Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 42,749,407 | |
Document Transition Report | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 000-51999 | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
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 | |
Document Fiscal Year Focus | 2022 |
Statements of Condition
Statements of Condition - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 50 | $ 295 |
Interest-bearing deposits (Note 3) | 1,011 | 416 |
Securities purchased under agreements to resell (Note 3) | 7,250 | 12,450 |
Federal funds sold (Note 3) | 8,180 | 4,690 |
Investment securities (Note 3) | ||
Trading securities | 2,213 | 1,169 |
Available-for-sale securities (amortized cost of $13,077 and $13,301) | 13,054 | 13,389 |
Held-to-maturity securities (fair value of $1,068 and $1,405) | 1,045 | 1,328 |
Total investment securities | 16,312 | 15,886 |
Advances (Note 4) | 52,731 | 44,111 |
Mortgage loans held for portfolio, net | ||
Mortgage loans held for portfolio, net of allowance for credit losses of $4 and $1 (Notes 5) | 7,940 | 7,578 |
Accrued interest receivable | 118 | 84 |
Derivative assets, net (Note 6) | 250 | 221 |
Other assets | 126 | 121 |
TOTAL ASSETS | 93,968 | 85,852 |
Deposits | ||
Interest-bearing | 1,440 | 1,718 |
Non-interest-bearing | 88 | 129 |
Total deposits | 1,528 | 1,847 |
Consolidated obligations (Note 7) | ||
Discount notes (including $20,363 and $22,348 at fair value held under fair value option) | 50,185 | 22,348 |
Bonds | 35,130 | 55,205 |
Total consolidated obligations | 85,315 | 77,553 |
Mandatorily redeemable capital stock (Note 8) | 17 | 29 |
Accrued interest payable | 107 | 97 |
Affordable Housing Program payable | 126 | 131 |
Derivative liabilities, net (Note 6) | 11 | 3 |
Other liabilities | 559 | 354 |
TOTAL LIABILITIES | 87,663 | 80,014 |
Commitments and contingencies (Note 10) | ||
CAPITAL (Note 8) | ||
Capital stock - Class B putable ($100 par value); 39 and 34 issued and outstanding shares | 3,876 | 3,364 |
Retained earnings | ||
Unrestricted | 1,810 | 1,773 |
Restricted | 648 | 617 |
Total retained earnings | 2,458 | 2,390 |
Accumulated other comprehensive income (loss) | (29) | 84 |
TOTAL CAPITAL | 6,305 | 5,838 |
TOTAL LIABILITIES AND CAPITAL | 93,968 | 85,852 |
Loans and Leases Receivable, Allowance | 4 | 1 |
Held-to-Maturity Securities, Fair Value | $ 1,068 | $ 1,405 |
Capital Stock - Class B Putable, Par Value | $ 100 | $ 100 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | $ 13,077 | $ 13,301 |
Fair Value Option Election | Consolidated Obligation Discount Notes [Member] | ||
Discount notes | $ 31,707 | $ 22,348 |
Common Class B [Member] | ||
Capital Stock - Class B Putable, Issued Shares | 39 | 34 |
Capital Stock - Class B Putable, Outstanding Shares | 39 | 34 |
Capital Stock - Class B Putable, Par Value | $ 100 | $ 100 |
Statements of Income
Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INTEREST INCOME | ||||
Advances | $ 184 | $ 121 | $ 295 | $ 252 |
Interest-bearing deposits | 2 | 1 | 3 | 1 |
Securities purchased under agreements to resell | 8 | 0 | 9 | 1 |
Federal funds sold | 23 | 2 | 26 | 3 |
Trading securities | 9 | 10 | 16 | 22 |
Available-for-sale securities | 55 | 22 | 85 | 58 |
Held-to-maturity securities | 8 | 6 | 14 | 13 |
Mortgage loans held for portfolio | 56 | 50 | 109 | 103 |
Total interest income | 345 | 212 | 557 | 453 |
INTEREST EXPENSE | ||||
Consolidated obligations - Discount notes | 94 | 3 | 108 | 8 |
Consolidated obligations - Bonds | 124 | 117 | 223 | 243 |
Deposits | 1 | 0 | 1 | 0 |
Interest Expense, Capital Securities | 1 | 1 | 1 | 1 |
Total interest expense | 220 | 121 | 333 | 252 |
NET INTEREST INCOME | 125 | 91 | 224 | 201 |
Provision (reversal) for credit losses on mortgage loans | 1 | 1 | 3 | 0 |
NET INTEREST INCOME AFTER PROVISION (REVERSAL) FOR CREDIT LOSSES | 124 | 90 | 221 | 201 |
OTHER INCOME (LOSS) | ||||
Net gains (losses) on trading securities | (23) | (2) | (64) | (24) |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 77 | 0 | 99 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (30) | (8) | (14) | 9 |
Standbyletters of Credit Fees | 3 | 2 | 5 | 5 |
Other, net | (2) | 7 | (1) | 11 |
Total other income (loss) | 25 | (1) | 25 | 1 |
OTHER EXPENSE | ||||
Compensation and benefits | 18 | 18 | 36 | 39 |
Contractual services | 5 | 5 | 10 | 9 |
Professional fees | 3 | 3 | 6 | 7 |
Other operating expenses | 5 | 5 | 9 | 10 |
Federal Housing Finance Agency | 2 | 2 | 5 | 4 |
Office of Finance | 2 | 2 | 4 | 4 |
Other, net | 4 | 1 | 6 | 3 |
Total other expense | 39 | 36 | 76 | 76 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 110 | 53 | 170 | 126 |
Affordable Housing Program assessments | 11 | 6 | 17 | 13 |
NET INCOME | $ 99 | $ 47 | $ 153 | $ 113 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 99 | $ 47 | $ 153 | $ 113 |
Other comprehensive income (loss) | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 0 | 0 | (2) | 0 |
Total other comprehensive income (loss) | (50) | (2) | (113) | 50 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 49 | 45 | 40 | 163 |
Unrealized gains (losses) | $ (50) | $ (2) | $ (111) | $ 50 |
Statements of Capital
Statements of Capital - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 5,945 | $ 6,012 | $ 5,838 | $ 5,740 |
Total Comprehensive Income | 49 | 45 | 40 | 163 |
Proceeds from issuance of capital stock | 1,725 | 782 | 2,712 | 1,501 |
Repurchases/redemptions of capital stock | (1,370) | (808) | (2,197) | (1,333) |
Net shares reclassified (to) from mandatorily redeemable capital stock | (2) | (80) | (3) | (80) |
Cash dividends on capital stock | (42) | (41) | (85) | (81) |
Ending Balance | 6,305 | 5,910 | 6,305 | 5,910 |
Retained Earnings, Unrestricted [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 1,773 | 1,788 | 1,773 | 1,775 |
Total Comprehensive Income | 79 | 38 | 122 | 91 |
Cash dividends on capital stock | (42) | (41) | (85) | (81) |
Ending Balance | 1,810 | 1,785 | 1,810 | 1,785 |
Retained Earnings, Restricted [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 628 | 589 | 617 | 576 |
Total Comprehensive Income | 20 | 9 | 31 | 22 |
Ending Balance | 648 | 598 | 648 | 598 |
Retained Earnings [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 2,401 | 2,377 | 2,390 | 2,351 |
Total Comprehensive Income | 99 | 47 | 153 | 113 |
Cash dividends on capital stock | (42) | (41) | (85) | (81) |
Ending Balance | 2,458 | 2,383 | 2,458 | 2,383 |
Accumulated Other Comprehensive Income [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 21 | 100 | 84 | 48 |
Total Comprehensive Income | (50) | (2) | (113) | 50 |
Ending Balance | (29) | 98 | (29) | 98 |
Common Class B [Member] | Common Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 3,523 | $ 3,535 | $ 3,364 | $ 3,341 |
BALANCE (shares) | 36 | 35 | 34 | 34 |
Proceeds from issuance of capital stock | $ 1,725 | $ 782 | $ 2,712 | $ 1,501 |
Proceeds from issuance of capital stock (shares) | 17 | 8 | 27 | 15 |
Repurchases/redemptions of capital stock | $ (1,370) | $ (808) | $ (2,197) | $ (1,333) |
Repurchases/redemptions of capital stock (shares) | (14) | (7) | (22) | (13) |
Net shares reclassified (to) from mandatorily redeemable capital stock | $ (2) | $ (80) | $ (3) | $ (80) |
Net shares reclassified (to) from mandatorily redeemable capital stock (shares) | 0 | (1) | 0 | (1) |
BALANCE (shares) | 39 | 35 | 39 | 35 |
Ending Balance | $ 3,876 | $ 3,429 | $ 3,876 | $ 3,429 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net Income | $ 153 | $ 113 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 67 | 22 |
Net gains (losses) on trading securities | 64 | 24 |
Increase (Decrease) in Fair Value Adjustments on Other Assets (Liabilities) Carried at Fair Value under Fair Value Option | (99) | 0 |
Unrealized Gain (Loss) on Derivatives | 1,078 | 204 |
Other adjustments | 3 | 15 |
Net change in: | ||
Increase (Decrease) in Accrued Interest Receivable, Net | (44) | (2) |
Increase (Decrease) in Other Operating Assets | 7 | (4) |
Accrued interest payable | 11 | (11) |
Other liabilities | (16) | (13) |
Total adjustments | 1,071 | 235 |
Net Cash Provided by (Used in) Operating Activities | 1,224 | 348 |
Net change in: | ||
Interest-bearing deposits | (690) | 85 |
Securities purchased under agreements to resell | 5,200 | 300 |
Federal funds sold | (3,490) | (3,390) |
Trading securities | ||
Proceeds from Maturities, Repayments and Calls of Debt Securities, FV-NI, Held-for-investment | 190 | 4,546 |
Payments to Acquire Trading Securities Held-for-investment | (1,298) | (1,098) |
Available-for-sale securities | ||
Proceeds from sales and maturities | 1,471 | 1,049 |
Purchases | (1,485) | (18) |
Held-to-maturity securities | ||
Proceeds from sales and maturities | 272 | 270 |
Advances | ||
Principal collected | 102,609 | 69,511 |
Originated | (112,016) | (68,787) |
Mortgage loans held for portfolio | ||
Principal collected | 599 | 1,510 |
Originated or purchased | (984) | (839) |
Payments for (Proceeds from) Other Investing Activities | (5) | 0 |
Net Cash Provided by (Used in) Investing Activities | (9,627) | 3,139 |
FINANCING ACTIVITIES | ||
Net change in deposits | (242) | (90) |
Net proceeds from issuance of consolidated obligations | ||
Discount notes | 276,308 | 134,226 |
Bonds | 13,157 | 29,738 |
Payments for maturing and retiring consolidated obligations | ||
Discount notes | (248,457) | (138,468) |
Bonds | (33,023) | (29,809) |
