allowed for certain investments targeted at low-income persons or communities, and instruments that experience credit deterioration after their purchase by the Bank. Trading Securities Trading securities by major security type were as follows (dollars in millions): March 31, December 31, Non-mortgage-backed securities U.S. Treasury obligations 1 $ 2,565 $ 4,069 Other U.S. obligations 1 106 114 GSE and Tennessee Valley Authority obligations 61 64 Other 2 238 246 Total non-mortgage-backed securities 2,970 4,493 Mortgage-backed securities GSE multifamily 378 382 Total fair value $ 3,348 $ 4,875 1 Represents investment securities backed by the full faith and credit of the U.S. Government. 2 Consists of taxable municipal bonds. Net Gains (Losses) on Trading Securities The Bank did not sell any trading securities during the three months ended March 31, 2021 and 2020. During the three months ended March 31, 2021, the Bank recorded net unrealized losses of $22 million on its trading securities held at period end compared to net unrealized gains of $26 million for the same period in 2020. AFS Securities AFS securities by major security type we re as follows (dollars in millions): March 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,558 $ 7 $ (1) $ 1,564 GSE and Tennessee Valley Authority obligations 949 31 — 980 State or local housing agency obligations 711 — (17) 694 Other 3 282 12 — 294 Total non-mortgage-backed securities 3,500 50 (18) 3,532 Mortgage-backed securities U.S. obligations single-family 2 3,393 25 — 3,418 GSE single-family 386 5 — 391 GSE multifamily 7,795 68 (25) 7,838 Total mortgage-backed securities 11,574 98 (25) 11,647 Total $ 15,074 $ 148 $ (43) $ 15,179 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $25 million at March 31, 2021. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists of taxable municipal bonds and/or Private Export Funding Corporation (PEFCO) bonds. AFS securities by major security type we re as follows (dollars in millions): December 31, 2020 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,670 $ 4 $ (2) $ 1,672 GSE and Tennessee Valley Authority obligations 1,000 22 — 1,022 State or local housing agency obligations 712 — (19) 693 Other 3 290 12 — 302 Total non-mortgage-backed securities 3,672 38 (21) 3,689 Mortgage-backed securities U.S. obligations single-family 2 3,527 18 (1) 3,544 GSE single-family 442 4 — 446 GSE multifamily 8,217 47 (33) 8,231 Total mortgage-backed securities 12,186 69 (34) 12,221 Total $ 15,858 $ 107 $ (55) $ 15,910 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $31 million at December 31, 2020. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists of taxable municipal bonds and/or PEFCO bonds. Unrealized Losses The following table summarizes AFS securities with unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. March 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 31 $ — $ 525 $ (1) $ 556 $ (1) State or local housing agency obligations 136 (4) 489 (13) 625 (17) Total non-mortgage-backed securities 167 (4) 1,014 (14) 1,181 (18) Mortgage-backed securities U.S. obligations single-family 1 — — 279 — 279 — GSE single-family — — 9 — 9 — GSE multifamily 29 — 3,612 (25) 3,641 (25) Total mortgage-backed securities 29 — 3,900 (25) 3,929 (25) Total $ 196 $ (4) $ 4,914 $ (39) $ 5,110 $ (43) 1 Represents investment securities backed by the full faith and credit of the U.S. Government. The following table summarizes AFS securities with unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. December 31, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 348 $ — $ 698 $ (2) $ 1,046 $ (2) State or local housing agency obligations 336 (15) 288 (4) 624 (19) Total non-mortgage-backed securities 684 (15) 986 (6) 1,670 (21) Mortgage-backed securities U.S. obligations single-family 1 — — 593 (1) 593 (1) GSE single-family — — 14 — 14 — GSE multifamily 662 (8) 3,561 (25) 4,223 (33) Total mortgage-backed securities 662 (8) 4,168 (26) 4,830 (34) Total $ 1,346 $ (23) $ 5,154 $ (32) $ 6,500 $ (55) 1 Represents investment securities backed by the full faith and credit of the U.S. Government. Contractual Maturity The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due in one year or less $ 363 $ 364 $ 4 $ 4 Due after one year through five years 2,038 2,050 2,430 2,438 Due after five years through ten years 401 406 494 498 Due after ten years 698 712 744 749 Total non-mortgage-backed securities 3,500 3,532 3,672 3,689 Mortgage-backed securities 11,574 11,647 12,186 12,221 Total $ 15,074 $ 15,179 $ 15,858 $ 15,910 HTM Securities HTM securities by major security type wer e as follows (dollars in millions): March 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 378 $ 79 $ — $ 457 State or local housing agency obligations 199 1 (1) 199 Total non-mortgage-backed securities 577 80 (1) 656 Mortgage-backed securities U.S. obligations single-family 2 3 — — 3 GSE single-family 1,094 10 (1) 1,103 Private-label 5 — — 5 Total mortgage-backed securities 1,102 10 (1) 1,111 Total $ 1,679 $ 90 $ (2) $ 1,767 December 31, 2020 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 379 $ 97 $ — $ 476 State or local housing agency obligations 203 2 (1) 204 Total non-mortgage-backed securities 582 99 (1) 680 Mortgage-backed securities U.S. obligations single-family 2 3 — — 3 GSE single-family 1,225 9 (2) 1,232 Private-label 6 — — 6 Total mortgage-backed securities 1,234 9 (2) 1,241 Total $ 1,816 $ 108 $ (3) $ 1,921 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $11 million and $5 million at March 31, 2021 and December 31, 2020. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. Contractual Maturity The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due after one year through five years $ 261 $ 299 $ 252 $ 297 Due after five years through ten years 186 190 198 203 Due after ten years 130 167 132 180 Total non-mortgage-backed securities 577 656 582 680 Mortgage-backed securities 1,102 1,111 1,234 1,241 Total $ 1,679 $ 1,767 $ 1,816 $ 1,921 ALLOWANCE FOR CREDIT LOSSES ON AFS AND HTM SECURITIES The Bank evaluates AFS and HTM investment securities for credit losses on a quarterly basis. AFS and HTM Securities The Bank’s AFS and HTM securities may include, but are not limited to, certificates of deposit, commercial paper, U.S. obligations, GSE and Tennessee Valley Authority (TVA) obligations, state or local housing agency obligations, taxable municipal bonds, and mortgage-backed securities (MBS). The Bank only purchases securities considered investment quality. At March 31, 2021 and December 31, 2020 , over 99 percent of the Bank’s AFS securities and HTM securities, based on amortized cost, were rated single-A, or above, by an NRSRO, based on the lowest long-term credit rating for each security. These may differ from any internal ratings of the securities by the Bank. The Bank evaluates its individual AFS securities for impairment by comparing the security’s fair value to its amortized cost. Impairment may exist when the fair value of the investment is less than its amortized cost (i.e. in an unrealized loss position). At March 31, 2021 and December 31, 2020 , certain AFS securities held by the Bank were in an unrealized loss position. These losses were considered temporary as the Bank expects to recover the entire amortized cost basis on these AFS investment securities and neither intends to sell these securities nor considers it more likely than not that it will be required to sell these securities before its anticipated recovery of each security's remaining amortized cost basis. In addition, substantially all of these securities carry an implicit or explicit government guarantee. As a result, no allowance for credit losses was recorded on these AFS securities at March 31, 2021 and December 31, 2020 . The Bank evaluates its HTM securities for impairment on a collective, or pooled basis unless an individual assessment is deemed necessary because the securities do not possess similar risk characteristics. At March 31, 2021 and December 31, 2020 |
Advances
Advances | 3 Months Ended |
Mar. 31, 2021 | |
Advances [Abstract] | |
Advances [Text Block] | Advances REDEMPTION TERM The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions): March 31, 2021 December 31, 2020 Redemption Term Amount 1 Weighted Amount 1 Weighted Overdrawn demand deposit accounts 2 $ — 1.28 % $ 3 1.29 % Due in one year or less 3 14,155 1.09 12,499 1.16 Due after one year through two years 8,894 1.65 8,265 1.69 Due after two years through three years 9,426 1.34 10,550 1.42 Due after three years through four years 8,146 1.22 7,011 1.38 Due after four years through five years 3,310 0.80 4,106 1.12 Thereafter 3,405 2.07 3,654 2.10 Total par value 47,336 1.32 % 46,088 1.42 % Premiums 18 18 Discounts (14) (3) Fair value hedging adjustments 174 427 Total $ 47,514 $ 46,530 1 Excludes accrued interest receivable of $15 million and $13 million at March 31, 2021 and December 31, 2020. 2 The Bank’s overdrawn demand deposit accounts were less than $1 million at March 31, 2021. 3 Includes $8 million of advances that have passed their original contractual redemption date as of March 31, 2021 due to a member bank default event. Refer to the “Allowance for Credit Losses” section of this footnote for additional details. The following table summarizes advances by year of redemption term or next call date for callable advances, and by year of redemption term or next put date for putable advances (dollars in millions): Redemption Term Redemption Term March 31, December 31, 2020 March 31, December 31, 2020 Overdrawn demand deposit accounts 1 $ — $ 3 $ — $ 3 Due in one year or less 2 26,522 23,622 15,144 13,486 Due after one year through two years 6,730 6,276 8,966 8,319 Due after two years through three years 5,074 6,436 9,219 10,464 Due after three years through four years 4,604 4,053 7,303 6,116 Due after four years through five years 1,047 2,169 3,310 4,057 Thereafter 3,359 3,529 3,394 3,643 Total par value $ 47,336 $ 46,088 $ 47,336 $ 46,088 1 The Bank’s overdrawn demand deposit accounts were less than $1 million at March 31, 2021. 2 Includes $8 million of advances that have passed their original contractual redemption date as of March 31, 2021 due to a member bank default event. Refer to the “Allowance for Credit Losses” section of this footnote for additional details. The Bank offers advances to members and eligible housing associates that may be prepaid on pertinent dates (call dates) prior to maturity without incurring prepayment fees (callable advances). Other advances may require a prepayment fee or credit that makes the Bank financially indifferent to the prepayment of the advance. At March 31, 2021 and December 31, 2020, the Bank had callable advances outstanding totaling $13.2 billion and $11.7 billion. The Bank also holds putable advances. With a putable advance, the Bank has the right to terminate the advance from the borrower on predetermined exercise dates. Generally, these put options are exercised when interest rates increase relative to contractual rates. At both March 31, 2021 and December 31, 2020, t he Bank had putable advances outstanding totaling $1.4 billion. PREPAYMENT FEES The Bank generally charges a prepayment fee for advances that a borrower elects to terminate prior to the stated maturity or outside of a predetermined call or put date. The fees charged are priced to make the Bank financially indifferent to the prepayment of the advance. For certain advances with symmetrical prepayment features, the Bank may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates, when the advance is prepaid. Prepayment fees and credits are recorded net of the hedged item fair value hedging adjustments in advance interest income on the Statements of Income. The Bank recorded net prepayment fees on advances of $17 million and $3 million for the three months ended March 31, 2021 and 2020. ADVANCE CONCENTRATIONS The Bank’s advances are primarily concentrated in commercial banks and insurance companies. At March 31, 2021 and December 31, 2020, the Bank did not have any members who individually held 10 percent or more of the Bank’s advances. ALLOWANCE FOR CREDIT LOSSES The Bank evaluates advances for credit losses on a quarterly basis and manages its credit exposure to advances through an approach that includes establishing a credit limit for each borrower. This approach includes an ongoing review of each borrower’s financial condition in conjunction with the Bank’s collateral and lending policies to limit risk of loss while balancing borrowers’ needs for a reliable source of funding. In addition, the Bank lends to eligible borrowers in accordance with the FHLBank Act, Finance Agency regulations, and other applicable laws. The Bank is required by regulation to obtain sufficient collateral to fully secure its advances. The estimated value of the collateral required to secure each borrower’s advances is calculated by applying collateral discounts, or haircuts, to the unpaid principal balance or market value, as applicable, of the collateral. The Bank also has policies and procedures for validating the reasonableness of the Bank’s collateral valuations. In addition, collateral verifications and on-site reviews are performed by the Bank based on the risk profile of the borrower. Management believes that these policies effectively manage the Bank’s credit risk from advances. Eligible collateral includes: • fully disbursed whole first mortgages on improved residential real property or securities representing a whole interest in such mortgages; • loans and securities issued, insured, or guaranteed by the U.S. Government or any agency thereof, including MBS issued or guaranteed by Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or Government National Mortgage Association; • cash deposited with the Bank; and • other real estate-related collateral acceptable to the Bank, such as second lien mortgages, home equity lines of credit, tax-exempt municipal securities, and commercial real estate mortgages, provided such collateral has a readily ascertainable value and the Bank can perfect a security interest in it. Community financial institutions may also pledge collateral consisting of secured small business, small agri-business, or small farm loans. As additional security, the FHLBank Act provides that the Bank has a lien on each member’s capital stock investment; however, capital stock cannot be pledged as collateral to secure advances. Collateral arrangements may vary depending upon borrower credit quality, financial condition and performance, borrowing capacity, and overall credit exposure to the borrower. The Bank can also require additional or substitute collateral to protect its security interest. The Bank periodically evaluates and makes changes to its collateral guidelines and collateral haircuts. Borrowers may pledge collateral to the Bank by executing a blanket pledge agreement, specifically assigning collateral, or placing physical possession of collateral with the Bank or its custodians. The Bank perfects its security interest in all pledged collateral by filing Uniform Commercial Code financing statements or by taking possession or control of the collateral. Under the FHLBank Act, any security interest granted to the Bank by its members, or any affiliates of its members, has priority over the claims and rights of any party (including any receiver, conservator, trustee, or similar party having rights of a lien creditor), unless those claims and rights would be entitled to priority under otherwise applicable law and are held by actual purchasers or by parties that have perfected security interests. Under a blanket pledge agreement, the Bank is granted a security interest in all financial assets of the borrower to fully secure the borrower’s obligation. Other than securities and cash deposits, the Bank does not initially take delivery of collateral from blanket agreement borrowers. In the event of a default or a deterioration in the financial condition of a blanket pledge agreement borrower, the Bank has the ability to require delivery of pledged collateral sufficient to secure the borrower’s obligation. With respect to non-blanket pledge agreement borrowers that are federally insured, the Bank generally requires collateral to be specifically assigned. With respect to non-blanket pledge agreement borrowers that are not federally insured (typically insurance companies, CDFIs, and housing associates), the Bank generally takes control of collateral through the delivery of cash, securities, or loans to the Bank or its custodians. Using a risk-based approach and taking into consideration each borrower’s financial strength, the Bank considers the types and level of collateral to be the primary indicator of credit quality on its advances. At March 31, 2021 and December 31, 2020, the Bank had rights to collateral on a borrower-by-borrower basis with an unpaid principal balance or market value, as applicable, in excess of its outstanding advances. The Bank has never experienced a credit loss on its advances. The Bank considers an advance past due for financial reporting purposes if a default of contractual principal or interest exists for a period of 30 days or more. In December 2020, the Bank declared a member bank in default under its contractual terms and demanded all of their outstanding advances to be repaid in full. As of March 31, 2021, the Bank had advances outstanding with a par value of $365 million from this member bank, all of which are considered past due by the Bank based on their interest being in default for 30 days or more. In addition, the par value outstanding includes $8 million of advances that have passed their original contractual redemption date as of March 31, 2021. All of these past due advances continue to remain on accrual status and are not considered impaired, as they are well-secured with underlying collateral and in the process of collection. At December 31, 2020, none of the Bank’s advances were past due, on non-accrual status, or considered impaired. In addition, there were no troubled debt restructurings (TDRs) related to advances during the three months ended March 31, 2021 and 2020. In light of the above member event, the Bank individually assessed the related advances for expected credit losses as of March 31, 2021 and December 31, 2020, and concluded that no allowance for credit losses was necessary due to the advances being well-secured with underlying collateral. Refer to “Note 10 — Commitments and Contingencies” for additional information. All other advances were evaluated on a collective basis as of March 31, 2021 and December 31, 2020, and based upon the Bank’s collateral and lending policies, the collateral held as security, and the repayment history on advances, management has determined that there were no expected credit losses on those advances. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans Held for Portfolio [Text Block] | Mortgage Loans Held for Portfolio Mortgage loans held for portfolio includes conventional mortgage loans and government-guaranteed or -insured mortgage loans obtained primarily through the Mortgage Partnership Finance (MPF) program (Mortgage Partnership Finance and MPF are registered trademarks of the FHLBank of Chicago). The Bank’s mortgage loan program involves investment by the Bank in single-family mortgage loans held for portfolio that are purchased from participating financial institutions (PFIs). Mortgage loans may also be acquired through participations in pools of eligible mortgage loans purchased from other FHLBanks. The Bank’s PFIs generally originate, service, and credit enhance mortgage loans that are sold to the Bank. PFIs participating in the servicing release program do not service the loans owned by the Bank. The servicing on these loans is sold concurrently by the PFI to a designated mortgage service provider. The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions): March 31, December 31, 2020 Fixed rate, long-term single-family mortgage loans $ 6,555 $ 6,945 Fixed rate, medium-term 1 single-family mortgage loans 1,242 1,182 Total unpaid principal balance 7,797 8,127 Premiums 102 107 Discounts (3) (3) Basis adjustments from mortgage loan purchase commitments 10 12 Total mortgage loans held for portfolio 2 7,906 8,243 Allowance for credit losses 3 — (1) Total mortgage loans held for portfolio, net $ 7,906 $ 8,242 1 Medium-term is defined as a term of 15 years or less. 2 Excludes accrued interest receivable of $38 million and $40 million at March 31, 2021 and December 31, 2020. 3 The Bank’s allowance for credit losses was less than $1 million at March 31, 2021. The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions): March 31, December 31, 2020 Conventional mortgage loans $ 7,336 $ 7,646 Government-insured mortgage loans 461 481 Total unpaid principal balance $ 7,797 $ 8,127 PAYMENT STATUS OF MORTGAGE LOANS Payment status is the key credit quality indicator for conventional mortgage loans and allows the Bank to monitor the migration of past due loans. Past due loans are those where the borrower has failed to make timely payments of principal and/or interest in accordance with the terms of the loan. Other delinquency statistics include non-accrual loans and loans in process of foreclosure. The following tables present the payment status for conventional mortgage loans (dollars in millions): March 31, 2021 Origination Year Prior to 2017 2017 to 2021 Total Past due 30 - 59 days $ 26 $ 20 $ 46 Past due 60 - 89 days 9 7 16 Past due 90 - 179 days 15 11 26 Past due 180 days or more 30 13 43 Total past due mortgage loans 80 51 131 Total current mortgage loans 2,384 4,921 7,305 Total amortized cost of mortgage loans 1 $ 2,464 $ 4,972 $ 7,436 December 31, 2020 Origination Year Prior to 2016 2016 to 2020 Total Past due 30 - 59 days $ 19 $ 18 $ 37 Past due 60 - 89 days 9 9 18 Past due 90 - 179 days 21 21 42 Past due 180 days or more 25 17 42 Total past due mortgage loans 74 65 139 Total current mortgage loans 1,952 5,661 7,613 Total amortized cost of mortgage loans 1 $ 2,026 $ 5,726 $ 7,752 1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable. Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides temporary relief from the accounting and reporting requirements for TDRs for certain loan modifications related to the coronavirus pandemic (COVID-19). The modifications that would qualify for this relief include any COVID-19 modification involving a conventional mortgage loan, including a forbearance arrangement, an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest. To be eligible under the CARES Act, the conventional loan must be not more than 30 days past due as of December 31, 2019 and the modification must occur between March 1, 2020 and the earlier of January 1, 2022, or 60 days following the termination of the national emergency declared by the President of the United States. In the second quarter of 2020, the Bank elected to apply the TDR relief provided by the CARES Act on its conventional mortgage loan portfolio. As such, all COVID-19 modifications meeting the provisions of the CARES Act will be excluded from TDR classification and accounting. The Bank had $5 million and $1 million of these modifications outstanding as of March 31, 2021 and December 31, 2020. COVID-19 modifications that do not meet the provisions of the CARES Act will continue to be assessed for TDR classification. The Bank’s servicers may grant a forbearance period to borrowers who have requested forbearance based on COVID-19 related difficulties regardless of the status of the loan at the time of the request. The Bank continues to apply its accounting policy for past due loans and charge-offs to loans during the forbearance period. The accrual status for loans under forbearance will be driven by the past due status of the loan as the legal terms of the contractual arrangement have not been modified. The following table presents the unpaid principal balance of conventional mortgage loans in a forbearance plan as a result of COVID-19 (dollars in millions): March 31, 2021 December 31, 2020 Past due 30 - 59 days $ 4 $ 3 Past due 60 - 89 days 5 6 Past due 90 days or more and in non-accrual status 31 42 Current mortgage loans 3 2 Total unpaid principal balance 1 $ 43 $ 53 1 These conventional loans in forbearance represent less than one percent of the Bank’s mortgage loans held for portfolio at March 31, 2021 and December 31, 2020. The following tables present other delinquency statistics for mortgage loans (dollars in millions): March 31, 2021 Amortized Cost Conventional Government-Insured Total In process of foreclosure 1 $ 8 $ 1 $ 9 Serious delinquency rate 2 1 % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 13 $ 13 Non-accrual mortgage loans 4 $ 76 $ — $ 76 December 31, 2020 Amortized Cost Conventional Government- Insured Total In process of foreclosure 1 $ 8 $ 1 $ 9 Serious delinquency rate 2 1 % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 13 $ 13 Non-accrual mortgage loans 4 $ 93 $ — $ 93 1 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. 2 Represents mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total mortgage loans. 3 Represents government-insured mortgage loans that are 90 days or more past due. 4 Represents conventional mortgage loans that are 90 days or more past due or TDRs. At March 31, 2021 and December 31, 2020, none of these conventional mortgage loans on non-accrual status had an associated allowance for expected credit losses. ALLOWANCE FOR CREDIT LOSSES The Bank evaluates mortgage loans for credit losses on a quarterly basis. Conventional Mortgage Loans Conventional mortgage loans are evaluated collectively when similar risk characteristics exists. Conventional loans that do not share risk characteristics with other pools are evaluated for expected credit losses on an individual basis. The Bank determines its allowances for credit losses on conventional loans through analyses that include consideration of various loan portfolio and collateral-related characteristics, such as past performance, current conditions, and reasonable and supportable forecasts of expected economic conditions. For collectively evaluated loans, the Bank uses a projected cash flow model to estimate expected credit losses over the life of the loans. This model relies on a number of inputs, such as current and projected property values and interest rates, as well as historical borrower behavior experience. The Bank also incorporates associated credit enhancements when determining its estimate of expected credit losses. The Bank may incorporate a management adjustment in the allowance for credit losses for conventional mortgage loans due to changes in economic and business conditions or other factors that may not be fully captured in its model. For individually evaluated loans, the Bank uses the practical expedient for collateral dependent assets. A mortgage loan is considered collateral dependent if repayment is expected to be provided by the sale of the underlying property, that is, if it is considered likely that the borrower will default. The Bank estimates the fair value of this collateral using a property valuation model. The expected credit loss of a collateral dependent mortgage loan is equal to the difference between the amortized cost of the loan and the estimated fair value of the collateral, less estimated selling costs. The Bank records a direct charge-off of the loan balance, if certain triggering criteria are met. Expected recoveries of prior charge-offs are included in the allowance for credit losses. At March 31, 2021, the Bank had an allowance for credit losses of less than $1 million on its conventional mortgage loans. During the three months ended March 31, 2021, the Bank’s cash flow model for collectively evaluated loans projected a decrease in expected credit losses due primarily to decreased loan delinquencies and an acceleration in forecasted regional home price appreciation. These lower expected credit losses were offset in part by expected recoveries of prior charge-offs on individually evaluated loans, stemming from improved property values. At December 31, 2020, the Bank’s allowance for credit losses on conventional mortgage loans totaled $1 million. Government-Insured Mortgage Loans The Bank invests in government-insured fixed rate mortgage loans portfolios that are insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, and/or the Rural Housing Service of the Department of Agriculture. The servicer or PFI obtains and maintains insurance or a guaranty from the applicable government agency. The servicer or PFI is responsible for compliance with all government agency requirements and for obtaining the benefit of the applicable guarantee or insurance with respect to defaulted government-insured mortgage loans. Any losses incurred on these loans that are not recovered from the insurer/guarantor are absorbed by the servicers. As such, the Bank only has credit risk for these loans if the servicer or PFI fails to pay for losses not covered by the guarantee or insurance. The Bank has never experienced a credit loss on its government-insured mortgage loans. At March 31, 2021 and December 31, 2020, the Bank assessed its servicers and determined there was no expectation that a servicer would fail to remit payments due until paid in full. As a result, the Bank did not establish an allowance for credit losses for its government-insured mortgage loans at March 31, 2021 and December 31, 2020. Furthermore, none of these mortgage loans have been placed on non-accrual status because of the U.S. Government guarantee or insurance on these loans and the contractual obligation of the loan servicer to repurchase the loans when certain criteria are met. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities [Text Block] | Derivatives and Hedging Activities NATURE OF BUSINESS ACTIVITY The Bank is exposed to interest rate risk primarily from the effect of interest rate changes on its interest-earning assets and its related funding sources. The goal of the Bank’s interest rate risk management strategy is not to eliminate interest rate risk, but to manage it within appropriate limits. To mitigate the risk of loss, the Bank has established policies and procedures, which include guidelines on the amount of exposure to interest rate changes it is willing to accept. The Bank enters into derivative contracts to manage the interest rate risk exposures inherent in its otherwise unhedged assets and funding positions. Finance Agency regulations and the Bank’s risk management policies establish guidelines for derivatives, prohibit trading in or the speculative use of derivatives, and limit credit risk arising from derivatives. Derivative financial instruments are used by the Bank to achieve its financial and risk management objectives. The Bank reevaluates its hedging strategies periodically and may change the hedging techniques it uses or may adopt new strategies. The most common ways in which the Bank uses derivatives are to: • reduce the interest rate sensitivity and repricing gaps of assets and liabilities; • preserve an interest rate spread between the yield of an asset and the cost of the related liability. Without the use of derivatives, this interest rate spread could be reduced or eliminated when a change in the interest rate on the asset does not match a change in the interest rate on the liability; • mitigate the adverse earnings effects of the shortening or extension of certain assets and liabilities; • manage embedded options in assets and liabilities; and • reduce funding costs by combining a derivative with a consolidated obligation, as the cost of a combined funding structure can be lower than the cost of a comparable consolidated obligation. TYPES OF DERIVATIVES The Bank may use the following derivative instruments: • interest rate swaps; • options; • swaptions; • interest rate caps and floors; and • futures/forwards contracts. The Bank may have the following types of hedged items: • investment securities; • advances; • mortgage loans; • consolidated obligations; and • firm commitments. For additional information on the Bank’s derivative and hedging accounting policies, see “Note 1 — Summary of Significant Accounting Policies” in the 2020 Form 10-K. FINANCIAL STATEMENT EFFECT AND ADDITIONAL FINANCIAL INFORMATION The notional amount of derivatives serves as a factor in determining periodic interest payments and cash flows received and paid. However, the notional amount of derivatives represents neither the actual amounts exchanged nor the overall exposure of the Bank to credit and market risk. The risks of derivatives can be measured meaningfully on a portfolio basis that takes into account the counterparties, the types of derivatives, the items being hedged, and any offsets between the derivatives and the items being hedged. The following table summarizes the Bank’s notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest (dollars in millions): March 31, 2021 December 31, 2020 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments (fair value hedges) Interest rate swaps $ 33,636 $ 103 $ 185 $ 33,552 $ 46 $ 262 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps 1,759 9 54 1,817 12 73 Forward settlement agreements (TBAs) 105 — — 169 — 1 Mortgage loan purchase commitments 113 — 1 177 1 — Total derivatives not designated as hedging instruments 1,977 9 55 2,163 13 74 Total derivatives before netting and collateral adjustments $ 35,613 112 240 $ 35,715 59 336 Netting adjustments and cash collateral 1 137 (239) 168 (332) Total derivative assets and derivative liabilities $ 249 $ 1 $ 227 $ 4 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At March 31, 2021 and December 31, 2020, cash collateral, including accrued interest, posted by the Bank was $398 million and $507 million. At March 31, 2021 and December 31, 2020, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $22 million and $7 million. The following tables summarize the income effect from fair value hedging relationships recorded in net interest income as well as total income (expense) by product recorded on the Statements of Income (dollars in millions): For the Three Months Ended March 31, 2021 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 131 $ 36 $ (126) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 199 $ 173 $ (7) Hedged items 3 (253) (203) 43 Net gains (losses) on fair value hedging relationships $ (54) $ (30) $ 36 For the Three Months Ended March 31, 2020 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 399 $ 75 $ (410) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ (435) $ (316) $ 237 Hedged items 3 423 290 (233) Net gains (losses) on fair value hedging relationships $ (12) $ (26) $ 4 1 Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships. 2 Includes changes in fair value and net interest settlements on derivatives. 3 Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships. The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions): March 31, 2021 Advances Available-for-Sale Securities Consolidated Obligation Bonds Amortized cost of hedged asset/liability 1 $ 17,421 $ 6,709 $ 11,872 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ 146 $ 137 $ 117 Basis adjustments for discontinued hedging relationships included in amortized cost 28 — (9) Total amount of fair value hedging adjustments $ 174 $ 137 $ 108 December 31, 2020 Advances Available-for-Sale Securities Consolidated Obligation Bonds Amortized cost of hedged asset/liability 1 $ 17,875 $ 7,137 $ 12,163 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ 406 $ 340 $ 161 Basis adjustments for discontinued hedging relationships included in amortized cost 21 — (10) Total amount of fair value hedging adjustments $ 427 $ 340 $ 151 1 Represents the portion of amortized cost designated as a hedged item in a fair value hedging relationship. The following table summarizes the components of “Net gains (losses) on derivatives” as presented on the Statements of Income (dollars in millions): For the Three Months Ended March 31, 2021 2020 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps $ 21 $ (45) Forward settlement agreements (TBAs) 3 (8) Mortgage loan purchase commitments (3) 7 Net interest settlements (4) (2) Net gains (losses) on derivatives $ 17 $ (48) MANAGING CREDIT RISK ON DERIVATIVES The Bank is subject to credit risk due to the risk of nonperformance by counterparties to its derivative contracts. The Bank manages credit risk through credit analyses, collateral requirements, and adherence to the requirements set forth in the Bank’s policies, U.S. Commodity Futures Trading Commission regulations, and Finance Agency regulations. The Bank transacts most of its derivative transactions with large banks and major broker-dealers. Over-the-counter derivative transactions may be either executed directly with a counterparty, referred to as uncleared derivatives, or cleared through a Futures Commission Merchant (i.e., clearing agent) with a Derivative Clearing Organization, referred to as cleared derivatives. Once a derivative transaction has been accepted for clearing by a Derivative Clearing Organization (Clearinghouse), the derivative transaction is novated and the executing counterparty is replaced with the Clearinghouse. The Bank is not a derivative dealer and does not trade derivatives for short-term profit. For uncleared derivatives, the degree of credit risk depends on the extent to which master netting arrangements are included in the derivative contracts to mitigate the risk. The Bank requires collateral agreements on its uncleared derivatives. Certain of the Bank’s uncleared derivative instruments contain provisions that require the Bank to post additional collateral with its counterparties if there is deterioration in the Bank’s credit rating. If the Bank’s credit rating is lowered by a NRSRO, the Bank may be required to deliver additional collateral on uncleared derivative instruments in net liability positions, unless the collateral delivery threshold is set to zero. The Bank had no uncleared derivative instruments with credit-risk related contingent features that were in a net liability position (before cash collateral and related accrued interest) at March 31, 2021. As such, the Bank was not required to post collateral in the normal course of business. If the Bank’s credit rating had been lowered from its current rating to the next lower rating, the Bank would not have been required to deliver additional collateral to its uncleared derivative counterparties at March 31, 2021. For cleared derivatives, the Clearinghouse is the Bank’s counterparty. The Bank utilizes one Clearinghouse, CME Clearing for all cleared derivative transactions. CME Clearing notifies the clearing agent of the required initial margin and daily variation margin requirements, and the clearing agent in turn notifies the Bank. The Clearinghouse determines initial margin requirements which are considered cash collateral. Generally credit ratings are not factored into the initial margin. However, clearing agents may require additional initial margin to be posted based on credit considerations, including, but not limited to, credit rating downgrades. The Bank was not required to post additional initial margin by its clearing agent, based on credit considerations, at March 31, 2021. Variation margin requirements with CME Clearing are based on changes in the fair value of cleared derivatives and are legally characterized as daily settlement payments, rather than cash collateral. The requirement that the Bank post initial and variation margin through the clearing agent, to the Clearinghouse, exposes the Bank to institutional credit risk if the clearing agent or the Clearinghouse fails to meet its obligations. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral/payments for changes in the fair value of cleared derivatives is posted daily through a clearing agent. OFFSETTING OF DERIVATIVE ASSETS AND DERIVATIVE LIABILITIES The Bank presents derivative instruments, related cash collateral received or pledged, and associated accrued interest on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. Additional information regarding these agreements is provided in “Note 1 — Summary of Significant Accounting Policies” in the 2020 Form 10-K. The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and has determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions): March 31, 2021 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 105 $ (99) $ — $ 6 Cleared derivatives 7 236 — 243 Total $ 112 $ 137 $ — $ 249 Derivative Liabilities Uncleared derivatives $ 237 $ (237) $ 1 $ 1 Cleared derivatives 2 (2) — — Total $ 239 $ (239) $ 1 $ 1 December 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 58 $ (58) $ 1 $ 1 Cleared derivatives — 226 — 226 Total $ 58 $ 168 $ 1 $ 227 Derivative Liabilities Uncleared derivatives $ 328 $ (324) $ — $ 4 Cleared derivatives 8 (8) — — Total $ 336 $ (332) $ — $ 4 1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements. |