Proceeds from issuance of capital stock | 2,712 | 1,501 |
Payments for repurchases/redemptions of capital stock | (2,197) | (1,333) |
Payments for repurchases/redemptions of mandatorily redeemable capital stock | (15) | (97) |
Cash dividends paid | (85) | (81) |
Net cash provided by (used in) financing activities | 8,158 | (4,413) |
Net increase (decrease) in cash and due from banks | (245) | (926) |
Cash and due from banks at the beginning of the period | 295 | 978 |
cash and due from banks at the end of the period | 50 | 52 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid | 258 | 285 |
Affordable Housing Program payments | 22 | 23 |
Noncash Investing and Financing Items [Abstract] | ||
Capitalized interest on reverse mortgage securities | 10 | 11 |
Traded Not Settled Investments | 504 | 0 |
Traded Note Settled Investment Payments or Calls | 8 | 0 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | $ 3 | $ 80 |
Background Information
Background Information | 6 Months Ended |
Jun. 30, 2022 | |
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 | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021, which are contained in the Bank’s 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 9, 2022 (2021 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, 2022. R eclassifications Certain amounts in the Bank’s 2021 financial statements have been reclassified to conform to the presentation for the three and six months ended June 30, 2022. 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 six months ended June 30, 2022. Descriptions of all significant accounting policies are included in “Note 1 — Summary of Significant Accounting Policies” in the 2021 Form 10-K. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Guidance [Text Block] | Recently Adopted and Issued Accounting Guidance Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) On March 31, 2022, the Financial Accounting Standards Board (FASB) issued guidance eliminating the accounting requirements for troubled debt restructurings (TDRs) by creditors that have adopted the current expected credit losses methodology, while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, this guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. This guidance becomes effective for the Bank for the interim and annual periods beginning on January 1, 2023. Early adoption is permitted. The Bank is in the process of evaluating this guidance and its effect on the Bank’s financial condition, results of operations, or cash flows has not yet been determined. Fair Value Hedging – Portfolio Layer Method (ASU 2022-01) On March 28, 2022, the FASB issued guidance expanding the current last-of-layer method to apply fair value hedging by allowing multiple hedged layers of a single closed portfolio under the method. To reflect that expansion, the last-of-layer method is renamed “the portfolio layer method”. Among other things, this guidance (i) expands the scope of the portfolio layer method to include non-prepayable assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. This guidance becomes effective for the interim and annual periods beginning on January 1, 2023. Early adoption is permitted. The Bank does not currently utilize the last-of-layer hedging method and therefore this guidance is not expected to have any impact on the Bank’s financial condition, results of operations, or cash flows. Reference Rate Reform (ASU 2020-04) On March 12, 2020, the FASB issued temporary guidance to ease the potential burden in accounting for reference rate reform related to the transition from LIBOR. The guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform, if certain criteria are met. These transactions include contract modifications, hedging relationships, and the sale/transfer of held-to-maturity (HTM) debt securities. This guidance became effective immediately and remains in effect until December 31, 2022. The Bank continues to evaluate the impact of the guidance and anticipates electing the applicable optional expedients as reference rate activities occur. The effect, if any, of this guidance and these activities on the Bank’s financial condition, results of operations, or cash flows depends on the nature of the transactions and market conditions at the time any election is made. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
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, available-for-sale (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 June 30, 2022 and December 31, 2021, none of these investments were with counterparties rated below triple-B; however, as of June 30, 2022, approximately one percent were secured securities purchased under agreements to resell with unrated counterparties. At December 31, 2021, the Bank held no unrated investments. These NRSRO ratings 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 June 30, 2022 and December 31, 2021, 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 $1 million at June 30, 2022 and less than $1 million at December 31, 2021. 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 June 30, 2022 and December 31, 2021. The carrying value of securities purchased under agreements to resell excludes accrued interest receivable of less than $1 million at both June 30, 2022 and December 31, 2021. 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. A security is considered to be investment quality if it has adequate financial backing so that full and timely payment of principal and interest is expected and there is minimal risk that the timely payment of principal and interest would not occur because of adverse changes in economic and financial conditions during the projected life of the security. 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): June 30, December 31, 2021 Non-mortgage-backed securities U.S. Treasury obligations 1 $ 1,770 $ 496 Other U.S. obligations 1 87 102 GSE and Tennessee Valley Authority obligations 53 60 Other 2 167 201 Total non-mortgage-backed securities 2,077 859 Mortgage-backed securities GSE multifamily 136 310 Total fair value $ 2,213 $ 1,169 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 following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net unrealized gains (losses) on trading securities held at period-end $ (23) $ 1 $ (62) $ (18) Net gains (losses) on trading securities no longer held at period-end — (3) (2) (6) Net gains (losses) on trading securities $ (23) $ (2) $ (64) $ (24) AFS Securities AFS securities by major security type we re as follows (dollars in millions): June 30, 2022 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 953 $ 3 $ (3) $ 953 GSE and Tennessee Valley Authority obligations 487 15 — 502 State or local housing agency obligations 473 — (2) 471 Other 3 260 8 — 268 Total non-mortgage-backed securities 2,173 26 (5) 2,194 Mortgage-backed securities U.S. obligations single-family 2 2,758 1 (7) 2,752 GSE single-family 232 2 — 234 GSE multifamily 7,914 10 (50) 7,874 Total mortgage-backed securities 10,904 13 (57) 10,860 Total $ 13,077 $ 39 $ (62) $ 13,054 December 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,152 $ 5 $ (1) $ 1,156 GSE and Tennessee Valley Authority obligations 953 30 — 983 State or local housing agency obligations 492 — (4) 488 Other 3 277 11 — 288 Total non-mortgage-backed securities 2,874 46 (5) 2,915 Mortgage-backed securities U.S. obligations single-family 2 2,890 19 — 2,909 GSE single-family 273 4 — 277 GSE multifamily 7,264 42 (18) 7,288 Total mortgage-backed securities 10,427 65 (18) 10,474 Total $ 13,301 $ 111 $ (23) $ 13,389 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 $29 million and $28 million at June 30, 2022 and December 31, 2021. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. 3 Consists primarily of taxable municipal bonds. Unrealized Losses The following tables summarize 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. June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 469 $ (1) $ 83 $ (2) $ 552 $ (3) State or local housing agency obligations 6 — 413 (2) 419 (2) Total non-mortgage-backed securities 475 (1) 496 (4) 971 (5) Mortgage-backed securities U.S. obligations single-family 1 2,005 (7) 73 — 2,078 (7) GSE single-family 85 — — — 85 — GSE multifamily 2,292 (36) 3,015 (14) 5,307 (50) Total mortgage-backed securities 4,382 (43) 3,088 (14) 7,470 (57) Total $ 4,857 $ (44) $ 3,584 $ (18) $ 8,441 $ (62) December 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 $ 80 $ — $ 115 $ (1) $ 195 $ (1) GSE and Tennessee Valley Authority obligations 355 — — — 355 — State or local housing agency obligations — — 451 (4) 451 (4) Total non-mortgage-backed securities 435 — 566 (5) 1,001 (5) Mortgage-backed securities U.S. obligations single-family 1 89 — 87 — 176 — GSE single-family 2 — — — 2 — GSE multifamily 1,831 (3) 2,917 (15) 4,748 (18) Total mortgage-backed securities 1,922 (3) 3,004 (15) 4,926 (18) Total $ 2,357 $ (3) $ 3,570 $ (20) $ 5,927 $ (23) 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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due in one year or less $ 106 $ 106 $ 422 $ 422 Due after one year through five years 1,252 1,258 1,538 1,548 Due after five years through ten years 339 343 348 356 Due after ten years 476 487 566 589 Total non-mortgage-backed securities 2,173 2,194 2,874 2,915 Mortgage-backed securities 10,904 10,860 10,427 10,474 Total $ 13,077 $ 13,054 $ 13,301 $ 13,389 HTM Securities HTM securities by major security type wer e as follows (dollars in millions): June 30, 2022 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 372 $ 28 $ (1) $ 399 State or local housing agency obligations 34 — — 34 Total non-mortgage-backed securities 406 28 (1) 433 Mortgage-backed securities U.S. obligations single-family 2 2 — — 2 GSE single-family 633 1 (5) 629 Private-label 4 — — 4 Total mortgage-backed securities 639 1 (5) 635 Total $ 1,045 $ 29 $ (6) $ 1,068 December 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 374 $ 71 $ — $ 445 State or local housing agency obligations 187 1 (1) 187 Total non-mortgage-backed securities 561 72 (1) 632 Mortgage-backed securities U.S. obligations single-family 2 2 — — 2 GSE single-family 760 6 — 766 Private-label 5 — — 5 Total mortgage-backed securities 767 6 — 773 Total $ 1,328 $ 78 $ (1) $ 1,405 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $5 million at both June 30, 2022 and December 31, 2021. 