Consolidated Obligations
Consolidated Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Consolidated Obligations [Text Block] | Consolidated Obligations Consolidated obligations consist of bonds and discount notes. The FHLBanks issue consolidated obligations through the Office of Finance as their agent. Bonds are issued primarily to raise short-, intermediate-, and long-term funds for the Bank and are not subject to any statutory or regulatory limits on their maturity. Discount notes are issued primarily to raise short-term funds for the Bank and have original maturities of up to one year. Discount notes generally sell at or below their face amount and are redeemed at par value when they mature. Although the Bank is primarily liable for the portion of consolidated obligations issued on its behalf, it is also jointly and severally liable with the other FHLBanks for the payment of principal and interest on all FHLBank System consolidated obligations. The Finance Agency, at its discretion, may require any FHLBank to make principal and/or interest payments due on any consolidated obligation, whether or not the primary obligor FHLBank has defaulted on the payment of that consolidated obligation. The Finance Agency has never exercised this discretionary authority. At March 31, 2021 and December 31, 2020, the total par value of outstanding consolidated obligations of the FHLBanks was $696.4 billion and $746.8 billion. DISCOUNT NOTES The following table summarizes the Bank’s discount notes (dollars in millions): March 31, 2021 December 31, 2020 Amount Weighted Amount Weighted Par value $ 23,900 0.06 % $ 27,350 0.10 % Discounts and concessions 1 (2) (5) Total $ 23,898 $ 27,345 1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes. BONDS The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 32,580 0.78 % $ 29,224 0.88 % Due after one year through two years 9,547 1.02 9,398 1.10 Due after two years through three years 3,014 2.52 3,296 2.42 Due after three years through four years 3,404 2.94 3,548 3.00 Due after four years through five years 872 2.11 1,058 2.19 Thereafter 5,381 2.45 5,406 2.50 Total par value 54,798 1.24 % 51,930 1.36 % Premiums 183 199 Discounts and concessions 1 (23) (26) Fair value hedging adjustments 108 151 Total $ 55,066 $ 52,254 1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds. The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions): March 31, December 31, Non-callable or non-putable $ 51,412 $ 48,610 Callable 3,386 3,320 Total par value $ 54,798 $ 51,930 The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions): Year of Contractual Maturity or Next Call Date March 31, December 31, Due in one year or less $ 35,284 $ 31,749 Due after one year through two years 10,054 10,038 Due after two years through three years 3,064 3,326 Due after three years through four years 3,454 3,648 Due after four years through five years 657 805 Thereafter 2,285 2,364 Total par value $ 54,798 $ 51,930 |
Capital
Capital | 3 Months Ended |
Mar. 31, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
Capital [Text Block] | Capital CAPITAL STOCK The Bank’s capital stock has a par value of $100 per share, and all shares are issued, redeemed, and repurchased only at the stated par value. The Bank issues a single class of capital stock (Class B capital stock) and has two subclasses of Class B capital stock: membership and activity-based. Each member must purchase and hold membership capital stock in an amount equal to 0.12 percent of its total assets as of the preceding December 31 st , subject to a cap of $10 million and a floor of $10,000. Each member is also required to purchase activity-based capital stock equal to 4.00 percent of its advances and mortgage loans outstanding on the Bank’s Statements of Condition. In addition, each member is required to purchase and hold activity-based stock in an amount equal to 0.10 percent of its standby letters of credit. All capital stock issued is subject to a notice of redemption period of five years. The capital stock requirements established in the Bank’s Capital Plan are designed so that the Bank can remain adequately capitalized as member activity changes. The Bank’s Board of Directors may make adjustments to the capital stock requirements within ranges established in the Capital Plan. EXCESS STOCK Capital stock owned by members in excess of their investment requirement is deemed excess capital stock. Under its Capital Plan, the Bank, at its discretion and upon 15 days’ written notice, may repurchase excess membership capital stock. The Bank, at its discretion, may also repurchase excess activity-based capital stock to the extent that (i) the excess capital stock balance exceeds an operational threshold set forth in the Capital Plan, which is currently set at zero, or (ii) a member submits a notice to redeem all or a portion of the excess activity-based capital stock. At March 31, 2021 and December 31, 2020, the Bank’s excess capital stock outstanding was less than $1 million. MANDATORILY REDEEMABLE CAPITAL STOCK The Bank reclassifies capital stock subject to redemption from equity to a liability (mandatorily redeemable capital stock or MRCS) at the time shares meet the definition of a mandatorily redeemable financial instrument. This occurs after a member provides written notice of intention to withdraw from membership, becomes ineligible for continuing membership, or attains non-member status by merger or consolidation, charter termination, or other involuntary termination from membership. Dividends on MRCS are classified as interest expense on the Statements of Income. At March 31, 2021 and December 31, 2020, the Bank’s MRCS totaled $36 million and $52 million. During the three months ended March 31, 2021, interest expense on MRCS was less than $1 million. During the three months ended March 31, 2020, interest expense on MRCS was $3 million. As a result of the final rule on membership issued by the Finance Agency effective February 19, 2016, the eligibility requirements for FHLBank members were changed rendering captive insurance companies ineligible for FHLBank membership. On the effective date of the final rule, the Bank reclassified the total outstanding capital stock held by all of the captive insurance companies that were Bank members, to MRCS. On February 19, 2021, all remaining captive insurance companies that were admitted as members prior to September 12, 2014 had their membership terminated. The Bank immediately redeemed all membership stock from these captive insurance companies; however, the remaining activity-based stock will become subject to the five year redemption period. The following tables summarize changes in MRCS (dollars in millions): For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 52 $ 206 Capital stock reclassified to (from) MRCS, net — 6 Net payments for repurchases/redemptions of MRCS (16) (116) Balance, end of period $ 36 $ 96 The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions): Year of Contractual Redemption 1 March 31, December 31, 2020 Due in one year or less $ 10 $ — Due after one year through two years 1 11 Due after two years through three years 3 2 Due after three years through four years 1 — Due after four years through five years 10 — Thereafter 2 — 27 Past contractual redemption date due to outstanding activity with the Bank 11 12 Total $ 36 $ 52 1 At the Bank’s election, the MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption, or in the case of captive insurance company members, on the date of the membership termination. 2 Represents MRCS with certain captive insurance companies whose membership terminated on February 19, 2021. As their five year redemption period did not start until the membership termination date, all associated MRCS was reported in this line item as of December 31, 2020. RESTRICTED RETAINED EARNINGS The Bank entered into a Joint Capital Enhancement Agreement (JCE Agreement) with all of the other FHLBanks in 2011. The JCE Agreement, as amended, is intended to enhance the capital position of the Bank over time. Under the JCE Agreement, each FHLBank is required to allocate 20 percent of its quarterly net income to a separate restricted retained earnings account until the balance of that account, calculated as of the last day of each calendar quarter, equals at least one percent of its average balance of outstanding consolidated obligations for the calendar quarter. The restricted retained earnings are not available to pay dividends. At March 31, 2021 and December 31, 2020, the Bank’s restricted retained earnings account totaled $589 million and $576 million. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes changes in accumulated other comprehensive income (loss) (AOCI) (dollars in millions): Net unrealized gains (losses) on AFS securities (Note 3) Pension and postretirement benefits Total AOCI Balance, December 31, 2019 $ 48 $ (4) $ 44 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (164) — (164) Reclassifications from AOCI to net income Amortization - pension and postretirement — 1 1 Net current period other comprehensive income (loss) (164) 1 (163) Balance, March 31, 2020 $ (116) $ (3) $ (119) Balance, December 31, 2020 $ 52 $ (4) $ 48 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities 52 — 52 Reclassifications from AOCI to net income Amortization - pension and postretirement — — — Net current period other comprehensive income (loss) 52 — 52 Balance, March 31, 2021 $ 104 $ (4) $ 100 REGULATORY CAPITAL REQUIREMENTS The Bank is subject to three regulatory capital requirements: • Risk-based capital . The Bank must maintain at all times permanent capital greater than or equal to the sum of its credit, market, and operations risk capital requirements, all calculated in accordance with Finance Agency regulations. Only permanent capital, defined as Class B capital stock (including MRCS), and retained earnings can satisfy this risk-based capital requirement. • Regulatory capital . The Bank is required to maintain a minimum four percent capital-to-asset ratio, which is defined as total regulatory capital divided by total assets. Total regulatory capital includes Class B capital stock (including MRCS) and retained earnings. It does not include AOCI. • Leverage capital . The Bank is required to maintain a minimum five percent leverage ratio, which is defined as the sum of permanent capital weighted 1.5 times and nonpermanent capital weighted 1.0 times, divided by total assets. The Bank did not hold any nonpermanent capital at March 31, 2021 and December 31, 2020. In addition to the requirements previously discussed, the Finance Agency Advisory Bulletin on capital stock (the Capital Stock AB) requires each FHLBank to maintain at all times a ratio of at least two percent of capital stock to total assets. For purposes of the Capital Stock AB, capital stock includes MRCS. The capital stock to total assets ratio is measured on a daily average basis at month end. If the Bank’s capital falls below the required levels, the Finance Agency has authority to take actions necessary to return it to levels that it deems to be consistent with safe and sound business operations. The following table shows the Bank’s compliance with the Finance Agency’s regulatory capital requirements (dollars in millions): March 31, 2021 December 31, 2020 Required Actual Required Actual Regulatory capital requirements Risk-based capital $ 839 $ 5,948 $ 704 $ 5,744 Regulatory capital $ 3,494 $ 5,948 $ 3,508 $ 5,744 Leverage capital $ 4,368 $ 8,921 $ 4,385 $ 8,616 Capital-to-assets ratio 4.00 % 6.81 % 4.00 % 6.55 % Capital stock-to-assets ratio 2.00 % 3.89 % 2.00 % 3.78 % Leverage ratio 5.00 % 10.21 % 5.00 % 9.83 % |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value [Text Block] | Fair Value Fair value amounts are determined by the Bank using available market information and reflect the Bank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The fair value hierarchy requires an entity to maximize the use of significant observable inputs and minimize the use of significant unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: • Level 1 Inputs. Quoted prices (unadjusted) for identical assets or liabilities in an active market that the Bank can access on the measurement date. An active market for an asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 Inputs. Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities), and (iv) market-corroborated inputs. • Level 3 Inputs. Unobservable inputs for the asset or liability. The Bank reviews its fair value hierarchy classifications on a quarterly basis. Changes in the observability of the valuation inputs may result in a reclassification of certain assets or liabilities. The Bank had no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three months ended March 31, 2021 and 2020. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions). The Bank records trading securities, AFS securities, derivative assets, derivative liabilities, and certain other assets at fair value on a recurring basis, and on occasion certain impaired mortgage loans held for portfolio on a non-recurring basis. The Bank records all other financial assets and liabilities at amortized cost. The fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. March 31, 2021 Fair Value Financial Instruments Carrying Value Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Cash and due from banks $ 255 $ 255 $ — $ — $ — $ 255 Interest-bearing deposits 401 — 401 — — 401 Securities purchased under agreements to resell 3,500 — 3,500 — — 3,500 Federal funds sold 7,095 — 7,095 — — 7,095 Trading securities 3,348 — 3,348 — — 3,348 Available-for-sale securities 15,179 — 15,179 — — 15,179 Held-to-maturity securities 1,679 — 1,762 5 — 1,767 Advances 47,514 — 48,015 — — 48,015 Mortgage loans held for portfolio, net 7,906 — 8,059 83 — 8,142 Accrued interest receivable 104 — 104 — — 104 Derivative assets, net 249 — 112 — 137 249 Other assets 40 40 — — — 40 Liabilities Deposits (1,968) — (1,968) — — (1,968) Consolidated obligations Discount notes (23,898) — (23,899) — — (23,899) Bonds (55,066) — (55,734) — — (55,734) Total consolidated obligations (78,964) — (79,633) — — (79,633) Mandatorily redeemable capital stock (36) (36) — — — (36) Accrued interest payable (153) — (153) — — (153) Derivative liabilities, net (1) — (240) — 239 (1) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions): December 31, 2020 Fair Value Financial Instruments Carrying Value Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Cash and due from banks $ 978 $ 978 $ — $ — $ — $ 978 Interest-bearing deposits 401 — 401 — — 401 Securities purchased under agreements to resell 4,800 — 4,800 — — 4,800 Federal funds sold 3,695 — 3,695 — — 3,695 Trading securities 4,875 — 4,875 — — 4,875 Available-for-sale securities 15,910 — 15,910 — — 15,910 Held-to-maturity securities 1,816 — 1,915 6 — 1,921 Advances 46,530 — 47,146 — — 47,146 Mortgage loans held for portfolio, net 8,242 — 8,443 75 — 8,518 Accrued interest receivable 97 — 97 — — 97 Derivative assets, net 227 — 59 — 168 227 Other assets 39 39 — — — 39 Liabilities Deposits (1,908) — (1,908) — — (1,908) Consolidated obligations Discount notes (27,345) — (27,346) — — (27,346) Bonds (52,254) — (53,246) — — (53,246) Total consolidated obligations (79,599) — (80,592) — — (80,592) Mandatorily redeemable capital stock (52) (52) — — — (52) Accrued interest payable (145) — (145) — — (145) Derivative liabilities, net (4) — (336) — 332 (4) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. SUMMARY OF VALUATION TECHNIQUES AND PRIMARY INPUTS The valuation techniques and primary inputs used to develop the measurement of fair value for assets and liabilities that are measured at fair value on a recurring or non-recurring basis on the Statements of Condition are outlined below. Trading and AFS Investment Securities. The Bank’s valuation technique incorporates prices from multiple designated third-party pricing vendors, when available. The pricing vendors generally use various proprietary models to price investment securities. The inputs to those models are derived from various sources including, but not limited to, benchmark securities and yields, reported trades, dealer estimates, issuer spreads, bids, offers, and other market-related data. Since many investment securities do not trade on a daily basis, the pricing vendors use available information, as applicable, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing to determine the prices for individual securities. Each pricing vendor has an established process in place to challenge investment valuations, which facilitates resolution of questionable prices identified by the Bank. Annually, the Bank conducts reviews of its pricing vendors to confirm and further augment its understanding of the vendors’ pricing processes, methodologies, and control procedures for investment securities. The Bank’s valuation technique for estimating the fair values of its investment securities first requires the establishment of a median price for each security. All prices that are within a specified tolerance threshold of the median price are included in the cluster of prices that are averaged to compute a default price. All prices that are outside the threshold (outliers) are subject to further analysis (including, but not limited to, comparison to prices provided by an additional third-party valuation service, prices for similar securities, and/or non-binding dealer estimates) to determine if an outlier is a better estimate of fair value. If an outlier (or some other price identified in the analysis) is determined to be a better estimate of fair value, then the outlier (or the other price as appropriate) is used as the final price rather than the default price. Alternatively, if the analysis confirms that an outlier (or outliers) is (are) in fact not representative of fair value and the default price is the best estimate, then the default price is used as the final price. In all cases, the final price is used to determine the fair value of the security. In limited instances, when no prices are available from one of the designated pricing services, the Bank obtains prices from dealers. As of March 31, 2021 and December 31, 2020, multiple prices were received for the majority of the Bank’s trading and AFS investment securities. Based on the Bank’s review of the pricing methods and controls employed by the third-party pricing vendors and the relative lack of dispersion among the vendor prices, the Bank believes its final prices are representative of the prices that would have been received if the assets had been sold at the measurement date (i.e., exit prices) and further, that the fair value measurements are classified appropriately in the fair value hierarchy. Impaired Mortgage Loans Held for Portfolio. The fair value of impaired mortgage loans held for portfolio is estimated by obtaining property values from an external pricing vendor. This vendor utilizes multiple pricing models that generally factor in market observable inputs, including actual sales transactions and home price indices. The Bank applies an adjustment to these values to capture certain limitations in the estimation process and takes into consideration estimated selling costs and expected primary mortgage insurance proceeds. In limited instances, the Bank may estimate the fair value of an impaired mortgage loan by calculating the present value of expected future cash flows discounted at the loan’s effective interest rate. Derivative Assets and Liabilities and the Related Hedged Items. The fair value of derivatives is generally estimated using standard valuation techniques such as discounted cash flow analyses and comparisons to similar instruments, and includes variation margin payments for daily settled contracts. In limited instances, fair value estimates for interest-rate related derivatives may be obtained using an external pricing model that utilizes observable market data. The Bank is subject to credit risk in derivatives transactions due to the potential nonperformance of its derivatives counterparties. The use of cleared derivatives is intended to mitigate credit risk exposure because a central counterparty is substituted for individual counterparties and collateral/payments is posted daily, through a clearing agent, for changes in the fair value of cleared derivatives. To mitigate credit risk on uncleared derivatives, the Bank enters into master netting agreements with its counterparties as well as collateral agreements that have collateral delivery thresholds. The Bank has evaluated the potential for the fair value of its derivatives to be affected by counterparty credit risk and its own credit risk and has determined that no adjustments were significant to the overall fair value measurements. The fair values of the Bank’s derivative assets and derivative liabilities include accrued interest receivable/payable and related cash collateral. The estimated fair values of the accrued interest receivable/payable and cash collateral approximate their carrying values due to their short-term nature. The fair values of derivatives are netted by clearing agent and/or counterparty if the netting requirements are met. If these netted amounts result in a receivable to the Bank, they are classified as an asset and, if classified as a payable to the clearing agent or counterparty, they are classified as a liability. The Bank’s discounted cash flow model utilizes market-observable inputs (inputs that are actively quoted and can be validated to external sources). The Bank uses the following inputs for measuring the fair value of interest-related derivatives: • Discount rate assumption . The Bank utilizes the federal funds overnight index swap (OIS) or SOFR OIS curve depending on the terms of the derivative agreement. • Forward interest rate assumption . The Bank utilizes the swap curve of the instrument’s index rate. • Volatility assumption . Market-based expectations of future interest rate volatility implied from current market prices for similar options. For forward settlement agreements (TBAs), the Bank utilizes TBA securities prices that are determined by coupon class and expected term until settlement. For mortgage loan purchase commitments, the Bank utilizes TBA securities prices adjusted for factors such as credit risk and servicing spreads. For the related hedged items, the fair value is estimated using a discounted cash flow analyses which typically considers the following inputs: • Discount rate assumption . The Bank utilizes the designated benchmark interest rate curve. • Volatility assumption . Market-based expectations of future interest rate volatility implied from current market prices for similar options. Other Assets . These represent grantor trust assets, which are carried at estimated fair value based on quoted market prices as of the last business day of the reporting period. Subjectivity of Estimates . Estimates of the fair value of financial assets and liabilities using the methods previously described are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows, prepayment speed assumptions, expected interest rate volatility, possible distributions of future interest rates used to value options, and the selection of discount rates that appropriately reflect market and credit risks. The use of different assumptions could have a material effect on the fair value estimates. FAIR VALUE ON A RECURRING BASIS The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollar s in millions): March 31, 2021 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 2,565 $ — $ — $ 2,565 Other U.S. obligations — 106 — — 106 GSE and Tennessee Valley Authority obligations — 61 — — 61 Other non-MBS — 238 — — 238 GSE multifamily MBS — 378 — — 378 Total trading securities — 3,348 — — 3,348 Available-for-sale securities Other U.S. obligations — 1,564 — — 1,564 GSE and Tennessee Valley Authority obligations — 980 — — 980 State or local housing agency obligations — 694 — — 694 Other non-MBS — 294 — — 294 U.S. obligations single-family MBS — 3,418 — — 3,418 GSE single-family MBS — 391 — — 391 GSE multifamily MBS — 7,838 — — 7,838 Total available-for-sale securities — 15,179 — — 15,179 Derivative assets, net Interest-rate related — 112 — 137 249 Other assets 40 — — — 40 Total recurring assets at fair value $ 40 $ 18,639 $ — $ 137 $ 18,816 Liabilities Derivative liabilities, net Interest-rate related $ — $ (239) $ — $ 239 $ — Mortgage loan purchase commitments — (1) — — (1) Total derivative liabilities, net — (240) — 239 (1) Total recurring liabilities at fair value $ — $ (240) $ — $ 239 $ (1) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions): December 31, 2020 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 4,069 $ — $ — $ 4,069 Other U.S. obligations — 114 — — 114 GSE and Tennessee Valley Authority obligations — 64 — — 64 Other non-MBS — 246 — — 246 GSE multifamily MBS — 382 — — 382 Total trading securities — 4,875 — — 4,875 Available-for-sale securities Other U.S. obligations — 1,672 — — 1,672 GSE and Tennessee Valley Authority obligations — 1,022 — — 1,022 State or local housing agency obligations — 693 — — 693 Other non-MBS — 302 — — 302 U.S. obligations single-family MBS — 3,544 — — 3,544 GSE single-family MBS — 446 — — 446 GSE multifamily MBS — 8,231 — — 8,231 Total available-for-sale securities — 15,910 — — 15,910 Derivative assets, net Interest-rate related — 58 — 168 226 Mortgage loan purchase commitments — 1 — — 1 Total derivative assets, net — 59 — 168 227 Other assets 39 — — — 39 Total recurring assets at fair value $ 39 $ 20,844 $ — $ 168 $ 21,051 Liabilities Derivative liabilities, net Interest-rate related $ — $ (335) $ — $ 332 $ (3) Forward settlement agreements (TBAs) — (1) — — (1) Total derivative liabilities, net — (336) — 332 (4) Total recurring liabilities at fair value $ — $ (336) $ — $ 332 $ (4) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. FAIR VALUE ON A NON-RECURRING BASIS The Bank measures certain impaired mortgage loans held for portfolio at Level 3 fair value on a non-recurring basis. These assets are subject to fair value adjustments in certain circumstances. At March 31, 2021 and December 31, 2020, impaired mortgage loans held for portfolio recorded at fair value as a result of a non-recurring change in fair value were $2 million and $7 million. These fair values were as of the date the fair value adjustment was recorded during the three months ended March 31, 2021 and year ended December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Joint and Several Liability . The FHLBanks have joint and several liability for all consolidated obligations issued. Accordingly, if an FHLBank were unable to repay any consolidated obligation for which it is the primary obligor, each of the other FHLBanks could be called upon by the Finance Agency to repay all or part of such obligations. No FHLBank has ever been asked or required to repay the principal or interest on any consolidated obligation on behalf of another FHLBank. A t March 31, 2021 and December 31, 2020 , the total par value of outstanding consolidated obligations issued on behalf of other FHLBanks for which the Bank is jointly and severally liable was approximately $617.7 billion and $667.5 billion. The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions): March 31, 2021 December 31, 2020 Expire Expire Total Total Standby letters of credit 1,2 $ 8,220 $ 50 $ 8,270 $ 9,361 Standby bond purchase agreements 2 385 403 788 797 Commitments to purchase mortgage loans 113 — 113 177 Commitments to issue bonds 36 — 36 — Commitments to fund advances 2 898 — 898 252 1 Excludes commitments to issue standby letters of credit of $858 million at March 31, 2021. At December 31, 2020, the Bank had no commitments to issue standby letters of credit outstanding. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2021 and December 31, 2020. Standby Letters of Credit . The Bank issues standby letters of credit on behalf of its members to support certain obligations of the members to third-party beneficiaries. Standby letters of credit may be offered to assist members in facilitating residential housing finance, community lending, and asset-liability management, and to provide liquidity. In particular, members often use standby letters of credit as collateral for deposits from federal and state government agencies. Standby letters of credit are executed with members for a fee. If the Bank is required to make payment for a beneficiary’s draw, the member either reimburses the Bank for the amount drawn or, subject to the Bank’s discretion, the amount drawn may be converted into a collateralized advance to the member. The original terms of standby letters of credit outstanding at March 31, 2021, range from less than one month to 10 years, currently no later than 2025. The carrying value of guarantees related to standby letters of credit are recorded in “Other liabilities” on the Statements of Condition and amounted to $2 million at both March 31, 2021 and December 31, 2020 . The Bank monitors the creditworthiness of its standby letters of credit based on an evaluation of its borrowers. The Bank has established parameters for the measurement, review, classification, and monitoring of credit risk related to these standby letters of credit. All standby letters of credit, similar to advances, are fully collateralized at the time of issuance and subject to member borrowing limits as established by the Bank. Standby Bond Purchase Agreements . The Bank has entered into standby bond purchase agreements with state housing associates within its district whereby, for a fee, it agrees to serve as a standby liquidity provider if required, to purchase and hold the housing associate’s bonds until the designated marketing agent can find a suitable investor or the housing associate repurchases the bonds according to a schedule established by the agreement. Each standby bond purchase agreement includes the provisions under which the Bank would be required to purchase the bonds and typically allows the Bank to terminate the agreement upon the occurrence of a default event of the issuer. At March 31, 2021, the Bank had standby bond purchase agreements with seven housing associates. The standby bond purchase commitments entered into by the Bank have original expiration periods of up to seven Commitments to Purchase Mortgage Loans . The Bank enters into commitments that unconditionally obligate it to purchase mortgage loans from its members. These commitments are considered derivatives and their estimated fair value at March 31, 2021 and December 31, 2020 is reported in “Note 6 — Derivatives and Hedging Activities” as mortgage loan purchase commitments. Commitments to Issue Bonds. The Bank enters into commitments to issue consolidated obligation bonds in the normal course of its business. At March 31, 2021, the Bank had commitments to issue $36 million of consolidated obligation bonds. At December 31, 2020, the Bank had no commitments to issue consolidated obligation bonds. Commitments to Fund Advances. The Bank enters into commitments to fund additional advances up to 24 months in the future. At March 31, 2021 and December 31, 2020, the Bank had commitments to fund advances of $898 million and $252 million. Other Commitments. For each MPF master commitment, the Bank’s potential loss exposure prior to the PFI’s credit enhancement obligation is estimated and tracked in a memorandum account called the first loss account (FLA). For absorbing certain losses in excess of the FLA, PFIs are paid a credit enhancement fee, a portion of which may be performance-based. To the extent the Bank experiences losses under the FLA, it may be able to recapture performance-based credit enhancement fees paid to the PFI to offset these losses. The FLA balance for all MPF master commitments with a PFI credit enhancement obligation was $157 million and $154 million at March 31, 2021 and December 31, 2020. Legal Proceedings . The Bank is subject to various pending legal proceedings arising in the normal course of business. Certain of these legal proceedings involve pending litigation with a current member of the Bank stemming from alleged breaches by the member under the Bank’s MPF program and the member’s failure to repay its outstanding advances owed to the Bank. See “Note 4 — Advances” for additional information. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these matters will have a material adverse effect on the Bank’s financial condition or results of operations. The Bank records legal expenses related to litigation settlements as incurred in other expense on the Statements of Income with the exception of certain legal expenses related to litigation settlement awards that are contingent based fees for the attorneys representing the Bank. The Bank incurs and recognizes these contingent based legal fees only when litigation settlement awards are realized, at which time these fees are netted against the gains recognized on the litigation settlement. During the three months ended March 31, 2021, the Bank did not recognize any gains on litigation settlements. During the three months ended March 31, 2020, the Bank recognized $56 million in net gains on litigation settlements through other income (loss), due to the settlement of one of the Bank’s private-label MBS claims, as previously discussed in the Bank’s 2020 Form 10-K. The Bank is not currently aware of any pending or threatened legal proceedings to which it is a party that could have a material impact on its financial condition, results of operations, or cash flows. |
Activities with Stockholders
Activities with Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Activities with Stockholders [Text Block] | Activities with Stockholders The Bank is a cooperative. This means the Bank is owned by its customers, whom the Bank calls members. As a condition of membership in the Bank, all members must purchase and maintain membership capital stock based on a percentage of their total assets, subject to a minimum and maximum amount, as of the preceding December 31 st . Each member is also required to purchase and maintain activity-based capital stock to support certain business activities with the Bank. All transactions with stockholders are entered into in the ordinary course of business. TRANSACTIONS WITH DIRECTORS’ FINANCIAL INSTITUTIONS In the normal course of business, the Bank extends credit to its members whose directors and officers serve as Bank directors (Directors’ Financial Institutions). Finance Agency regulations require that transactions with Directors’ Financial Institutions be made on the same terms and conditions as those with any other member. The following table summarizes the Bank’s outstanding transactions with Directors’ Financial Institutions (dollars in millions): March 31, 2021 December 31, 2020 Amount % of Total Amount % of Total Advances $ 42 — $ 1,526 3 Mortgage loans 136 2 154 2 Deposits 15 1 17 1 Capital stock 45 1 110 3 BUSINESS CONCENTRATIONS The Bank considers itself to have business concentrations with stockholders owning 10 percent or more of its total capital stock outstanding (including MRCS). At March 31, 2021 and December 31, 2020, the Bank did not have any stockholders owning 10 percent or more of its total capital stock outstanding. |
Activities with Other FHLBanks
Activities with Other FHLBanks | 3 Months Ended |
Mar. 31, 2021 | |
Activities with Other FHLBanks [Abstract] | |
Activities with Other FHLBanks [Text Block] | Activities with Other FHLBanks Overnight Funds . The Bank may lend or borrow unsecured overnight funds to or from other FHLBanks. All such transactions are at current market rates. The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2021 and 2020 (dollars in millions): Other FHLBank Beginning Loans Principal Ending 2021 Chicago $ — $ 301 $ (301) $ — 2020 Boston $ — $ 250 $ (250) $ — |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsSubsequent events have been evaluated from April 1, 2021, through the time of the Form 10-Q filing with the SEC. No material subsequent events requiring disclosure were identified. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. |
New Accounting Pronouncements, Policy | Recently Adopted and Issued Accounting Guidance Reference Rate Reform (ASU 2020-04) On March 12, 2020, the Financial Accounting Standards Board issued guidance to provide temporary optional expedients and exceptions to GAAP on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). Entities can elect to not apply certain modification accounting requirements to contracts affected by rate reform, if certain criteria are met. Additionally, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform. Lastly, entities can make a one-time election to sell and/or transfer to available-for-sale (AFS) or trading classification any held-to-maturity (HTM) debt securities that refer to an interest rate affected by reference rate reform and were classified as HTM before January 1, 2020. This guidance becomes effective for the Bank upon election of any of the amendments and will be applied prospectively from the date elected until December 31, 2022. For certain hedge accounting optional expedients, they will be applied through the end of the hedging relationship, which could extend beyond December 31, 2022. The Bank continues to evaluate this guidance, and its effect on the Bank’s financial condition, results of operations, and cash flows has not yet been determined. |
Derivatives, Offsetting Fair Value Amounts, Policy | The Bank presents derivative instruments, related cash collateral received or pledged, and associated accrued interest on a net basis by clearing agent and/or by counterparty when it has met the netting requirements. Additional information regarding these agreements is provided in “Note 1 — Summary of Significant Accounting Policies” in the 2020 Form 10-K.The Bank has analyzed the enforceability of offsetting rights incorporated in its cleared derivative transactions and has determined that the exercise of those offsetting rights by a non-defaulting party under these transactions should be upheld under applicable law upon an event of default, including a bankruptcy, insolvency, or similar proceeding involving the Clearinghouse or the clearing agent, or both. Based on this analysis, the Bank presents a net derivative receivable or payable for all of its transactions through a particular clearing agent with a particular Clearinghouse. |
Advances, Prepayment Fees, Policy | The Bank generally charges a prepayment fee for advances that a borrower elects to terminate prior to the stated maturity or outside of a predetermined call or put date. The fees charged are priced to make the Bank financially indifferent to the prepayment of the advance. For certain advances with symmetrical prepayment features, the Bank may charge the borrower a prepayment fee or pay the borrower a prepayment credit, depending on certain circumstances, such as movements in interest rates, when the advance is prepaid. Prepayment fees and credits are recorded net of the hedged item fair value hedging adjustments in advance interest income on the Statements of Income. |
Shares Subject to Mandatory Redemption, Changes in Redemption Value, Policy | The Bank reclassifies capital stock subject to redemption from equity to a liability (mandatorily redeemable capital stock or MRCS) at the time shares meet the definition of a mandatorily redeemable financial instrument. This occurs after a member provides written notice of intention to withdraw from membership, becomes ineligible for continuing membership, or attains non-member status by merger or consolidation, charter termination, or other involuntary termination from membership. Dividends on MRCS are classified as interest expense on the Statements of Income. |