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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due after one year through five years $ 255 $ 265 $ 257 $ 287 Due after five years through ten years 73 80 196 204 Due after ten years 78 88 108 141 Total non-mortgage-backed securities 406 433 561 632 Mortgage-backed securities 639 635 767 773 Total $ 1,045 $ 1,068 $ 1,328 $ 1,405 ALLOWANCE FOR CREDIT LOSSES ON AFS AND HTM SECURITIES The Bank evaluates AFS and HTM investment securities for credit losses on a quarterly basis. 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 both June 30, 2022 and December 31, 2021, over 99 percent of the Bank’s AFS 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 NRSRO ratings 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 June 30, 2022 and December 31, 2021, certain AFS securities held by the Bank were in an unrealized loss position. These losses are 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 are high-quality GSE securities or carry an explicit government guarantee. As a result, no allowance for credit losses was recorded on these AFS securities at June 30, 2022 and December 31, 2021. 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 June 30, 2022 and December 31, 2021, the Bank had no allowance for credit losses recorded on its HTM securities because the securities: (i) were all highly-rated, (ii) had not experienced, nor did the Bank expect, any payment default on the instruments, and (iii) in the case of U.S. obligations and GSE and TVA obligations, are high-quality and may carry an explicit government guarantee such that the Bank considers the risk of nonpayment to be zero. |
Advances
Advances | 6 Months Ended |
Jun. 30, 2022 | |
Advances [Abstract] | |
Advances [Text Block] | Advances REDEMPTION TERM The following table summarizes the Bank’s advances outstanding by redemption term (dollars in millions): June 30, 2022 December 31, 2021 Redemption Term Amount 1 Weighted Amount 1 Weighted Overdrawn demand deposit accounts 2 $ — 2.73 % $ — — % Due in one year or less 22,301 1.76 12,441 1.18 Due after one year through two years 6,267 2.00 7,415 1.72 Due after two years through three years 11,071 1.65 9,956 1.04 Due after three years through four years 4,217 1.73 4,939 0.94 Due after four years through five years 6,343 1.75 6,275 0.95 Thereafter 3,347 2.14 3,113 2.07 Total par value 53,546 1.78 % 44,139 1.24 % Premiums 12 14 Discounts (1) (2) Fair value hedging adjustments (826) (40) Total $ 52,731 $ 44,111 1 Excludes accrued interest receivable of $42 million and $13 million at June 30, 2022 and December 31, 2021. 2 The Bank’s overdrawn demand deposit accounts were less than $1 million at June 30, 2022. 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 June 30, December 31, 2021 June 30, December 31, 2021 Overdrawn demand deposit accounts 1 $ — $ — $ — $ — Due in one year or less 34,891 24,690 22,954 13,270 Due after one year through two years 4,730 6,253 6,065 7,429 Due after two years through three years 5,337 4,429 10,631 9,173 Due after three years through four years 1,611 2,357 4,217 4,889 Due after four years through five years 3,607 3,273 6,343 6,276 Thereafter 3,370 3,137 3,336 3,102 Total par value $ 53,546 $ 44,139 $ 53,546 $ 44,139 1 The Bank’s overdrawn demand deposit accounts were less than $1 million at June 30, 2022. The Bank offers advances to members and eligible housing associates that may be prepaid on predetermined 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 June 30, 2022 and December 31, 2021 , the Bank had callable advances outstanding totaling $13.5 billion and $13.4 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 June 30, 2022 and December 31, 2021, t he Bank had putable advances outstanding totaling $0.7 billion and $1.1 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, if applicable, in advance interest income on the Statements of Income. During the three and six months ended June 30, 2022, the Bank recorded net prepayment fees on advances of $3 million and $9 million compared to $13 million and $30 million for the same periods in 2021. ADVANCE CONCENTRATIONS The Bank’s advances are primarily concentrated in commercial banks and insurance companies. At June 30, 2022 and December 31, 2021, 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 pledge 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 indicators of credit quality on its advances. At June 30, 2022 and December 31, 2021, 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. At June 30, 2022 and December 31, 2021, none of the Bank’s advances were past due, on non-accrual status, or considered impaired. 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 addition, there were no TDRs related to advances during the six months ended June 30, 2022 and 2021. The Bank has never experienced a credit loss on its advances. 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 its advances as of June 30, 2022 and December 31, 2021. |
Mortgage Loans Held for Portfol
Mortgage Loans Held for Portfolio | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, December 31, 2021 Fixed rate, long-term single-family mortgage loans $ 6,766 $ 6,307 Fixed rate, medium-term 1 single-family mortgage loans 1,094 1,172 Total unpaid principal balance 7,860 7,479 Premiums 95 96 Discounts (6) (2) Basis adjustments from mortgage loan purchase commitments (5) 6 Total mortgage loans held for portfolio 2 7,944 7,579 Allowance for credit losses (4) (1) Total mortgage loans held for portfolio, net $ 7,940 $ 7,578 1 Medium-term is defined as an original term of 15 years or less. 2 Excludes accrued interest receivable of $36 million and $34 million at June 30, 2022 and December 31, 2021. The following table presents the Bank’s mortgage loans held for portfolio by collateral or guarantee type (dollars in millions): June 30, December 31, 2021 Conventional mortgage loans $ 7,463 $ 7,063 Government-insured mortgage loans 397 416 Total unpaid principal balance $ 7,860 $ 7,479 PAYMENT STATUS OF MORTGAGE LOANS Payment status is the key credit quality indicator for conventional mortgage loans and allows the Bank to monitor borrower performance. Past due loans are those where the borrower has failed to make contractual principal and/or interest payments for a period of 30 days or more. 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): June 30, 2022 Origination Year Prior to 2018 2018 to 2022 Total Past due 30 - 59 days $ 19 $ 17 $ 36 Past due 60 - 89 days 4 4 8 Past due 90 - 179 days 6 2 8 Past due 180 days or more 11 2 13 Total past due mortgage loans 40 25 65 Total current mortgage loans 1,921 5,553 7,474 Total amortized cost of mortgage loans 1 $ 1,961 $ 5,578 $ 7,539 December 31, 2021 Origination Year Prior to 2017 2017 to 2021 Total Past due 30 - 59 days $ 19 $ 17 $ 36 Past due 60 - 89 days 5 3 8 Past due 90 - 179 days 7 2 9 Past due 180 days or more 16 3 19 Total past due mortgage loans 47 25 72 Total current mortgage loans 1,826 5,257 7,083 Total amortized cost of mortgage loans 1 $ 1,873 $ 5,282 $ 7,155 1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, price adjustment fees, basis adjustments, and direct write-downs. Amortized cost excludes accrued interest receivable. The following tables present other delinquency statistics for mortgage loans (dollars in millions): June 30, 2022 Amortized Cost Conventional Government-Insured Total In process of foreclosure 1 $ 6 $ 1 $ 7 Serious delinquency rate 2 — % 1 % — % Past due 90 days or more and still accruing interest 3 $ — $ 6 $ 6 Non-accrual mortgage loans 4 $ 52 $ — $ 52 December 31, 2021 Amortized Cost Conventional Government- Insured Total In process of foreclosure 1 $ 4 $ 1 $ 5 Serious delinquency rate 2 — % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 11 $ 11 Non-accrual mortgage loans 4 $ 86 $ — $ 86 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. Serious delinquency rate on conventional loans was less than one percent at both June 30, 2022 and December 31, 2021. 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 for which the collection of interest or principal is doubtful. At June 30, 2022 and December 31, 2021, $40 million and $74 million of conventional mortgage loans on non-accrual status were evaluated individually and did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral was greater than the amortized cost of the loans. 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 exist. 