Fair Value of Financial Instruments, Policy | Fair value amounts are determined by the Bank using available market information and reflect the Bank’s best judgment of appropriate valuation methods. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., exit price). The fair value hierarchy requires an entity to maximize the use of significant observable inputs and minimize the use of significant unobservable inputs when measuring fair value. The inputs are evaluated and an overall level for the fair value measurement is determined. This overall level is an indication of market observability of the fair value measurement for the asset or liability. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels: • Level 1 Inputs. Quoted prices (unadjusted) for identical assets or liabilities in an active market that the Bank can access on the measurement date. An active market for an asset or liability is a market in which the transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 Inputs. Inputs other than quoted prices within Level 1 that are observable inputs for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, (iii) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves that are observable at commonly quoted intervals and implied volatilities), and (iv) market-corroborated inputs. • Level 3 Inputs. Unobservable inputs for the asset or liability. |
Commitments and Contingencies, Policy | The Bank records legal expenses related to litigation settlements as incurred in other expense on the Statements of Income with the exception of certain legal expenses related to litigation settlement awards that are contingent based fees for the attorneys representing the Bank. The Bank incurs and recognizes these contingent based legal fees only when litigation settlement awards are realized, at which time these fees are netted against the gains recognized on the litigation settlement. |
Reclassification, Comparability Adjustment | R eclassifications Certain amounts in the Bank’s 2020 financial statements have been reclassified to conform to the presentation for the three months ended March 31, 2021. These amounts were not deemed to be material. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investment Debt Securities Table [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block] | Trading securities by major security type were as follows (dollars in millions): March 31, December 31, Non-mortgage-backed securities U.S. Treasury obligations 1 $ 2,565 $ 4,069 Other U.S. obligations 1 106 114 GSE and Tennessee Valley Authority obligations 61 64 Other 2 238 246 Total non-mortgage-backed securities 2,970 4,493 Mortgage-backed securities GSE multifamily 378 382 Total fair value $ 3,348 $ 4,875 1 Represents investment securities backed by the full faith and credit of the U.S. Government. 2 Consists of taxable municipal bonds. |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | AFS securities by major security type we re as follows (dollars in millions): March 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,558 $ 7 $ (1) $ 1,564 GSE and Tennessee Valley Authority obligations 949 31 — 980 State or local housing agency obligations 711 — (17) 694 Other 3 282 12 — 294 Total non-mortgage-backed securities 3,500 50 (18) 3,532 Mortgage-backed securities U.S. obligations single-family 2 3,393 25 — 3,418 GSE single-family 386 5 — 391 GSE multifamily 7,795 68 (25) 7,838 Total mortgage-backed securities 11,574 98 (25) 11,647 Total $ 15,074 $ 148 $ (43) $ 15,179 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $25 million at March 31, 2021. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists of taxable municipal bonds and/or Private Export Funding Corporation (PEFCO) bonds. AFS securities by major security type we re as follows (dollars in millions): December 31, 2020 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,670 $ 4 $ (2) $ 1,672 GSE and Tennessee Valley Authority obligations 1,000 22 — 1,022 State or local housing agency obligations 712 — (19) 693 Other 3 290 12 — 302 Total non-mortgage-backed securities 3,672 38 (21) 3,689 Mortgage-backed securities U.S. obligations single-family 2 3,527 18 (1) 3,544 GSE single-family 442 4 — 446 GSE multifamily 8,217 47 (33) 8,231 Total mortgage-backed securities 12,186 69 (34) 12,221 Total $ 15,858 $ 107 $ (55) $ 15,910 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion, amortization, and/or fair value hedge accounting adjustments, and excludes accrued interest receivable of $31 million at December 31, 2020. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | The following table summarizes AFS securities with unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. March 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 31 $ — $ 525 $ (1) $ 556 $ (1) State or local housing agency obligations 136 (4) 489 (13) 625 (17) Total non-mortgage-backed securities 167 (4) 1,014 (14) 1,181 (18) Mortgage-backed securities U.S. obligations single-family 1 — — 279 — 279 — GSE single-family — — 9 — 9 — GSE multifamily 29 — 3,612 (25) 3,641 (25) Total mortgage-backed securities 29 — 3,900 (25) 3,929 (25) Total $ 196 $ (4) $ 4,914 $ (39) $ 5,110 $ (43) 1 Represents investment securities backed by the full faith and credit of the U.S. Government. The following table summarizes AFS securities with unrealized losses by major security type and length of time that individual securities have been in a continuous unrealized loss position (dollars in millions). In cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. December 31, 2020 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 348 $ — $ 698 $ (2) $ 1,046 $ (2) State or local housing agency obligations 336 (15) 288 (4) 624 (19) Total non-mortgage-backed securities 684 (15) 986 (6) 1,670 (21) Mortgage-backed securities U.S. obligations single-family 1 — — 593 (1) 593 (1) GSE single-family — — 14 — 14 — GSE multifamily 662 (8) 3,561 (25) 4,223 (33) Total mortgage-backed securities 662 (8) 4,168 (26) 4,830 (34) Total $ 1,346 $ (23) $ 5,154 $ (32) $ 6,500 $ (55) 1 Represents investment securities backed by the full faith and credit of the U.S. Government. |
Debt Securities, Held-to-maturity [Table Text Block] | HTM securities by major security type wer e as follows (dollars in millions): March 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 378 $ 79 $ — $ 457 State or local housing agency obligations 199 1 (1) 199 Total non-mortgage-backed securities 577 80 (1) 656 Mortgage-backed securities U.S. obligations single-family 2 3 — — 3 GSE single-family 1,094 10 (1) 1,103 Private-label 5 — — 5 Total mortgage-backed securities 1,102 10 (1) 1,111 Total $ 1,679 $ 90 $ (2) $ 1,767 December 31, 2020 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 379 $ 97 $ — $ 476 State or local housing agency obligations 203 2 (1) 204 Total non-mortgage-backed securities 582 99 (1) 680 Mortgage-backed securities U.S. obligations single-family 2 3 — — 3 GSE single-family 1,225 9 (2) 1,232 Private-label 6 — — 6 Total mortgage-backed securities 1,234 9 (2) 1,241 Total $ 1,816 $ 108 $ (3) $ 1,921 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $11 million and $5 million at March 31, 2021 and December 31, 2020. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. |
Available-for-sale Securities [Member] | |
Investment Debt Securities Table [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table summarizes AFS securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due in one year or less $ 363 $ 364 $ 4 $ 4 Due after one year through five years 2,038 2,050 2,430 2,438 Due after five years through ten years 401 406 494 498 Due after ten years 698 712 744 749 Total non-mortgage-backed securities 3,500 3,532 3,672 3,689 Mortgage-backed securities 11,574 11,647 12,186 12,221 Total $ 15,074 $ 15,179 $ 15,858 $ 15,910 |
Held-to-maturity Securities [Member] | |
Investment Debt Securities Table [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table summarizes HTM securities by contractual maturity. Expected maturities of some securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due after one year through five years $ 261 $ 299 $ 252 $ 297 Due after five years through ten years 186 190 198 203 Due after ten years 130 167 132 180 Total non-mortgage-backed securities 577 656 582 680 Mortgage-backed securities 1,102 1,111 1,234 1,241 Total $ 1,679 $ 1,767 $ 1,816 $ 1,921 |
Advances (Tables)
Advances (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Advances [Abstract] | |
Schedule of Federal Home Loan Bank Advances by Year of Contractual Maturity [Table Text Block] | The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions): March 31, 2021 December 31, 2020 Redemption Term Amount 1 Weighted Amount 1 Weighted Overdrawn demand deposit accounts 2 $ — 1.28 % $ 3 1.29 % Due in one year or less 3 14,155 1.09 12,499 1.16 Due after one year through two years 8,894 1.65 8,265 1.69 Due after two years through three years 9,426 1.34 10,550 1.42 Due after three years through four years 8,146 1.22 7,011 1.38 Due after four years through five years 3,310 0.80 4,106 1.12 Thereafter 3,405 2.07 3,654 2.10 Total par value 47,336 1.32 % 46,088 1.42 % Premiums 18 18 Discounts (14) (3) Fair value hedging adjustments 174 427 Total $ 47,514 $ 46,530 1 Excludes accrued interest receivable of $15 million and $13 million at March 31, 2021 and December 31, 2020. 2 The Bank’s overdrawn demand deposit accounts were less than $1 million at March 31, 2021. 3 Includes $8 million of advances that have passed their original contractual redemption date as of March 31, 2021 due to a member bank default event. Refer to the “Allowance for Credit Losses” section of this footnote for additional details. The following table summarizes advances by year of redemption term or next call date for callable advances, and by year of redemption term or next put date for putable advances (dollars in millions): Redemption Term Redemption Term March 31, December 31, 2020 March 31, December 31, 2020 Overdrawn demand deposit accounts 1 $ — $ 3 $ — $ 3 Due in one year or less 2 26,522 23,622 15,144 13,486 Due after one year through two years 6,730 6,276 8,966 8,319 Due after two years through three years 5,074 6,436 9,219 10,464 Due after three years through four years 4,604 4,053 7,303 6,116 Due after four years through five years 1,047 2,169 3,310 4,057 Thereafter 3,359 3,529 3,394 3,643 Total par value $ 47,336 $ 46,088 $ 47,336 $ 46,088 1 The Bank’s overdrawn demand deposit accounts were less than $1 million at March 31, 2021. 2 Includes $8 million of advances that have passed their original contractual redemption date as of March 31, 2021 due to a member bank default event. Refer to the “Allowance for Credit Losses” section of this footnote for additional details. |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the payment status for conventional mortgage loans (dollars in millions): March 31, 2021 Origination Year Prior to 2017 2017 to 2021 Total Past due 30 - 59 days $ 26 $ 20 $ 46 Past due 60 - 89 days 9 7 16 Past due 90 - 179 days 15 11 26 Past due 180 days or more 30 13 43 Total past due mortgage loans 80 51 131 Total current mortgage loans 2,384 4,921 7,305 Total amortized cost of mortgage loans 1 $ 2,464 $ 4,972 $ 7,436 December 31, 2020 Origination Year Prior to 2016 2016 to 2020 Total Past due 30 - 59 days $ 19 $ 18 $ 37 Past due 60 - 89 days 9 9 18 Past due 90 - 179 days 21 21 42 Past due 180 days or more 25 17 42 Total past due mortgage loans 74 65 139 Total current mortgage loans 1,952 5,661 7,613 Total amortized cost of mortgage loans 1 $ 2,026 $ 5,726 $ 7,752 1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable. |
Financing Receivable, Past Due [Table Text Block] | The following tables present other delinquency statistics for mortgage loans (dollars in millions): March 31, 2021 Amortized Cost Conventional Government-Insured Total In process of foreclosure 1 $ 8 $ 1 $ 9 Serious delinquency rate 2 1 % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 13 $ 13 Non-accrual mortgage loans 4 $ 76 $ — $ 76 December 31, 2020 Amortized Cost Conventional Government- Insured Total In process of foreclosure 1 $ 8 $ 1 $ 9 Serious delinquency rate 2 1 % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 13 $ 13 Non-accrual mortgage loans 4 $ 93 $ — $ 93 1 Includes loans where the decision of foreclosure or similar alternative such as pursuit of deed-in-lieu has been reported. 2 Represents mortgage loans that are 90 days or more past due or in the process of foreclosure expressed as a percentage of total mortgage loans. 3 Represents government-insured mortgage loans that are 90 days or more past due. |
Financing receivable, COVID-19 Forbearance | The following table presents the unpaid principal balance of conventional mortgage loans in a forbearance plan as a result of COVID-19 (dollars in millions): March 31, 2021 December 31, 2020 Past due 30 - 59 days $ 4 $ 3 Past due 60 - 89 days 5 6 Past due 90 days or more and in non-accrual status 31 42 Current mortgage loans 3 2 Total unpaid principal balance 1 $ 43 $ 53 |
Mortgage Loans Held for Portfolio | The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions): March 31, December 31, 2020 Fixed rate, long-term single-family mortgage loans $ 6,555 $ 6,945 Fixed rate, medium-term 1 single-family mortgage loans 1,242 1,182 Total unpaid principal balance 7,797 8,127 Premiums 102 107 Discounts (3) (3) Basis adjustments from mortgage loan purchase commitments 10 12 Total mortgage loans held for portfolio 2 7,906 8,243 Allowance for credit losses 3 — (1) Total mortgage loans held for portfolio, net $ 7,906 $ 8,242 1 Medium-term is defined as a term of 15 years or less. 2 Excludes accrued interest receivable of $38 million and $40 million at March 31, 2021 and December 31, 2020. 3 The Bank’s allowance for credit losses was less than $1 million at March 31, 2021. The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions): March 31, December 31, 2020 Conventional mortgage loans $ 7,336 $ 7,646 Government-insured mortgage loans 461 481 Total unpaid principal balance $ 7,797 $ 8,127 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets [Table Text Block] | The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions): March 31, 2021 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 105 $ (99) $ — $ 6 Cleared derivatives 7 236 — 243 Total $ 112 $ 137 $ — $ 249 Derivative Liabilities Uncleared derivatives $ 237 $ (237) $ 1 $ 1 Cleared derivatives 2 (2) — — Total $ 239 $ (239) $ 1 $ 1 December 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 58 $ (58) $ 1 $ 1 Cleared derivatives — 226 — 226 Total $ 58 $ 168 $ 1 $ 227 Derivative Liabilities Uncleared derivatives $ 328 $ (324) $ — $ 4 Cleared derivatives 8 (8) — — Total $ 336 $ (332) $ — $ 4 1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table summarizes the Bank’s notional amount and fair value of derivative instruments and total derivative assets and liabilities. Total derivative assets and liabilities include the effect of netting adjustments and cash collateral. For purposes of this disclosure, the derivative values include the fair value of derivatives and the related accrued interest (dollars in millions): March 31, 2021 December 31, 2020 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments (fair value hedges) Interest rate swaps $ 33,636 $ 103 $ 185 $ 33,552 $ 46 $ 262 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps 1,759 9 54 1,817 12 73 Forward settlement agreements (TBAs) 105 — — 169 — 1 Mortgage loan purchase commitments 113 — 1 177 1 — Total derivatives not designated as hedging instruments 1,977 9 55 2,163 13 74 Total derivatives before netting and collateral adjustments $ 35,613 112 240 $ 35,715 59 336 Netting adjustments and cash collateral 1 137 (239) 168 (332) Total derivative assets and derivative liabilities $ 249 $ 1 $ 227 $ 4 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral, including accrued interest, held or placed with the same clearing agent and/or counterparty. At March 31, 2021 and December 31, 2020, cash collateral, including accrued interest, posted by the Bank was $398 million and $507 million. At March 31, 2021 and December 31, 2020, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $22 million and $7 million. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the income effect from fair value hedging relationships recorded in net interest income as well as total income (expense) by product recorded on the Statements of Income (dollars in millions): For the Three Months Ended March 31, 2021 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 131 $ 36 $ (126) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 199 $ 173 $ (7) Hedged items 3 (253) (203) 43 Net gains (losses) on fair value hedging relationships $ (54) $ (30) $ 36 For the Three Months Ended March 31, 2020 Interest Income (Expense) Advances Available-for-Sale Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 399 $ 75 $ (410) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ (435) $ (316) $ 237 Hedged items 3 423 290 (233) Net gains (losses) on fair value hedging relationships $ (12) $ (26) $ 4 1 Amounts shown to give context to the disclosure and include total interest income (expense) of the products indicated, including coupon, prepayment fees, amortization, and derivative net interest settlements. Interest income (expense) amounts also include gains and losses on derivatives and hedged items in fair value hedging relationships. 2 Includes changes in fair value and net interest settlements on derivatives. 3 Includes changes in fair value and amortization/accretion of basis adjustments on closed hedge relationships. The following table summarizes the components of “Net gains (losses) on derivatives” as presented on the Statements of Income (dollars in millions): For the Three Months Ended March 31, 2021 2020 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps $ 21 $ (45) Forward settlement agreements (TBAs) 3 (8) Mortgage loan purchase commitments (3) 7 Net interest settlements (4) (2) Net gains (losses) on derivatives $ 17 $ (48) |
Schedule of Derivative Instruments By Type, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize cumulative fair value hedging adjustments and the related amortized cost of the hedged items (dollars in millions): March 31, 2021 Advances Available-for-Sale Securities Consolidated Obligation Bonds Amortized cost of hedged asset/liability 1 $ 17,421 $ 6,709 $ 11,872 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ 146 $ 137 $ 117 Basis adjustments for discontinued hedging relationships included in amortized cost 28 — (9) Total amount of fair value hedging adjustments $ 174 $ 137 $ 108 December 31, 2020 Advances Available-for-Sale Securities Consolidated Obligation Bonds Amortized cost of hedged asset/liability 1 $ 17,875 $ 7,137 $ 12,163 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ 406 $ 340 $ 161 Basis adjustments for discontinued hedging relationships included in amortized cost 21 — (10) Total amount of fair value hedging adjustments $ 427 $ 340 $ 151 1 Represents the portion of amortized cost designated as a hedged item in a fair value hedging relationship. |
Offsetting Assets and Liabilities [Table Text Block] | The following tables present the fair value of derivative instruments meeting or not meeting the netting requirements and the related collateral received from or pledged to counterparties (dollars in millions): March 31, 2021 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 105 $ (99) $ — $ 6 Cleared derivatives 7 236 — 243 Total $ 112 $ 137 $ — $ 249 Derivative Liabilities Uncleared derivatives $ 237 $ (237) $ 1 $ 1 Cleared derivatives 2 (2) — — Total $ 239 $ (239) $ 1 $ 1 December 31, 2020 Derivative Instruments Meeting Netting Requirements Gross Amount Recognized 1 Gross Amount of Netting Adjustments and Cash Collateral Derivative Instruments Not Meeting Netting Requirements 2 Total Derivative Assets and Total Derivative Liabilities Derivative Assets Uncleared derivatives $ 58 $ (58) $ 1 $ 1 Cleared derivatives — 226 — 226 Total $ 58 $ 168 $ 1 $ 227 Derivative Liabilities Uncleared derivatives $ 328 $ (324) $ — $ 4 Cleared derivatives 8 (8) — — Total $ 336 $ (332) $ — $ 4 1 Represents derivative assets and derivative liabilities prior to netting adjustments and cash collateral, including accrued interest. 2 Represents mortgage loan purchase commitments not subject to enforceable master netting requirements. |