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 when repayment is expected to be provided solely by the sale of the underlying collateral. 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 and expected proceeds from primary mortgage insurance (PMI). 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 June 30, 2022 and December 31, 2021, the Bank’s allowance for credit losses on conventional mortgage loans was $4 million and $1 million. During the six months ended June 30, 2022, the Bank projected an increase in expected credit losses on collectively evaluated loans due primarily to an upward revision in forecasted mortgage rates, a deceleration in forecasted regional home price appreciation, and increased loan volumes. The increase in loan volumes was due to new purchases as well as certain individually evaluated loans returning to accrual status during the period. As a result of loans returning to accrual status, the Bank also saw a decline in expected property value recoveries on individually evaluated loans during the period. 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, but in such instance, the Bank would have recourse against the servicer for such failure. The Bank has never experienced a credit loss on its government-insured mortgage loans. At June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021. 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 AND HEDGED ITEMS 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 2021 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): June 30, 2022 December 31, 2021 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments (fair value hedges) Interest rate swaps $ 33,617 $ 154 $ 253 $ 57,502 $ 68 $ 136 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps 34,415 10 13 23,664 7 43 Forward settlement agreements (TBAs) 143 — 1 115 — — Mortgage loan purchase commitments 147 1 1 115 — — Total derivatives not designated as hedging instruments 34,705 11 15 23,894 7 43 Total derivatives before netting and collateral adjustments $ 68,322 165 268 $ 81,396 75 179 Netting adjustments and cash collateral 1 85 (257) 146 (176) Total derivative assets and derivative liabilities $ 250 $ 11 $ 221 $ 3 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 June 30, 2022 and December 31, 2021, cash collateral, including accrued interest, posted by the Bank was $438 million and $342 million. At June 30, 2022 and December 31, 2021, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $96 million and $20 million. The following tables summarize the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions): For the Three Months Ended June 30, 2022 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 184 $ 55 $ (124) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 229 $ 177 $ (55) Hedged items 3 (241) (185) 57 Net gains (losses) on fair value hedging relationships $ (12) $ (8) $ 2 For the Three Months Ended June 30, 2021 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 121 $ 22 $ (117) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ (66) $ (78) $ 1 Hedged items 3 9 43 35 Net gains (losses) on fair value hedging relationships $ (57) $ (35) $ 36 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 the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions): For the Six Months Ended June 30, 2022 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 295 $ 85 $ (223) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 735 $ 427 $ (173) Hedged items 3 (786) (456) 184 Net gains (losses) on fair value hedging relationships $ (51) $ (29) $ 11 For the Six Months Ended June 30, 2021 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 252 $ 58 $ (243) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 133 $ 95 $ (6) Hedged items 3 (244) (160) 78 Net gains (losses) on fair value hedging relationships $ (111) $ (65) $ 72 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): June 30, 2022 Advances AFS Securities Consolidated Obligation Bonds Amortized cost of hedged asset/ liability 1 $ 17,333 $ 6,788 $ 10,009 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ (768) $ (383) $ (176) Basis adjustments for discontinued hedging relationships included in amortized cost (58) — (3) Total amount of fair value hedging adjustments $ (826) $ (383) $ (179) December 31, 2021 Advances AFS Securities Consolidated Obligation Bonds Amortized cost of hedged asset/ liability 1 $ 17,598 $ 6,547 $ 34,271 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ (54) $ 73 $ 11 Basis adjustments for discontinued hedging relationships included in amortized cost 14 — (5) Total amount of fair value hedging adjustments $ (40) $ 73 $ 6 1 Represents the portion of amortized cost designated as a hedged item in an active or discontinued 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 For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps $ (40) $ (3) $ (23) $ 18 Forward settlement agreements (TBAs) 4 — 11 3 Mortgage loan purchase commitments (4) — (11) (3) Net interest settlements 11 (5) 10 (9) Total net gains (losses) related to derivatives not designated as hedging instruments (29) (8) (13) 9 Price alignment amount 1 (1) — (1) — Net gains (losses) on derivatives $ (30) $ (8) $ (14) $ 9 1 This amount represents interest on variation margin, which is a component of the derivative fair value for cleared transactions, and reflects the price alignment amount on variation margin for daily settled derivative contracts not designated as hedging instruments. The price alignment amount on variation margin for daily settled derivative contracts designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. 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 clearing agent with a Clearinghouse, referred to as cleared derivatives. Once a derivative transaction has been accepted for clearing by a 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 is impacted by 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 an 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 aggregate fair value of all uncleared derivative instruments with credit-risk related contingent features that were in a net liability position (before cash collateral and related accrued interest) at June 30, 2022 was less than $1 million, for which 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 June 30, 2022. 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 June 30, 2022. 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 2021 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): June 30, 2022 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 $ 153 $ (146) $ 1 $ 8 Cleared derivatives 11 231 — 242 Total $ 164 $ 85 $ 1 $ 250 Derivative Liabilities Uncleared derivatives $ 159 $ (149) $ 1 $ 11 Cleared derivatives 108 (108) — — Total $ 267 $ (257) $ 1 $ 11 December 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 $ 74 $ (73) $ — $ 1 Cleared derivatives 1 219 — 220 Total $ 75 $ 146 $ — $ 221 Derivative Liabilities Uncleared derivatives $ 172 $ (170) $ — $ 2 Cleared derivatives 7 (6) — 1 Total $ 179 $ (176) $ — $ 3 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 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 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 June 30, 2022 and December 31, 2021, the total par value of outstanding consolidated obligations of the FHLBanks was $882.5 billion and $652.9 billion. DISCOUNT NOTES The following table summarizes the Bank’s discount notes (dollars in millions): June 30, 2022 December 31, 2021 Amount Weighted Amount Weighted Par value $ 50,497 1.23 % $ 22,355 0.08 % Discounts and concessions 1 (212) (6) Fair value option adjustments (100) (1) Total $ 50,185 $ 22,348 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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 19,604 1.74 % $ 38,778 0.30 % Due after one year through two years 4,233 2.17 3,928 2.06 Due after two years through three years 4,059 2.44 5,073 2.41 Due after three years through four years 911 2.19 1,010 2.11 Due after four years through five years 1,207 2.08 1,185 1.97 Thereafter 5,201 2.38 5,105 2.27 Total par value 35,215 1.99 % 55,079 0.87 % Premiums 110 138 Discounts and concessions 1 (16) (17) Fair value hedging adjustments (179) 5 Total $ 35,130 $ 55,205 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): June 30, December 31, Non-callable or non-putable $ 25,596 $ 49,422 Callable 9,619 5,657 Total par value $ 35,215 $ 55,079 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 June 30, December 31, Due in one year or less $ 25,876 $ 44,071 Due after one year through two years 3,459 3,908 Due after two years through three years 3,078 3,831 Due after three years through four years 681 805 Due after four years through five years 576 753 Thereafter 1,545 1,711 Total par value $ 35,215 $ 55,079 |
Capital
Capital | 6 Months Ended |
Jun. 30, 2022 | |