Consolidated Obligations (Table
Consolidated Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | The following table summarizes the Bank’s discount notes (dollars in millions): March 31, 2021 December 31, 2020 Amount Weighted Amount Weighted Par value $ 23,900 0.06 % $ 27,350 0.10 % Discounts and concessions 1 (2) (5) Total $ 23,898 $ 27,345 1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation discount notes. |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes the Bank’s bonds outstanding by contractual maturity (dollars in millions): March 31, 2021 December 31, 2020 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 32,580 0.78 % $ 29,224 0.88 % Due after one year through two years 9,547 1.02 9,398 1.10 Due after two years through three years 3,014 2.52 3,296 2.42 Due after three years through four years 3,404 2.94 3,548 3.00 Due after four years through five years 872 2.11 1,058 2.19 Thereafter 5,381 2.45 5,406 2.50 Total par value 54,798 1.24 % 51,930 1.36 % Premiums 183 199 Discounts and concessions 1 (23) (26) Fair value hedging adjustments 108 151 Total $ 55,066 $ 52,254 1 Concessions represent fees paid to dealers in connections with the issuance of certain consolidated obligation bonds. The following table summarizes the Bank’s bonds outstanding by year of contractual maturity or next call date (dollars in millions): Year of Contractual Maturity or Next Call Date March 31, December 31, Due in one year or less $ 35,284 $ 31,749 Due after one year through two years 10,054 10,038 Due after two years through three years 3,064 3,326 Due after three years through four years 3,454 3,648 Due after four years through five years 657 805 Thereafter 2,285 2,364 Total par value $ 54,798 $ 51,930 |
Schedule of Long-term Debt by Call Feature [Table Text Block] | The following table summarizes the Bank’s bonds outstanding by call features (dollars in millions): March 31, December 31, Non-callable or non-putable $ 51,412 $ 48,610 Callable 3,386 3,320 Total par value $ 54,798 $ 51,930 |
Capital (Tables)
Capital (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
Mandatorily Redeemable Capital Stock [Table Text Block] | The following tables summarize changes in MRCS (dollars in millions): For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 52 $ 206 Capital stock reclassified to (from) MRCS, net — 6 Net payments for repurchases/redemptions of MRCS (16) (116) Balance, end of period $ 36 $ 96 The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions): Year of Contractual Redemption 1 March 31, December 31, 2020 Due in one year or less $ 10 $ — Due after one year through two years 1 11 Due after two years through three years 3 2 Due after three years through four years 1 — Due after four years through five years 10 — Thereafter 2 — 27 Past contractual redemption date due to outstanding activity with the Bank 11 12 Total $ 36 $ 52 1 At the Bank’s election, the MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption, or in the case of captive insurance company members, on the date of the membership termination. 2 Represents MRCS with certain captive insurance companies whose membership terminated on February 19, 2021. As their five year redemption period did not start until the membership termination date, all associated MRCS was reported in this line item as of December 31, 2020. |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes changes in accumulated other comprehensive income (loss) (AOCI) (dollars in millions): Net unrealized gains (losses) on AFS securities (Note 3) Pension and postretirement benefits Total AOCI Balance, December 31, 2019 $ 48 $ (4) $ 44 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (164) — (164) Reclassifications from AOCI to net income Amortization - pension and postretirement — 1 1 Net current period other comprehensive income (loss) (164) 1 (163) Balance, March 31, 2020 $ (116) $ (3) $ (119) Balance, December 31, 2020 $ 52 $ (4) $ 48 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities 52 — 52 Reclassifications from AOCI to net income Amortization - pension and postretirement — — — Net current period other comprehensive income (loss) 52 — 52 Balance, March 31, 2021 $ 104 $ (4) $ 100 |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table shows the Bank’s compliance with the Finance Agency’s regulatory capital requirements (dollars in millions): March 31, 2021 December 31, 2020 Required Actual Required Actual Regulatory capital requirements Risk-based capital $ 839 $ 5,948 $ 704 $ 5,744 Regulatory capital $ 3,494 $ 5,948 $ 3,508 $ 5,744 Leverage capital $ 4,368 $ 8,921 $ 4,385 $ 8,616 Capital-to-assets ratio 4.00 % 6.81 % 4.00 % 6.55 % Capital stock-to-assets ratio 2.00 % 3.89 % 2.00 % 3.78 % Leverage ratio 5.00 % 10.21 % 5.00 % 9.83 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions). The Bank records trading securities, AFS securities, derivative assets, derivative liabilities, and certain other assets at fair value on a recurring basis, and on occasion certain impaired mortgage loans held for portfolio on a non-recurring basis. The Bank records all other financial assets and liabilities at amortized cost. The fair values do not represent an estimate of the overall market value of the Bank as a going concern, which would take into account future business opportunities and the net profitability of assets and liabilities. March 31, 2021 Fair Value Financial Instruments Carrying Value Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Cash and due from banks $ 255 $ 255 $ — $ — $ — $ 255 Interest-bearing deposits 401 — 401 — — 401 Securities purchased under agreements to resell 3,500 — 3,500 — — 3,500 Federal funds sold 7,095 — 7,095 — — 7,095 Trading securities 3,348 — 3,348 — — 3,348 Available-for-sale securities 15,179 — 15,179 — — 15,179 Held-to-maturity securities 1,679 — 1,762 5 — 1,767 Advances 47,514 — 48,015 — — 48,015 Mortgage loans held for portfolio, net 7,906 — 8,059 83 — 8,142 Accrued interest receivable 104 — 104 — — 104 Derivative assets, net 249 — 112 — 137 249 Other assets 40 40 — — — 40 Liabilities Deposits (1,968) — (1,968) — — (1,968) Consolidated obligations Discount notes (23,898) — (23,899) — — (23,899) Bonds (55,066) — (55,734) — — (55,734) Total consolidated obligations (78,964) — (79,633) — — (79,633) Mandatorily redeemable capital stock (36) (36) — — — (36) Accrued interest payable (153) — (153) — — (153) Derivative liabilities, net (1) — (240) — 239 (1) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes the carrying value, fair value, and fair value hierarchy of the Bank’s financial instruments (dollars in millions): December 31, 2020 Fair Value Financial Instruments Carrying Value Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Cash and due from banks $ 978 $ 978 $ — $ — $ — $ 978 Interest-bearing deposits 401 — 401 — — 401 Securities purchased under agreements to resell 4,800 — 4,800 — — 4,800 Federal funds sold 3,695 — 3,695 — — 3,695 Trading securities 4,875 — 4,875 — — 4,875 Available-for-sale securities 15,910 — 15,910 — — 15,910 Held-to-maturity securities 1,816 — 1,915 6 — 1,921 Advances 46,530 — 47,146 — — 47,146 Mortgage loans held for portfolio, net 8,242 — 8,443 75 — 8,518 Accrued interest receivable 97 — 97 — — 97 Derivative assets, net 227 — 59 — 168 227 Other assets 39 39 — — — 39 Liabilities Deposits (1,908) — (1,908) — — (1,908) Consolidated obligations Discount notes (27,345) — (27,346) — — (27,346) Bonds (52,254) — (53,246) — — (53,246) Total consolidated obligations (79,599) — (80,592) — — (80,592) Mandatorily redeemable capital stock (52) (52) — — — (52) Accrued interest payable (145) — (145) — — (145) Derivative liabilities, net (4) — (336) — 332 (4) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollar s in millions): March 31, 2021 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 2,565 $ — $ — $ 2,565 Other U.S. obligations — 106 — — 106 GSE and Tennessee Valley Authority obligations — 61 — — 61 Other non-MBS — 238 — — 238 GSE multifamily MBS — 378 — — 378 Total trading securities — 3,348 — — 3,348 Available-for-sale securities Other U.S. obligations — 1,564 — — 1,564 GSE and Tennessee Valley Authority obligations — 980 — — 980 State or local housing agency obligations — 694 — — 694 Other non-MBS — 294 — — 294 U.S. obligations single-family MBS — 3,418 — — 3,418 GSE single-family MBS — 391 — — 391 GSE multifamily MBS — 7,838 — — 7,838 Total available-for-sale securities — 15,179 — — 15,179 Derivative assets, net Interest-rate related — 112 — 137 249 Other assets 40 — — — 40 Total recurring assets at fair value $ 40 $ 18,639 $ — $ 137 $ 18,816 Liabilities Derivative liabilities, net Interest-rate related $ — $ (239) $ — $ 239 $ — Mortgage loan purchase commitments — (1) — — (1) Total derivative liabilities, net — (240) — 239 (1) Total recurring liabilities at fair value $ — $ (240) $ — $ 239 $ (1) 1 Amounts represent the application of the netting requirements that allow the Bank to net settle positive and negative positions and also cash collateral and the related accrued interest held or placed with the same clearing agent and/or counterparty. The following table summarizes, for each hierarchy level, the Bank’s assets and liabilities that are measured at fair value on the Statements of Condition (dollars in millions): December 31, 2020 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 4,069 $ — $ — $ 4,069 Other U.S. obligations — 114 — — 114 GSE and Tennessee Valley Authority obligations — 64 — — 64 Other non-MBS — 246 — — 246 GSE multifamily MBS — 382 — — 382 Total trading securities — 4,875 — — 4,875 Available-for-sale securities Other U.S. obligations — 1,672 — — 1,672 GSE and Tennessee Valley Authority obligations — 1,022 — — 1,022 State or local housing agency obligations — 693 — — 693 Other non-MBS — 302 — — 302 U.S. obligations single-family MBS — 3,544 — — 3,544 GSE single-family MBS — 446 — — 446 GSE multifamily MBS — 8,231 — — 8,231 Total available-for-sale securities — 15,910 — — 15,910 Derivative assets, net Interest-rate related — 58 — 168 226 Mortgage loan purchase commitments — 1 — — 1 Total derivative assets, net — 59 — 168 227 Other assets 39 — — — 39 Total recurring assets at fair value $ 39 $ 20,844 $ — $ 168 $ 21,051 Liabilities Derivative liabilities, net Interest-rate related $ — $ (335) $ — $ 332 $ (3) Forward settlement agreements (TBAs) — (1) — — (1) Total derivative liabilities, net — (336) — 332 (4) Total recurring liabilities at fair value $ — $ (336) $ — $ 332 $ (4) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments [Table Text Block] | The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions): March 31, 2021 December 31, 2020 Expire Expire Total Total Standby letters of credit 1,2 $ 8,220 $ 50 $ 8,270 $ 9,361 Standby bond purchase agreements 2 385 403 788 797 Commitments to purchase mortgage loans 113 — 113 177 Commitments to issue bonds 36 — 36 — Commitments to fund advances 2 898 — 898 252 1 Excludes commitments to issue standby letters of credit of $858 million at March 31, 2021. At December 31, 2020, the Bank had no commitments to issue standby letters of credit outstanding. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at March 31, 2021 and December 31, 2020. |
Activities with Stockholders (T
Activities with Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions by Balance Sheet Grouping [Table Text Block] | The following table summarizes the Bank’s outstanding transactions with Directors’ Financial Institutions (dollars in millions): March 31, 2021 December 31, 2020 Amount % of Total Amount % of Total Advances $ 42 — $ 1,526 3 Mortgage loans 136 2 154 2 Deposits 15 1 17 1 Capital stock 45 1 110 3 |
Activities with Other FHLBanks
Activities with Other FHLBanks (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Activities with Other FHLBanks [Abstract] | |
Schedule of Loans to Other Federal Home Loan Banks [Table Text Block] | The following table summarizes loan activity to other FHLBanks during the three months ended March 31, 2021 and 2020 (dollars in millions): Other FHLBank Beginning Loans Principal Ending 2021 Chicago $ — $ 301 $ (301) $ — 2020 Boston $ — $ 250 $ (250) $ — |
Background Information (Details
Background Information (Details) | Mar. 31, 2021bank |
Background Information [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities, Amortized Cost, Percentage Rated Single-A Or Above | 100.00% | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 11 | 5 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 25 | 31 |
Securities Purchased under Agreements to Resell, Allowance for Credit Loss | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 |
Interest-Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold, Percentage Unrated | 5.00% | 21.00% |
Interest-Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold, Percentage Rated Below Triple-B | 0.00% | 0.00% |
Interest-Bearing Deposits and Federal Funds Sold [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 0 | $ 0 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Securities Borrowed or Purchased under Agreements to Resell [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss | $ 0 | $ 0 |
Investments (Trading Major Secu
Investments (Trading Major Security Types) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 3,348 | $ 4,875 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,565 | 4,069 |
U.S. obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 106 | 114 |
GSE obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 61 | 64 |
Other [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 238 | 246 |
Non-mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,970 | 4,493 |
Multifamily [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 378 | $ 382 |
Investments (AFS Major Security
Investments (AFS Major Security Types) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | $ 15,179 | $ 15,910 |
Debt Securities, Available-for-sale, Amortized Cost | 15,074 | 15,858 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 148 | 107 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (43) | (55) |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 1,564 | 1,672 |
Debt Securities, Available-for-sale, Amortized Cost | 1,558 | 1,670 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7 | 4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1) | (2) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 980 | 1,022 |
Debt Securities, Available-for-sale, Amortized Cost | 949 | 1,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 31 | 22 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
State or local housing agency obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 694 | 693 |
Debt Securities, Available-for-sale, Amortized Cost | 711 | 712 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (17) | (19) |
Other Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 294 | 302 |
Debt Securities, Available-for-sale, Amortized Cost | 282 | 290 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12 | 12 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 3,532 | 3,689 |
Debt Securities, Available-for-sale, Amortized Cost | 3,500 | 3,672 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 50 | 38 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (18) | (21) |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 11,647 | 12,221 |
Debt Securities, Available-for-sale, Amortized Cost | 11,574 | 12,186 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 98 | 69 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (25) | (34) |
Single Family [Member] | U.S. obligations MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 3,418 | 3,544 |
Debt Securities, Available-for-sale, Amortized Cost | 3,393 | 3,527 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 25 | 18 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (1) |
Single Family [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 391 | 446 |
Debt Securities, Available-for-sale, Amortized Cost | 386 | 442 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5 | 4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Multifamily [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 7,838 | 8,231 |
Debt Securities, Available-for-sale, Amortized Cost | 7,795 | 8,217 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 68 | 47 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ (25) | $ (33) |
Investments (AFS Unrealized Los
Investments (AFS Unrealized Losses) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (4) | $ (23) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,914 | 5,154 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,110 | 6,500 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (43) | (55) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 196 | 1,346 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (39) | (32) |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 525 | 698 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 556 | 1,046 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1) | (2) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 31 | 348 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (2) |
State or local housing agency obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | (15) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 489 | 288 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 625 | 624 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (17) | (19) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 136 | 336 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (13) | (4) |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | (15) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,014 | 986 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,181 | 1,670 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (18) | (21) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 167 | 684 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14) | (6) |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (8) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,900 | 4,168 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,929 | 4,830 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (25) | (34) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 662 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (25) | (26) |
Single Family [Member] | U.S. obligations MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 279 | 593 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 279 | 593 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | (1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1) |
Single Family [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 9 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 9 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Multifamily [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (8) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,612 | 3,561 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,641 | 4,223 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (25) | (33) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29 | 662 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (25) | $ (25) |
Investments (AFS Contractual Ma
Investments (AFS Contractual Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | $ 15,179 | $ 15,910 |
Debt Securities, Available-for-sale, Amortized Cost | 15,074 | 15,858 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 3,532 | 3,689 |
Debt Securities, Available-for-sale, Amortized Cost | 3,500 | 3,672 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 698 | 744 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 401 | 494 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 363 | 4 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 364 | 4 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 2,038 | 2,430 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 2,050 | 2,438 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 406 | 498 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 712 | 749 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 11,647 | 12,221 |
Debt Securities, Available-for-sale, Amortized Cost | $ 11,574 | $ 12,186 |
Investments (HTM Major Security
Investments (HTM Major Security Types) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $ 90 | $ 108 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2) | (3) |
Held-to-Maturity Securities, Fair Value | 1,767 | 1,921 |
Amortized Cost | 1,679 | 1,816 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 79 | 97 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Securities, Fair Value | 457 | 476 |
Amortized Cost | 378 | 379 |
State or local housing agency obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 2 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (1) |
Held-to-Maturity Securities, Fair Value | 199 | 204 |
Amortized Cost | 199 | 203 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 80 | 99 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (1) |
Held-to-Maturity Securities, Fair Value | 656 | 680 |
Amortized Cost | 577 | 582 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 10 | 9 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (2) |
Held-to-Maturity Securities, Fair Value | 1,111 | 1,241 |
Amortized Cost | 1,102 | 1,234 |
Single Family [Member] | U.S. obligations MBS [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Securities, Fair Value | 3 | 3 |
Amortized Cost | 3 | 3 |
Single Family [Member] | Mortgage-backed securities, GSE [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 10 | 9 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (2) |
Held-to-Maturity Securities, Fair Value | 1,103 | 1,232 |
Amortized Cost | 1,094 | 1,225 |
Residential Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Securities, Fair Value | 5 | 6 |
Amortized Cost | $ 5 | $ 6 |
Investments (HTM Contractual Ma
Investments (HTM Contractual Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,679 | $ 1,816 |
Held-to-Maturity Securities, Fair Value | 1,767 | 1,921 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 186 | 198 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 190 | 203 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 130 | 132 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 167 | 180 |
Amortized Cost | 577 | 582 |
Held-to-Maturity Securities, Fair Value | 656 | 680 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 261 | 252 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 299 | 297 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,102 | 1,234 |
Held-to-Maturity Securities, Fair Value | $ 1,111 | $ 1,241 |
Investments (Sales of Securitie
Investments (Sales of Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Trading, Unrealized Gain | $ (22) | $ 26 |
Debt Securities, Trading, Realized Gain (Loss) | 0 | 0 |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 0 |
Proceeds from Sale of Held-to-maturity Securities | $ 0 | $ 0 |
Advances (Narrative) (Details)
Advances (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Outstanding Par Value of Advances from Member in Default | $ 365 | |
Advances | 47,514 | $ 46,530 |
Federal Home Loan Bank, Advances, Par Value | 47,336 | 46,088 |
Financing Receivable, Nonaccrual | 76 | 93 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 26,522 | 23,622 |
Federal Home Loan Bank, Advances, Callable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | 13,200 | 11,700 |
Federal Home Loan Bank, Advances, Putable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | 1,400 | 1,400 |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Par Value Outstanding of Advances Passed Original Contractual Redemption Date | 8 | |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 15 | 13 |
Financing Receivable, Nonaccrual | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
Advances (Redemption Terms) (De
Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 3 |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 1.28% | 1.29% |
Due in one year or less | $ 14,155 | $ 12,499 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 1.09% | 1.16% |
Due after one year through two years | $ 8,894 | $ 8,265 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 1.65% | 1.69% |
Due after two years through three years | $ 9,426 | $ 10,550 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 1.34% | 1.42% |
Due after three years through four years | $ 8,146 | $ 7,011 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 1.22% | 1.38% |
Due after four years through five years | $ 3,310 | $ 4,106 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 0.80% | 1.12% |
Thereafter | $ 3,405 | $ 3,654 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 2.07% | 2.10% |
Federal Home Loan Bank, Advances, Par Value | $ 47,336 | $ 46,088 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.32% | 1.42% |
Premiums | $ 18 | $ 18 |
Discounts | (14) | (3) |
Fair value hedging adjustments | 174 | 427 |
Total | 47,514 | 46,530 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 26,522 | 23,622 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Next Rolling Twelve Months | 15,144 | 13,486 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Two | 6,730 | 6,276 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 8,966 | 8,319 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Three | 5,074 | 6,436 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 9,219 | 10,464 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Four | 4,604 | 4,053 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 7,303 | 6,116 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Five | 1,047 | 2,169 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 3,310 | 4,057 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, after Rolling Year Five | 3,359 | 3,529 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | $ 3,394 | $ 3,643 |
Advances (Prepayment Fees) (Det
Advances (Prepayment Fees) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Advances [Abstract] | ||
Prepayment fees on advances, net | $ 17 | $ 3 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Mortgage Loans Held for Portfolio) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans And Leases Receivable, Unpaid Principal Balance | $ 7,797 | $ 8,127 |
Loans and Leases Receivable, Unamortized Premiums | 102 | 107 |
Loans and Leases Receivable, Unamortized Discounts | (3) | (3) |
Loans and Leases Receivable, Hedging Basis Adjustment | 10 | 12 |
Loans and Leases Receivable, Net of Deferred Income | 7,906 | 8,243 |
Loans and Leases Receivable, Allowance | 0 | (1) |
Loans and Leases Receivable, Net Amount | 7,906 | 8,242 |
Single Family [Member] | Fixed rate, long-term single family mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans And Leases Receivable, Unpaid Principal Balance | 6,555 | 6,945 |
Single Family [Member] | Fixed rate, medium-term single family mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans And Leases Receivable, Unpaid Principal Balance | $ 1,242 | $ 1,182 |
Mortgage Loans Held for Portf_4
Mortgage Loans Held for Portfolio (Mortgage Loans Held for Portfolio by Collateral or Guarantee Type) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 7,797 | $ 8,127 |
US Government Agency Insured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 461 | 481 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 7,336 | $ 7,646 |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
TDRs under CARES Act Relief | $ 5 | $ 1 |
Loans in Forbearance Agreement | $ 43 | 53 |
Loans in Forbearance Percent | 0.00% | |
Loans and Leases Receivable, Allowance | $ 0 | 1 |
Real Estate Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 38 | 40 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 76 | 93 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Financial Asset, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans in Forbearance Agreement | 3 | 2 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans in Forbearance Agreement | 4 | 3 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans in Forbearance Agreement | 5 | 6 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans in Forbearance Agreement | $ 31 | $ 42 |
Mortgage Loans Held for Portf_6
Mortgage Loans Held for Portfolio (Payment Status) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 7,906 | $ 8,243 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,464 | 2,026 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 4,972 | 5,726 |
Loans and Leases Receivable, Net of Deferred Income | 7,436 | 7,752 |
Conventional Mortgage Loan [Member] | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 80 | 74 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 51 | 65 |
Loans and Leases Receivable, Net of Deferred Income | 131 | 139 |
Conventional Mortgage Loan [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,384 | 1,952 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 4,921 | 5,661 |
Loans and Leases Receivable, Net of Deferred Income | 7,305 | 7,613 |
Financial Asset, 30 to 59 Days Past Due [Member] | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 26 | 19 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 20 | 18 |
Loans and Leases Receivable, Net of Deferred Income | 46 | 37 |
Financial Asset, 60 to 89 Days Past Due [Member] | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | 9 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 7 | 9 |
Loans and Leases Receivable, Net of Deferred Income | 16 | 18 |
Financing Receivables, 90 to 179 Days Past Due [Member] | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 15 | 21 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 11 | 21 |
Loans and Leases Receivable, Net of Deferred Income | 26 | 42 |
Financing Receivables, Greater than 180 Days Past Due [Member] | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 30 | 25 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 13 | 17 |
Loans and Leases Receivable, Net of Deferred Income | $ 43 | $ 42 |
Mortgage Loans Held for Portf_7
Mortgage Loans Held for Portfolio (Other Delinquency Statistics) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 9 | $ 9 |
Loans and Leases Receivable, Serious Delinquencies Ratio | 1.00% | 1.00% |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 13 | $ 13 |
Financing Receivable, Nonaccrual | 76 | 93 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 1 | $ 1 |
Loans and Leases Receivable, Serious Delinquencies Ratio | 3.00% | 3.00% |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 13 | $ 13 |
Financing Receivable, Nonaccrual | 0 | 0 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 8 | $ 8 |
Loans and Leases Receivable, Serious Delinquencies Ratio | 1.00% | 1.00% |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Financing Receivable, Nonaccrual, No Allowance | 76 | 93 |
Financing Receivable, Nonaccrual | $ 76 | $ 93 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 35,613 | $ 35,715 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 112 | 59 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 240 | 336 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (239) | (332) |
Derivative assets, net | 249 | 227 |
Derivative liabilities, net | 1 | 4 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 398 | 507 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 22 | 7 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 33,636 | 33,552 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 103 | 46 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 185 | 262 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,977 | 2,163 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 9 | 13 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 55 | 74 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,759 | 1,817 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 9 | 12 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 54 | 73 |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 105 | 169 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 1 |
Mortgages [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 113 | 177 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 1 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 1 | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 17 | $ (48) |
Gain (Loss) on Derivative Instruments [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 21 | (45) |
Gain (Loss) on Derivative Instruments [Member] | Net Interest Settlements [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (4) | (2) |
Gain (Loss) on Derivative Instruments [Member] | Collateralized Mortgage Backed Securities [Member] | Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3 | (8) |
Mortgage Receivable [Member] | Gain (Loss) on Derivative Instruments [Member] | Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3) | $ 7 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Credit Risk Exposure) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Collateral Already Posted, Aggregate Fair Value | $ 0 | |
Derivative, Net Liability Position, Aggregate Fair Value | 0 | $ 0 |
Additional Collateral, Aggregate Fair Value | $ 0 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 112 | $ 58 |
Derivative Liability, Fair Value, Gross Liability | 239 | 336 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 1 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (239) | (332) |
Derivative Liability, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative assets, net | 249 | 227 |
Derivative liabilities, net | 1 | 4 |
Over the Counter [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 105 | 58 |
Derivative Liability, Fair Value, Gross Liability | 237 | 328 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (99) | (58) |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 1 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (237) | (324) |
Derivative Liability, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative assets, net | 6 | 1 |
Derivative liabilities, net | 1 | 4 |
Exchange Cleared [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 7 | 0 |
Derivative Liability, Fair Value, Gross Liability | 2 | 8 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 236 | 226 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (2) | (8) |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative assets, net | 243 | 226 |
Derivative liabilities, net | $ 0 | $ 0 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Net Gains (Losses) on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Advances | $ 131 | $ 399 |
Available-for-sale securities | 36 | 75 |
Consolidated obligations - Bonds | (126) | (410) |
Interest Rate Contract [Member] | Interest Expense [Member] | Consolidated Obligation Bonds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on Derivatives | (7) | 237 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 43 | (233) |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 36 | 4 |
Interest Rate Contract [Member] | Interest Income [Member] | Advances [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on Derivatives | 199 | (435) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (253) | 423 |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (54) | (12) |
Interest Rate Contract [Member] | Interest Income [Member] | Available-for-sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) on Derivatives | 173 | (316) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (203) | 290 |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | $ (30) | $ (26) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Advances [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | $ 17,421 | $ 17,875 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 146 | 406 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 28 | 21 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 174 | 427 |
Available-for-sale Securities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | 6,709 | 7,137 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | 137 | 340 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 137 | 340 |
Consolidated Obligation Bonds [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 11,872 | 12,163 |
Hedged Liability, Active Fair Value Hedge, Cumulative Increase (Decrease) | 117 | 161 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 108 | 151 |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (9) | $ (10) |
Consolidated Obligations Narrat
Consolidated Obligations Narrative (Details) - USD ($) $ in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 617.7 | $ 667.5 |
FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 696.4 | $ 746.8 |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Total | $ 23,898 | $ 27,345 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Par value | $ 23,900 | $ 27,350 |
Par Value, Weighted Average Interest Rate | 0.06% | 0.10% |
Discounts and concessions | $ (2) | $ (5) |
Consolidated Obligations Bonds
Consolidated Obligations Bonds (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total par value | $ 54,798 | $ 51,930 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | 55,066 | 52,254 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 54,798 | 51,930 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | 55,066 | 52,254 |
Due in one year or less | $ 32,580 | $ 29,224 |
Due in one year or less, Weighted Average Interest Rate | 0.78% | 0.88% |
Due after one year through two years, Weighted Average Interest Rate | 1.02% | 1.10% |
Due after one year through two years | $ 9,547 | $ 9,398 |
Due after two years through three years | $ 3,014 | $ 3,296 |
Due after two years through three years, Weighted Average Interest Rate | 2.52% | 2.42% |
Due after three years through four years | $ 3,404 | $ 3,548 |
Due after three years through four years, Weighted Average Interest Rate | 2.94% | 3.00% |
Due after four years through five years | $ 872 | $ 1,058 |
Due after four years through five years, Weighted Average Interest Rate | 2.11% | 2.19% |
Thereafter | $ 5,381 | $ 5,406 |
Thereafter, Weighted Average Interest Rate | 2.45% | 2.50% |
Total par value, Weighted Average Interest Rate | 1.24% | 1.36% |
Premiums | $ 183 | $ 199 |
Discounts and concessions | (23) | (26) |
Fair value hedging adjustments | 108 | 151 |
Earlier of Contractual Maturity or Next Call Date [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 35,284 | 31,749 |
Due after one year through two years | 10,054 | 10,038 |
Due after two years through three years | 3,064 | 3,326 |
Due after three years through four years | 3,454 | 3,648 |
Due after four years through five years | 657 | 805 |
Thereafter | 2,285 | 2,364 |
Noncallable or Nonputable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 51,412 | 48,610 |
Callable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 3,386 | $ 3,320 |
Consolidated Obligations Bond_2
Consolidated Obligations Bonds by Call Features (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total par value | $ 54,798 | $ 51,930 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 54,798 | 51,930 |
Noncallable or Nonputable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 51,412 | 48,610 |
Callable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 3,386 | $ 3,320 |
Capital Narrative (Details)
Capital Narrative (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 100 | $ 100 |
Number of Subclasses of Capital Stock | 2 | |
Redemption Period Under FHLBank Capital Plan | 5 years | |
Written Notice Period Required to Repurchase Excess Membership Capital Stock | 15 days | |
Banking Regulation, Total Risk-Based Capital, Excess, Actual | $ 0 | $ 0 |
Minimum Capital Stock Required to be Held by Members as a Percent of Total Assets at Preceeding Fiscal Year End, Subject to Cap and Floor | 0.12% | |
Activity Based Capital Stock Required by Members as a Percent of Total Advances and Mortgage Loans Oustanding as Disclosed in the Statement of Condition | 4.00% | |
Percentage of Activity Based Capital Stock Required by Members as a Percent of Total Standby Letters of Credit | 0.10% | |
Maximum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Federal Home Loan Banks, Membership Requirements, Capital Stock | $ 10,000,000 | |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Federal Home Loan Banks, Membership Requirements, Capital Stock | $ 10,000 |
Capital (Rollforward of MRCS) (
Capital (Rollforward of MRCS) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
MRCS [Abstract] | ||