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 and 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 June 30, 2022, the Bank had no excess capital stock outstanding. At December 31, 2021, 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. The following tables summarize changes in MRCS (dollars in millions): For the Three Months Ended June 30, 2022 2021 Balance, beginning of period $ 18 $ 36 Capital stock reclassified to (from) MRCS, net 2 80 Net payments for repurchases/redemptions of MRCS (3) (81) Balance, end of period $ 17 $ 35 For the Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 29 $ 52 Capital stock reclassified to (from) MRCS, net 3 80 Net payments for repurchases/redemptions of MRCS (15) (97) Balance, end of period $ 17 $ 35 The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions): Year of Contractual Redemption 1 June 30, December 31, 2021 Due in one year or less $ 1 $ 10 Due after one year through two years 1 1 Due after three years through four years 8 1 Due after four years through five years — 9 Past contractual redemption date due to outstanding activity with the Bank 7 8 Total $ 17 $ 29 1 At the Bank’s election, MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption. 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 June 30, 2022 and December 31, 2021, the Bank’s restricted retained earnings account totaled $648 million and $617 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, March 31, 2021 $ 104 $ (4) $ 100 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (2) — (2) Net current period other comprehensive income (loss) (2) — (2) Balance, June 30, 2021 $ 102 $ (4) $ 98 Balance, March 31, 2022 $ 27 $ (6) $ 21 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (50) — (50) Net current period other comprehensive income (loss) (50) — (50) Balance, June 30, 2022 $ (23) $ (6) $ (29) Balance, December 31, 2020 $ 52 $ (4) $ 48 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities 50 — 50 Net current period other comprehensive income (loss) 50 — 50 Balance, June 30, 2021 $ 102 $ (4) $ 98 Balance, December 31, 2021 $ 88 $ (4) $ 84 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (111) — (111) Reclassifications from AOCI to net income Amortization - pension and postretirement — (2) (2) Net current period other comprehensive income (loss) (111) (2) (113) Balance, June 30, 2022 $ (23) $ (6) $ (29) 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 operational 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 stock (including MRCS) and retained earnings. • 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 June 30, 2022 and December 31, 2021. 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): June 30, 2022 December 31, 2021 Required Actual Required Actual Regulatory capital requirements Risk-based capital $ 541 $ 6,351 $ 585 $ 5,783 Regulatory capital $ 3,759 $ 6,351 $ 3,434 $ 5,783 Leverage capital $ 4,698 $ 9,526 $ 4,293 $ 8,675 Capital-to-assets ratio 4.00 % 6.76 % 4.00 % 6.74 % Capital stock-to-assets ratio 2.00 % 4.07 % 2.00 % 4.08 % Leverage ratio 5.00 % 10.14 % 5.00 % 10.10 % |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
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. Valuations are derived from techniques that use significant assumptions not observable in the market, which may include pricing models, discounted cash flow models, or similar techniques. 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 six months ended June 30, 2022 and 2021. 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, financial instruments held under the fair value option, 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. June 30, 2022 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 $ 50 $ 50 $ — $ — $ — $ 50 Interest-bearing deposits 1,011 — 1,011 — — 1,011 Securities purchased under agreements to resell 7,250 — 7,250 — — 7,250 Federal funds sold 8,180 — 8,180 — — 8,180 Trading securities 2,213 — 2,213 — — 2,213 Available-for-sale securities 13,054 — 13,054 — — 13,054 Held-to-maturity securities 1,045 — 1,064 4 — 1,068 Advances 52,731 — 52,592 — — 52,592 Mortgage loans held for portfolio, net 7,940 — 7,466 43 — 7,509 Accrued interest receivable 118 — 118 — — 118 Derivative assets, net 250 — 165 — 85 250 Other assets 35 35 — — — 35 Liabilities Deposits (1,528) — (1,528) — — (1,528) Consolidated obligations Discount notes (50,185) — (50,178) — — (50,178) Bonds (35,130) — (34,462) — — (34,462) Total consolidated obligations (85,315) — (84,640) — — (84,640) MRCS (17) (17) — — — (17) Accrued interest payable (107) — (107) — — (107) Derivative liabilities, net (11) — (268) — 257 (11) 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, 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 $ 295 $ 295 $ — $ — $ — $ 295 Interest-bearing deposits 416 — 416 — — 416 Securities purchased under agreements to resell 12,450 — 12,450 — — 12,450 Federal funds sold 4,690 — 4,690 — — 4,690 Trading securities 1,169 — 1,169 — — 1,169 Available-for-sale securities 13,389 — 13,389 — — 13,389 Held-to-maturity securities 1,328 — 1,400 5 — 1,405 Advances 44,111 — 44,397 — — 44,397 Mortgage loans held for portfolio, net 7,578 — 7,694 81 — 7,775 Accrued interest receivable 84 — 84 — — 84 Derivative assets, net 221 — 75 — 146 221 Other assets 44 44 — — — 44 Liabilities Deposits (1,847) — (1,847) — — (1,847) Consolidated obligations Discount notes (22,348) — (22,348) — — (22,348) Bonds (55,205) — (55,581) — — (55,581) Total consolidated obligations (77,553) — (77,929) — — (77,929) MRCS (29) (29) — — — (29) Accrued interest payable (97) — (97) — — (97) Derivative liabilities, net (3) — (179) — 176 (3) 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 June 30, 2022 and December 31, 2021, 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 PMI proceeds. 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 Secured Overnight Financing Rate (SOFR) swap 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 analysis 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. Consolidated Obligation Discount Notes Recorded under the Fair Value Option . The fair value of consolidated obligation discount notes recorded under the fair value option is determined by calculating the present value of the expected future cash flows. The discount rates used in the present value calculations are for consolidated obligations with similar terms. The Bank uses the consolidated obligation curve for measuring the fair value of these consolidated obligations, which is a market-observable curve constructed by the Office of Finance. This curve is constructed using the U.S. Treasury curve as a base curve which is then adjusted by adding indicative spreads obtained largely from market-observable sources. 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): June 30, 2022 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 1,770 $ — $ — $ 1,770 Other U.S. obligations — 87 — — 87 GSE and TVA obligations — 53 — — 53 Other non-MBS — 167 — — 167 GSE multifamily MBS — 136 — — 136 Total trading securities — 2,213 — — 2,213 Available-for-sale securities Other U.S. obligations — 953 — — 953 GSE and TVA obligations — 502 — — 502 State or local housing agency obligations — 471 — — 471 Other non-MBS — 268 — — 268 U.S. obligations single-family MBS — 2,752 — — 2,752 GSE single-family MBS — 234 — — 234 GSE multifamily MBS — 7,874 — — 7,874 Total available-for-sale securities — 13,054 — — 13,054 Derivative assets, net Interest-rate related — 164 — 85 249 Mortgage loan purchase commitments — 1 — — 1 Total derivative assets, net — 165 — 85 250 Other assets 35 — — — 35 Total recurring assets at fair value $ 35 $ 15,432 $ — $ 85 $ 15,552 Liabilities Discount notes 2 $ — $ (31,707) $ — $ — $ (31,707) Derivative liabilities, net Interest-rate related — (266) — 257 (9) Mortgage loan purchase commitments — (1) — — (1) Forward settlement agreements (TBAs) — (1) — — (1) Total derivative liabilities, net — (268) — 257 (11) Total recurring liabilities at fair value $ — $ (31,975) $ — $ 257 $ (31,718) 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. 2 Represents financial instruments recorded under the fair value option. 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, 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 $ — $ 496 $ — $ — $ 496 Other U.S. obligations — 102 — — 102 GSE and TVA obligations — 60 — — 60 Other non-MBS — 201 — — 201 GSE multifamily MBS — 310 — — 310 Total trading securities — 1,169 — — 1,169 Available-for-sale securities Other U.S. obligations — 1,156 — — 1,156 GSE and TVA obligations — 983 — — 983 State or local housing agency obligations — 488 — — 488 Other non-MBS — 288 — — 288 U.S. obligations single-family MBS — 2,909 — — 2,909 GSE single-family MBS — 277 — — 277 GSE multifamily MBS — 7,288 — — 7,288 Total available-for-sale securities — 13,389 — — 13,389 Derivative assets, net Interest-rate related — 75 — 146 221 Other assets 44 — — — 44 Total recurring assets at fair value $ 44 $ 14,633 $ — $ 146 $ 14,823 Liabilities Discount notes 2 $ — $ (22,348) $ — $ — $ (22,348) Derivative liabilities, net Interest-rate related — (179) — 176 (3) Total recurring liabilities at fair value $ — $ (22,527) $ — $ 176 $ (22,351) 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. 2 Represents financial instruments recorded under the fair value option. 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 June 30, 2022 and December 31, 2021, impaired mortgage loans held for portfolio recorded at fair value as a result of a non-recurring change in fair value were $1 million and $4 million. These fair values were as of the date the fair value adjustment was recorded during the six months ended June 30, 2022 and year ended December 31, 2021. FAIR VALUE OPTION The fair value option provides an irrevocable option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. It requires entities to display the fair value of those assets and liabilities for which it has chosen to use fair value on the face of the Statements of Condition. Fair value is used for both the initial and subsequent measurement of the designated assets, liabilities, and commitments, with the changes in fair value recognized in net income. The Bank elects the fair value option for certain financial instruments when a hedge relationship does not qualify for hedge accounting. These fair value elections are made primarily in an effort to mitigate the potential income statement volatility that can arise when an economic derivative is adjusted for changes in fair value but the related hedged item is not. For financial instruments recorded under the fair value option, the related contractual interest income, interest expense, and the discount amortization on fair value option discount notes are recorded as part of net interest income on the Statements of Income. The remaining changes are recorded as “Net gains (losses) on financial instruments held under fair value option” on the Statements of Income. For the three and six months ended June 30, 2022, net gains on financial instruments held under fair value option (i.e., discount notes) were $77 million and $99 million compared to less than $1 million for the same periods in 2021, and the Bank determined no credit risk adjustments for nonperformance were necessary. In determining that no credit risk adjustments were necessary, the Bank considered the following factors: • The Bank is a federally chartered GSE, and as a result of this status, the Bank’s consolidated obligations have historically received the same credit rating as the government bond credit rating of the United States, even though they are not obligations of the United States and are not guaranteed by the United States. • The Bank is jointly and severally liable with the other FHLBanks for the payment of principal and interest on all consolidated obligations of the FHLBanks. The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions): June 30, 2022 Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Discount Notes $ 31,996 $ 31,707 $ (289) December 31, 2021 Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Discount Notes $ 22,355 $ 22,348 $ (7) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021, the total par value of outstanding consolidated obligations issued on behalf of other FHLBanks for which the Bank is jointly and severally liable was $796.8 billion and $575.5 billion. The following table summarizes additional off-balance sheet commitments for the Bank (dollars in millions): June 30, 2022 December 31, 2021 Expire Expire Total Total Standby letters of credit 1,2 $ 5,994 $ 74 $ 6,068 $ 8,159 Standby bond purchase agreements 2 21 424 445 497 Commitments to purchase mortgage loans 147 — 147 115 Commitments to issue bonds 241 — 241 — Commitments to issue discount notes 942 — 942 — Commitments to fund advances 2 356 4 360 1,728 1 Excludes commitments to issue standby letters of credit, when applicable. At both June 30, 2022 and December 31, 2021, the Bank had no commitments to issue standby letters of credit. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at June 30, 2022 and December 31, 2021. 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 and non-member housing associates 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 June 30, 2022 range from less than one month to seven 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 pursuant to which, 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 June 30, 2022, 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 June 30, 2022 and December 31, 2021 is reported in “Note 6 — Derivatives and Hedging Activities” as mortgage loan purchase commitments. Commitments to Issue Consolidated Obligations. The Bank enters into commitments to issue consolidated obligations in the normal course of its business, generally that settle within 30 calendar days. At June 30, 2022, the Bank had commitments to issue $241 million and $942 million of consolidated obligation bonds and discount notes. At December 31, 2021, the Bank had no commitments to issue consolidated obligation bonds and discount notes. Commitments to Fund Advances. The Bank enters into commitments to fund additional advances up to 24 months in the future. At June 30, 2022 and December 31, 2021, the Bank had commitments to fund advances of $360 million and $1.7 billion. 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 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 $170 million and $163 million at June 30, 2022 and December 31, 2021. Legal Proceedings . The Bank is subject to various pending legal proceedings arising in the normal course of business. As previously noted in the Bank’s 2021 Form 10-K, certain of these legal proceedings involved pending litigation with a current member of the Bank stemming from alleged breaches by the member under the Bank’s MPF program. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of the MPF litigation with this member bank will have a material adverse effect on the Bank’s financial condition or results of operations. The Bank is not currently aware of any pending or threatened legal proceedings to which it is a party that it believes could have a material impact on its financial condition, results of operations, or cash flows. |
Activities with Stockholders
Activities with Stockholders | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Amount % of Total Amount % of Total Advances $ 70 — $ 17 — Mortgage loans 136 2 119 2 Deposits 39 3 15 1 Capital stock 29 1 43 1 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 June 30, 2022 and December 31, 2021, 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 and 2021 (dollars in millions): Other FHLBank Beginning Loans Principal Ending 2022 Chicago $ — $ 1 $ (1) $ — 2021 Chicago $ — $ 301 $ (301) $ — The following table summarizes borrowing activity from other FHLBanks during the six months ended June 30, 2022 (dollars in millions): Other FHLBank Beginning Borrowing Principal Ending 2022 Chicago $ — $ 250 $ (250) $ — San Francisco — 500 (500) — $ — $ 750 $ (750) $ — During the six months ended June 30, 2021, the Bank did not borrow funds from other FHLBanks. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsSubsequent events have been evaluated from July 1, 2022, 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) | 6 Months Ended |
Jun. 30, 2022 | |
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 Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02) On March 31, 2022, the Financial Accounting Standards Board (FASB) issued guidance eliminating the accounting requirements for troubled debt restructurings (TDRs) by creditors that have adopted the current expected credit losses methodology, while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, this guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. This guidance becomes effective for the Bank for the interim and annual periods beginning on January 1, 2023. Early adoption is permitted. The Bank is in the process of evaluating this guidance and its effect on the Bank’s financial condition, results of operations, or cash flows has not yet been determined. Fair Value Hedging – Portfolio Layer Method (ASU 2022-01) On March 28, 2022, the FASB issued guidance expanding the current last-of-layer method to apply fair value hedging by allowing multiple hedged layers of a single closed portfolio under the method. To reflect that expansion, the last-of-layer method is renamed “the portfolio layer method”. Among other things, this guidance (i) expands the scope of the portfolio layer method to include non-prepayable assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. This guidance becomes effective for the interim and annual periods beginning on January 1, 2023. Early adoption is permitted. The Bank does not currently utilize the last-of-layer hedging method and therefore this guidance is not expected to have any impact on the Bank’s financial condition, results of operations, or cash flows. Reference Rate Reform (ASU 2020-04) On March 12, 2020, the FASB issued temporary guidance to ease the potential burden in accounting for reference rate reform related to the transition from LIBOR. The guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform, if certain criteria are met. These transactions include contract modifications, hedging relationships, and the sale/transfer of held-to-maturity (HTM) debt securities. This guidance became effective immediately and remains in effect until December 31, 2022. The Bank continues to evaluate the impact of the guidance and anticipates electing the applicable optional expedients as reference rate activities occur. The effect, if any, of this guidance and these activities on the Bank’s financial condition, results of operations, or cash flows depends on the nature of the transactions and market conditions at the time any election is made. |
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 2021 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, if applicable, 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. Valuations are derived from techniques that use significant assumptions not observable in the market, which may include pricing models, discounted cash flow models, or similar techniques. |
Subsequent Events, Policy | Subsequent events have been evaluated from July 1, 2022, through the time of the Form 10-Q filing with the SEC. No material subsequent events requiring disclosure were identified |