Beginning Balance | $ 52 | $ 206 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 0 | 6 |
Ending Balance | 36 | 96 |
Net Payments for Repurchases of Mandatory Redeemable Capital Stock | $ (16) | $ (116) |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
MRCS [Abstract] | ||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Two | $ 1 | $ 11 | ||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Three | 3 | 2 | ||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Four | 1 | 0 | ||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Five | 10 | 0 | ||
Financial Instruments Subject to Mandatory Redemption, Redeemable After Year Five | 0 | 27 | ||
Financial Instruments Subject to Mandatory Redemption, Past Contractual Redemption Date, Due to Outstanding Activity | 11 | 12 | ||
Mandatorily redeemable capital stock | 36 | $ 96 | 52 | $ 206 |
Interest Expense, Capital Securities | 0 | $ 3 | ||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year One | $ 10 | $ 0 |
Capital (Accumulated Other Comp
Capital (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 5,740 | $ 6,726 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | 52 | (164) |
Total other comprehensive income (loss) | 52 | (163) |
Ending Balance | 6,012 | 6,733 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 52 | 48 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | 52 | (164) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 0 |
Total other comprehensive income (loss) | 52 | (164) |
Ending Balance | 104 | (116) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4) | (4) |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | 0 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 1 |
Total other comprehensive income (loss) | 0 | 1 |
Ending Balance | (4) | (3) |
Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 48 | 44 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | 52 | (164) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | 0 | 1 |
Total other comprehensive income (loss) | 52 | (163) |
Ending Balance | $ 100 | $ (119) |
Capital (Regulatory Capital Req
Capital (Regulatory Capital Requirements) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Banking Regulation, Total Capital [Abstract] | ||
Number of Finance Agency Regulatory Capital Requirements | 3 | |
Federal Home Loan Bank, Risk-Based Capital, Required | $ 839 | $ 704 |
Federal Home Loan Bank, Risk-Based Capital, Actual | 5,948 | 5,744 |
Federal Home Loan Bank, Regulatory Capital, Required | 3,494 | 3,508 |
Federal Home Loan Bank, Regulatory Capital, Actual | 5,948 | 5,744 |
Federal Home Loan Bank, Leverage Capital, Required | 4,368 | 4,385 |
Federal Home Loan Bank, Leverage Capital, Actual | $ 8,921 | $ 8,616 |
Regulatory Capital Ratio, Required | 4.00% | 4.00% |
Federal Home Loan Bank, Regulatory Capital Ratio, Actual | 6.81% | 6.55% |
Federal Home Loan Bank, Capital Stock to Assets, Required | 2.00% | 2.00% |
Federal Home Loan Bank, Capital Stock to Assets, Actual | 3.89% | 3.78% |
Leverage Ratio, Required | 5.00% | 5.00% |
Federal Home Loan Bank, Leverage Ratio, Actual | 10.21% | 9.83% |
Weight Applied to Permanent Capital in Computing Leverage Ratio | 1.5 | |
Weight Applied to Nonpermanent Capital in Computing Leverage Ratio | 1 |
Capital Retained Earnings (Deta
Capital Retained Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Banking Regulation, Total Capital [Abstract] | ||
Quarterly Net Income Allocated to Restricted Retained Earnings | 20.00% | |
Percent of Average Balance of Outstanding Consolidated Obligations Prescribed per the Joint Capital Enhancement Agreement For Each Previous Quarter | 1.00% | |
Retained Earnings, Appropriated | $ 589 | $ 576 |
Fair Value (Carrying Value and
Fair Value (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and due from banks | $ 255 | $ 978 | ||
Trading securities | 3,348 | 4,875 | ||
Debt Securities, Available-for-sale | 15,179 | 15,910 | ||
Held-to-maturity securities | 1,679 | 1,816 | ||
Held-to-Maturity Securities, Fair Value | 1,767 | 1,921 | ||
Accrued interest receivable | 104 | 97 | ||
Derivative assets, net | 249 | 227 | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 | ||
Liabilities | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 239 | 332 | ||
Mandatorily redeemable capital stock | (36) | (52) | $ (96) | $ (206) |
Accrued interest payable | (153) | (145) | ||
Derivative liabilities, net | (1) | (4) | ||
Reported Value Measurement [Member] | ||||
Assets | ||||
Cash and due from banks | 255 | 978 | ||
Interest-bearing deposits | 401 | 401 | ||
Securities purchased under agreements to resell | 3,500 | 4,800 | ||
Federal funds sold | 7,095 | 3,695 | ||
Trading securities | 3,348 | 4,875 | ||
Debt Securities, Available-for-sale | 15,179 | 15,910 | ||
Held-to-maturity securities | 1,679 | 1,816 | ||
Advances | 47,514 | 46,530 | ||
Mortgage loans held for portfolio, net | 7,906 | 8,242 | ||
Accrued interest receivable | 104 | 97 | ||
Derivative assets, net | 249 | 227 | ||
Other assets | 40 | 39 | ||
Liabilities | ||||
Deposits | (1,968) | (1,908) | ||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (78,964) | (79,599) | ||
Mandatorily redeemable capital stock | (36) | (52) | ||
Accrued interest payable | (153) | (145) | ||
Derivative liabilities, net | (1) | (4) | ||
Fair Value [Member] | ||||
Assets | ||||
Cash and due from banks | 255 | 978 | ||
Interest-bearing deposits | 401 | 401 | ||
Securities purchased under agreements to resell | 3,500 | 4,800 | ||
Federal funds sold | 7,095 | 3,695 | ||
Trading securities | 3,348 | 4,875 | ||
Debt Securities, Available-for-sale | 15,179 | 15,910 | ||
Held-to-Maturity Securities, Fair Value | 1,767 | 1,921 | ||
Advances | 48,015 | 47,146 | ||
Mortgage loans held for portfolio, net | 8,142 | 8,518 | ||
Accrued interest receivable | 104 | 97 | ||
Derivative assets, net | 249 | 227 | ||
Other assets | 40 | 39 | ||
Liabilities | ||||
Deposits | (1,968) | (1,908) | ||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (79,633) | (80,592) | ||
Mandatorily redeemable capital stock | (36) | (52) | ||
Accrued interest payable | (153) | (145) | ||
Derivative liabilities, net | (1) | (4) | ||
Fair Value, Level 1 [Member] | ||||
Assets | ||||
Cash and due from banks | 255 | 978 | ||
Interest-bearing deposits | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Federal funds sold | 0 | 0 | ||
Trading securities | 0 | 0 | ||
Debt Securities, Available-for-sale | 0 | 0 | ||
Held-to-Maturity Securities, Fair Value | 0 | 0 | ||
Advances | 0 | 0 | ||
Mortgage loans held for portfolio, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets, net | 0 | 0 | ||
Other assets | 40 | 39 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | ||
Mandatorily redeemable capital stock | (36) | (52) | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities, net | 0 | 0 | ||
Fair Value, Level 2 [Member] | ||||
Assets | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits | 401 | 401 | ||
Securities purchased under agreements to resell | 3,500 | 4,800 | ||
Federal funds sold | 7,095 | 3,695 | ||
Trading securities | 3,348 | 4,875 | ||
Debt Securities, Available-for-sale | 15,179 | 15,910 | ||
Held-to-Maturity Securities, Fair Value | 1,762 | 1,915 | ||
Advances | 48,015 | 47,146 | ||
Mortgage loans held for portfolio, net | 8,059 | 8,443 | ||
Accrued interest receivable | 104 | 97 | ||
Derivative assets, net | 112 | 59 | ||
Other assets | 0 | 0 | ||
Liabilities | ||||
Deposits | (1,968) | (1,908) | ||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (79,633) | (80,592) | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Accrued interest payable | (153) | (145) | ||
Derivative liabilities, net | (240) | (336) | ||
Fair Value, Level 3 [Member] | ||||
Assets | ||||
Cash and due from banks | 0 | 0 | ||
Interest-bearing deposits | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Federal funds sold | 0 | 0 | ||
Trading securities | 0 | 0 | ||
Debt Securities, Available-for-sale | 0 | 0 | ||
Held-to-Maturity Securities, Fair Value | 5 | 6 | ||
Advances | 0 | 0 | ||
Mortgage loans held for portfolio, net | 83 | 75 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities, net | 0 | 0 | ||
Consolidated Obligation Discount Notes [Member] | Reported Value Measurement [Member] | ||||
Liabilities | ||||
Discount notes | (23,898) | (27,345) | ||
Consolidated Obligation Discount Notes [Member] | Fair Value [Member] | ||||
Liabilities | ||||
Discount notes | (23,899) | (27,346) | ||
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 1 [Member] | ||||
Liabilities | ||||
Discount notes | 0 | 0 | ||
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 2 [Member] | ||||
Liabilities | ||||
Discount notes | (23,899) | (27,346) | ||
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 3 [Member] | ||||
Liabilities | ||||
Discount notes | 0 | 0 | ||
Consolidated Obligation Bonds [Member] | Reported Value Measurement [Member] | ||||
Liabilities | ||||
Bonds, Fair Value | (55,066) | (52,254) | ||
Consolidated Obligation Bonds [Member] | Fair Value [Member] | ||||
Liabilities | ||||
Bonds, Fair Value | (55,734) | (53,246) | ||
Consolidated Obligation Bonds [Member] | Fair Value, Level 1 [Member] | ||||
Liabilities | ||||
Bonds, Fair Value | 0 | 0 | ||
Consolidated Obligation Bonds [Member] | Fair Value, Level 2 [Member] | ||||
Liabilities | ||||
Bonds, Fair Value | (55,734) | (53,246) | ||
Consolidated Obligation Bonds [Member] | Fair Value, Level 3 [Member] | ||||
Liabilities | ||||
Bonds, Fair Value | $ 0 | $ 0 |
Fair Value (Fair Value on a Rec
Fair Value (Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 3,348 | $ 4,875 |
Debt Securities, Available-for-sale | 15,179 | 15,910 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 |
Derivative assets, net | 249 | 227 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 239 | 332 |
Derivative liabilities, net | (1) | (4) |
Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Derivative assets, net | 0 | 0 |
Other assets | 40 | 39 |
Derivative liabilities, net | 0 | 0 |
Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,348 | 4,875 |
Debt Securities, Available-for-sale | 15,179 | 15,910 |
Derivative assets, net | 112 | 59 |
Other assets | 0 | 0 |
Derivative liabilities, net | (240) | (336) |
Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Derivative assets, net | 0 | 0 |
Other assets | 0 | 0 |
Derivative liabilities, net | 0 | 0 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 |
Derivative assets, net | 227 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 239 | 332 |
Derivative liabilities, net | (1) | |
Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Derivative assets, net | 0 | |
Other assets | 40 | 39 |
Total recurring assets | 40 | 39 |
Derivative liabilities, net | 0 | 0 |
Total recurring liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,348 | 4,875 |
Debt Securities, Available-for-sale | 15,179 | 15,910 |
Derivative assets, net | 59 | |
Other assets | 0 | 0 |
Total recurring assets | 18,639 | 20,844 |
Derivative liabilities, net | (240) | (336) |
Total recurring liabilities | (240) | (336) |
Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Derivative assets, net | 0 | |
Other assets | 0 | 0 |
Total recurring assets | 0 | 0 |
Derivative liabilities, net | 0 | 0 |
Total recurring liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 137 | 168 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 239 | 332 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 0 | 0 |
Derivative liabilities, net | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 112 | 58 |
Derivative liabilities, net | (239) | (335) |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 0 | 0 |
Derivative liabilities, net | 0 | 0 |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | 0 | |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | (1) | |
Forward Contracts [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | 0 | |
Mortgages [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 0 | |
Derivative liabilities, net | 0 | |
Mortgages [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 1 | |
Derivative liabilities, net | (1) | |
Mortgages [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 0 | |
Derivative liabilities, net | 0 | |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,348 | 4,875 |
Debt Securities, Available-for-sale | 15,179 | 15,910 |
Derivative assets, net | 249 | 227 |
Other assets | 40 | 39 |
Derivative liabilities, net | (1) | (4) |
Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 3,348 | 4,875 |
Debt Securities, Available-for-sale | 15,179 | 15,910 |
Other assets | 40 | 39 |
Total recurring assets | 18,816 | 21,051 |
Derivative liabilities, net | (4) | |
Total recurring liabilities | (1) | (4) |
Fair Value [Member] | Interest Rate Swap [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 249 | 226 |
Derivative liabilities, net | 0 | (3) |
Fair Value [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | (1) | |
Fair Value [Member] | Mortgages [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net | 1 | |
Derivative liabilities, net | (1) | |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,565 | 4,069 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,565 | 4,069 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
US Treasury Securities [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,565 | 4,069 |
U.S. obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 106 | 114 |
Debt Securities, Available-for-sale | 1,564 | 1,672 |
U.S. obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
U.S. obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 106 | 114 |
Debt Securities, Available-for-sale | 1,564 | 1,672 |
U.S. obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
U.S. obligations [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 106 | 114 |
Debt Securities, Available-for-sale | 1,564 | 1,672 |
GSE obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 61 | 64 |
Debt Securities, Available-for-sale | 980 | 1,022 |
GSE obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
GSE obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 61 | 64 |
Debt Securities, Available-for-sale | 980 | 1,022 |
GSE obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
GSE obligations [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 61 | 64 |
Debt Securities, Available-for-sale | 980 | 1,022 |
State or local housing agency obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 694 | 693 |
State or local housing agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
State or local housing agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 694 | 693 |
State or local housing agency obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
State or local housing agency obligations [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 694 | 693 |
Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 238 | 246 |
Debt Securities, Available-for-sale | 294 | 302 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 238 | 246 |
Debt Securities, Available-for-sale | 294 | 302 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Other [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 238 | 246 |
Debt Securities, Available-for-sale | 294 | 302 |
U.S. obligations MBS [Member] | Single Family [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 3,418 | 3,544 |
U.S. obligations MBS [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
U.S. obligations MBS [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 3,418 | 3,544 |
U.S. obligations MBS [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
U.S. obligations MBS [Member] | Single Family [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 3,418 | 3,544 |
Mortgage-backed securities, GSE [Member] | Single Family [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 391 | 446 |
Mortgage-backed securities, GSE [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Mortgage-backed securities, GSE [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 391 | 446 |
Mortgage-backed securities, GSE [Member] | Single Family [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Mortgage-backed securities, GSE [Member] | Single Family [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 391 | 446 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 378 | 382 |
Debt Securities, Available-for-sale | 7,838 | 8,231 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 378 | 382 |
Debt Securities, Available-for-sale | 7,838 | 8,231 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | 0 |
Debt Securities, Available-for-sale | 0 | 0 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 378 | 382 |
Debt Securities, Available-for-sale | $ 7,838 | $ 8,231 |
Fair Value (Fair Value on a Non
Fair Value (Fair Value on a Non-Recurring Basis) (Details) - Fair Value, Level 3 [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 83 | $ 75 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 2 | $ 7 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)Institutions | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||
Gain (Loss) Related to Litigation Settlement | $ 0 | $ 56 | |
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | 617,700 | $ 667,500 | |
Other liabilities | 59 | 81 | |
FLA Balance For All Master Commitments | 157 | 154 | |
Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 8,220 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 50 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 8,270 | 9,361 | |
Standby Letters of Credit Original Terms | 10 years | ||
Other liabilities | $ 2 | 2 | |
Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 385 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 403 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 788 | 797 | |
Original Expiration Periods Up To | 7 years | ||
Number of Housing Authorities For Which the Bank Has Standby Bond Purchase Agreements | Institutions | 7 | ||
Commitments to Issue Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | $ 36 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 36 | 0 | |
Loan Origination Commitments [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 898 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 898 | 252 | |
standby letters of credit issuance commitments [Domain] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 858 | 0 | |
Mortgages [Member] | Forward Contracts [Member] | |||
Loss Contingencies [Line Items] | |||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 113 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 113 | $ 177 |
Activities with Stockholders _2
Activities with Stockholders (Transactions with Directors' Financial Institutions) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Advances | $ 47,514 | $ 46,530 |
Loans and Leases Receivable, Net Amount | 7,906 | 8,242 |
Deposits, Domestic | 1,968 | 1,908 |
Capital Stock | 3,535 | 3,341 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Advances | $ 42 | $ 1,526 |
Advances, Percent | 0.00% | 3.00% |
Mortgage Loans, Percent | 2.00% | 2.00% |
Loans and Leases Receivable, Net Amount | $ 136 | $ 154 |
Deposits, Domestic | $ 15 | $ 17 |
Deposits, Percent | 1.00% | 1.00% |
Capital Stock | $ 45 | $ 110 |
Capital Stock, Percent | 1.00% | 3.00% |
Activities with Stockholders (B
Activities with Stockholders (Business Concentrations) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity, Total [Member] | Stockholders' Capital Stock Outstanding Concenetration Risk [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Business Concentration Percentage | 10.00% |
Activities with Other FHLBank_2
Activities with Other FHLBanks (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Transactions [Line Items] | ||||
Payments for FHLBank Advance, Investing Activities | $ 25,419 | $ 78,332 | ||
Federal Home Loan Bank of Boston [Member] | ||||
Schedule of Other Transactions [Line Items] | ||||
Payments for Federal Home Loan Bank Advances | 250 | |||
Proceeds from Federal Home Loan Bank Loans | (250) | |||
Loans to Other Federal Home Loan Banks | $ 0 | $ 0 | ||
Federal Home Loan Bank of Chicago [Member] | ||||
Schedule of Other Transactions [Line Items] | ||||
Payments for Federal Home Loan Bank Advances | 301 | |||
Proceeds from Federal Home Loan Bank Loans | (301) | |||
Loans to Other Federal Home Loan Banks | $ 0 | $ 0 |