Reclassification, Comparability Adjustment | R eclassifications Certain amounts in the Bank’s 2021 financial statements have been reclassified to conform to the presentation for the three and six months ended June 30, 2022. These amounts were not deemed to be material. |
Subsequent Events (Policies)
Subsequent Events (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events, Policy | Subsequent events have been evaluated from July 1, 2022, through the time of the Form 10-Q filing with the SEC. No material subsequent events requiring disclosure were identified |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, December 31, 2021 Non-mortgage-backed securities U.S. Treasury obligations 1 $ 1,770 $ 496 Other U.S. obligations 1 87 102 GSE and Tennessee Valley Authority obligations 53 60 Other 2 167 201 Total non-mortgage-backed securities 2,077 859 Mortgage-backed securities GSE multifamily 136 310 Total fair value $ 2,213 $ 1,169 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): June 30, 2022 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 953 $ 3 $ (3) $ 953 GSE and Tennessee Valley Authority obligations 487 15 — 502 State or local housing agency obligations 473 — (2) 471 Other 3 260 8 — 268 Total non-mortgage-backed securities 2,173 26 (5) 2,194 Mortgage-backed securities U.S. obligations single-family 2 2,758 1 (7) 2,752 GSE single-family 232 2 — 234 GSE multifamily 7,914 10 (50) 7,874 Total mortgage-backed securities 10,904 13 (57) 10,860 Total $ 13,077 $ 39 $ (62) $ 13,054 December 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities Other U.S. obligations 2 $ 1,152 $ 5 $ (1) $ 1,156 GSE and Tennessee Valley Authority obligations 953 30 — 983 State or local housing agency obligations 492 — (4) 488 Other 3 277 11 — 288 Total non-mortgage-backed securities 2,874 46 (5) 2,915 Mortgage-backed securities U.S. obligations single-family 2 2,890 19 — 2,909 GSE single-family 273 4 — 277 GSE multifamily 7,264 42 (18) 7,288 Total mortgage-backed securities 10,427 65 (18) 10,474 Total $ 13,301 $ 111 $ (23) $ 13,389 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 $29 million and $28 million at June 30, 2022 and December 31, 2021. 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 tables summarize 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. June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Non-mortgage-backed securities Other U.S. obligations 1 $ 469 $ (1) $ 83 $ (2) $ 552 $ (3) State or local housing agency obligations 6 — 413 (2) 419 (2) Total non-mortgage-backed securities 475 (1) 496 (4) 971 (5) Mortgage-backed securities U.S. obligations single-family 1 2,005 (7) 73 — 2,078 (7) GSE single-family 85 — — — 85 — GSE multifamily 2,292 (36) 3,015 (14) 5,307 (50) Total mortgage-backed securities 4,382 (43) 3,088 (14) 7,470 (57) Total $ 4,857 $ (44) $ 3,584 $ (18) $ 8,441 $ (62) December 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 $ 80 $ — $ 115 $ (1) $ 195 $ (1) GSE and Tennessee Valley Authority obligations 355 — — — 355 — State or local housing agency obligations — — 451 (4) 451 (4) Total non-mortgage-backed securities 435 — 566 (5) 1,001 (5) Mortgage-backed securities U.S. obligations single-family 1 89 — 87 — 176 — GSE single-family 2 — — — 2 — GSE multifamily 1,831 (3) 2,917 (15) 4,748 (18) Total mortgage-backed securities 1,922 (3) 3,004 (15) 4,926 (18) Total $ 2,357 $ (3) $ 3,570 $ (20) $ 5,927 $ (23) 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): June 30, 2022 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 372 $ 28 $ (1) $ 399 State or local housing agency obligations 34 — — 34 Total non-mortgage-backed securities 406 28 (1) 433 Mortgage-backed securities U.S. obligations single-family 2 2 — — 2 GSE single-family 633 1 (5) 629 Private-label 4 — — 4 Total mortgage-backed securities 639 1 (5) 635 Total $ 1,045 $ 29 $ (6) $ 1,068 December 31, 2021 Amortized 1 Gross Gross Fair Non-mortgage-backed securities GSE and Tennessee Valley Authority obligations $ 374 $ 71 $ — $ 445 State or local housing agency obligations 187 1 (1) 187 Total non-mortgage-backed securities 561 72 (1) 632 Mortgage-backed securities U.S. obligations single-family 2 2 — — 2 GSE single-family 760 6 — 766 Private-label 5 — — 5 Total mortgage-backed securities 767 6 — 773 Total $ 1,328 $ 78 $ (1) $ 1,405 1 Amortized cost includes adjustments made to the cost basis of an investment for accretion or amortization and excludes accrued interest receivable of $5 million at both June 30, 2022 and December 31, 2021. 2 Represents investment securities backed by the full faith and credit of the U.S. Government. |
Gain (Loss) on Securities | The following table summarizes the components of “Net gains (losses) on trading securities” as presented on the Statements of Income (dollars in millions): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Net unrealized gains (losses) on trading securities held at period-end $ (23) $ 1 $ (62) $ (18) Net gains (losses) on trading securities no longer held at period-end — (3) (2) (6) Net gains (losses) on trading securities $ (23) $ (2) $ (64) $ (24) |
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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due in one year or less $ 106 $ 106 $ 422 $ 422 Due after one year through five years 1,252 1,258 1,538 1,548 Due after five years through ten years 339 343 348 356 Due after ten years 476 487 566 589 Total non-mortgage-backed securities 2,173 2,194 2,874 2,915 Mortgage-backed securities 10,904 10,860 10,427 10,474 Total $ 13,077 $ 13,054 $ 13,301 $ 13,389 |
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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amortized Fair Amortized Fair Non-mortgage-backed securities Due after one year through five years $ 255 $ 265 $ 257 $ 287 Due after five years through ten years 73 80 196 204 Due after ten years 78 88 108 141 Total non-mortgage-backed securities 406 433 561 632 Mortgage-backed securities 639 635 767 773 Total $ 1,045 $ 1,068 $ 1,328 $ 1,405 |
Advances (Tables)
Advances (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Redemption Term Amount 1 Weighted Amount 1 Weighted Overdrawn demand deposit accounts 2 $ — 2.73 % $ — — % Due in one year or less 22,301 1.76 12,441 1.18 Due after one year through two years 6,267 2.00 7,415 1.72 Due after two years through three years 11,071 1.65 9,956 1.04 Due after three years through four years 4,217 1.73 4,939 0.94 Due after four years through five years 6,343 1.75 6,275 0.95 Thereafter 3,347 2.14 3,113 2.07 Total par value 53,546 1.78 % 44,139 1.24 % Premiums 12 14 Discounts (1) (2) Fair value hedging adjustments (826) (40) Total $ 52,731 $ 44,111 1 Excludes accrued interest receivable of $42 million and $13 million at June 30, 2022 and December 31, 2021. 2 The Bank’s overdrawn demand deposit accounts were less than $1 million at June 30, 2022. 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 June 30, December 31, 2021 June 30, December 31, 2021 Overdrawn demand deposit accounts 1 $ — $ — $ — $ — Due in one year or less 34,891 24,690 22,954 13,270 Due after one year through two years 4,730 6,253 6,065 7,429 Due after two years through three years 5,337 4,429 10,631 9,173 Due after three years through four years 1,611 2,357 4,217 4,889 Due after four years through five years 3,607 3,273 6,343 6,276 Thereafter 3,370 3,137 3,336 3,102 Total par value $ 53,546 $ 44,139 $ 53,546 $ 44,139 1 The Bank’s overdrawn demand deposit accounts were less than $1 million at June 30, 2022. |
Mortgage Loans Held for Portf_2
Mortgage Loans Held for Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the payment status for conventional mortgage loans (dollars in millions): June 30, 2022 Origination Year Prior to 2018 2018 to 2022 Total Past due 30 - 59 days $ 19 $ 17 $ 36 Past due 60 - 89 days 4 4 8 Past due 90 - 179 days 6 2 8 Past due 180 days or more 11 2 13 Total past due mortgage loans 40 25 65 Total current mortgage loans 1,921 5,553 7,474 Total amortized cost of mortgage loans 1 $ 1,961 $ 5,578 $ 7,539 December 31, 2021 Origination Year Prior to 2017 2017 to 2021 Total Past due 30 - 59 days $ 19 $ 17 $ 36 Past due 60 - 89 days 5 3 8 Past due 90 - 179 days 7 2 9 Past due 180 days or more 16 3 19 Total past due mortgage loans 47 25 72 Total current mortgage loans 1,826 5,257 7,083 Total amortized cost of mortgage loans 1 $ 1,873 $ 5,282 $ 7,155 1 Amortized cost represents the unpaid principal balance adjusted for unamortized premiums, discounts, price adjustment fees, 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): June 30, 2022 Amortized Cost Conventional Government-Insured Total In process of foreclosure 1 $ 6 $ 1 $ 7 Serious delinquency rate 2 — % 1 % — % Past due 90 days or more and still accruing interest 3 $ — $ 6 $ 6 Non-accrual mortgage loans 4 $ 52 $ — $ 52 December 31, 2021 Amortized Cost Conventional Government- Insured Total In process of foreclosure 1 $ 4 $ 1 $ 5 Serious delinquency rate 2 — % 3 % 1 % Past due 90 days or more and still accruing interest 3 $ — $ 11 $ 11 Non-accrual mortgage loans 4 $ 86 $ — $ 86 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. Serious delinquency rate on conventional loans was less than one percent at both June 30, 2022 and December 31, 2021. 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 for which the collection of interest or principal is doubtful. At June 30, 2022 and December 31, 2021, $40 million and $74 million of conventional mortgage loans on non-accrual status were evaluated individually and did not have a related allowance for credit losses because these loans were either previously charged off to the expected recoverable value and/or the fair value of the underlying collateral was greater than the amortized cost of the loans. |
Mortgage Loans Held for Portfolio | The following table presents information on the Bank’s mortgage loans held for portfolio (dollars in millions): June 30, December 31, 2021 Fixed rate, long-term single-family mortgage loans $ 6,766 $ 6,307 Fixed rate, medium-term 1 single-family mortgage loans 1,094 1,172 Total unpaid principal balance 7,860 7,479 Premiums 95 96 Discounts (6) (2) Basis adjustments from mortgage loan purchase commitments (5) 6 Total mortgage loans held for portfolio 2 7,944 7,579 Allowance for credit losses (4) (1) Total mortgage loans held for portfolio, net $ 7,940 $ 7,578 1 Medium-term is defined as an original term of 15 years or less. 2 Excludes accrued interest receivable of $36 million and $34 million at June 30, 2022 and December 31, 2021. June 30, December 31, 2021 Conventional mortgage loans $ 7,463 $ 7,063 Government-insured mortgage loans 397 416 Total unpaid principal balance $ 7,860 $ 7,479 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 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 $ 153 $ (146) $ 1 $ 8 Cleared derivatives 11 231 — 242 Total $ 164 $ 85 $ 1 $ 250 Derivative Liabilities Uncleared derivatives $ 159 $ (149) $ 1 $ 11 Cleared derivatives 108 (108) — — Total $ 267 $ (257) $ 1 $ 11 December 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 $ 74 $ (73) $ — $ 1 Cleared derivatives 1 219 — 220 Total $ 75 $ 146 $ — $ 221 Derivative Liabilities Uncleared derivatives $ 172 $ (170) $ — $ 2 Cleared derivatives 7 (6) — 1 Total $ 179 $ (176) $ — $ 3 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): June 30, 2022 December 31, 2021 Notional Derivative Derivative Notional Derivative Derivative Derivatives designated as hedging instruments (fair value hedges) Interest rate swaps $ 33,617 $ 154 $ 253 $ 57,502 $ 68 $ 136 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps 34,415 10 13 23,664 7 43 Forward settlement agreements (TBAs) 143 — 1 115 — — Mortgage loan purchase commitments 147 1 1 115 — — Total derivatives not designated as hedging instruments 34,705 11 15 23,894 7 43 Total derivatives before netting and collateral adjustments $ 68,322 165 268 $ 81,396 75 179 Netting adjustments and cash collateral 1 85 (257) 146 (176) Total derivative assets and derivative liabilities $ 250 $ 11 $ 221 $ 3 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 June 30, 2022 and December 31, 2021, cash collateral, including accrued interest, posted by the Bank was $438 million and $342 million. At June 30, 2022 and December 31, 2021, the Bank held cash collateral, including accrued interest, from clearing agents or counterparties of $96 million and $20 million. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following tables summarize the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions): For the Three Months Ended June 30, 2022 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 184 $ 55 $ (124) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 229 $ 177 $ (55) Hedged items 3 (241) (185) 57 Net gains (losses) on fair value hedging relationships $ (12) $ (8) $ 2 For the Three Months Ended June 30, 2021 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 121 $ 22 $ (117) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ (66) $ (78) $ 1 Hedged items 3 9 43 35 Net gains (losses) on fair value hedging relationships $ (57) $ (35) $ 36 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 the net gains (losses) on qualifying and discontinued fair value hedging relationships recorded in net interest income, including the net interest settlements on derivatives, as well as total income (expense) by hedged product recorded on the Statements of Income (dollars in millions): For the Six Months Ended June 30, 2022 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 295 $ 85 $ (223) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 735 $ 427 $ (173) Hedged items 3 (786) (456) 184 Net gains (losses) on fair value hedging relationships $ (51) $ (29) $ 11 For the Six Months Ended June 30, 2021 Interest Income (Expense) Advances AFS Securities Consolidated Obligation Bonds Total interest income (expense) recorded on the Statements of Income 1 $ 252 $ 58 $ (243) Gains (losses) on fair value hedging relationships Interest rate contracts Derivatives 2 $ 133 $ 95 $ (6) Hedged items 3 (244) (160) 78 Net gains (losses) on fair value hedging relationships $ (111) $ (65) $ 72 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 For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Derivatives not designated as hedging instruments (economic hedges) Interest rate swaps $ (40) $ (3) $ (23) $ 18 Forward settlement agreements (TBAs) 4 — 11 3 Mortgage loan purchase commitments (4) — (11) (3) Net interest settlements 11 (5) 10 (9) Total net gains (losses) related to derivatives not designated as hedging instruments (29) (8) (13) 9 Price alignment amount 1 (1) — (1) — Net gains (losses) on derivatives $ (30) $ (8) $ (14) $ 9 1 This amount represents interest on variation margin, which is a component of the derivative fair value for cleared transactions, and reflects the price alignment amount on variation margin for daily settled derivative contracts not designated as hedging instruments. The price alignment amount on variation margin for daily settled derivative contracts designated as hedging instruments are recorded in the same line item as the earnings effect of the hedged item. |
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): June 30, 2022 Advances AFS Securities Consolidated Obligation Bonds Amortized cost of hedged asset/ liability 1 $ 17,333 $ 6,788 $ 10,009 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ (768) $ (383) $ (176) Basis adjustments for discontinued hedging relationships included in amortized cost (58) — (3) Total amount of fair value hedging adjustments $ (826) $ (383) $ (179) December 31, 2021 Advances AFS Securities Consolidated Obligation Bonds Amortized cost of hedged asset/ liability 1 $ 17,598 $ 6,547 $ 34,271 Fair value hedging adjustments Changes in fair value for active hedging relationships included in amortized cost $ (54) $ 73 $ 11 Basis adjustments for discontinued hedging relationships included in amortized cost 14 — (5) Total amount of fair value hedging adjustments $ (40) $ 73 $ 6 1 Represents the portion of amortized cost designated as a hedged item in an active or discontinued 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): June 30, 2022 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 $ 153 $ (146) $ 1 $ 8 Cleared derivatives 11 231 — 242 Total $ 164 $ 85 $ 1 $ 250 Derivative Liabilities Uncleared derivatives $ 159 $ (149) $ 1 $ 11 Cleared derivatives 108 (108) — — Total $ 267 $ (257) $ 1 $ 11 December 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 $ 74 $ (73) $ — $ 1 Cleared derivatives 1 219 — 220 Total $ 75 $ 146 $ — $ 221 Derivative Liabilities Uncleared derivatives $ 172 $ (170) $ — $ 2 Cleared derivatives 7 (6) — 1 Total $ 179 $ (176) $ — $ 3 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) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | The following table summarizes the Bank’s discount notes (dollars in millions): June 30, 2022 December 31, 2021 Amount Weighted Amount Weighted Par value $ 50,497 1.23 % $ 22,355 0.08 % Discounts and concessions 1 (212) (6) Fair value option adjustments (100) (1) Total $ 50,185 $ 22,348 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): June 30, 2022 December 31, 2021 Year of Contractual Maturity Amount Weighted Amount Weighted Due in one year or less $ 19,604 1.74 % $ 38,778 0.30 % Due after one year through two years 4,233 2.17 3,928 2.06 Due after two years through three years 4,059 2.44 5,073 2.41 Due after three years through four years 911 2.19 1,010 2.11 Due after four years through five years 1,207 2.08 1,185 1.97 Thereafter 5,201 2.38 5,105 2.27 Total par value 35,215 1.99 % 55,079 0.87 % Premiums 110 138 Discounts and concessions 1 (16) (17) Fair value hedging adjustments (179) 5 Total $ 35,130 $ 55,205 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 June 30, December 31, Due in one year or less $ 25,876 $ 44,071 Due after one year through two years 3,459 3,908 Due after two years through three years 3,078 3,831 Due after three years through four years 681 805 Due after four years through five years 576 753 Thereafter 1,545 1,711 Total par value $ 35,215 $ 55,079 |
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): June 30, December 31, Non-callable or non-putable $ 25,596 $ 49,422 Callable 9,619 5,657 Total par value $ 35,215 $ 55,079 |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 2021 Balance, beginning of period $ 18 $ 36 Capital stock reclassified to (from) MRCS, net 2 80 Net payments for repurchases/redemptions of MRCS (3) (81) Balance, end of period $ 17 $ 35 For the Six Months Ended June 30, 2022 2021 Balance, beginning of period $ 29 $ 52 Capital stock reclassified to (from) MRCS, net 3 80 Net payments for repurchases/redemptions of MRCS (15) (97) Balance, end of period $ 17 $ 35 The following table summarizes the Bank’s MRCS by year of contractual redemption (dollars in millions): Year of Contractual Redemption 1 June 30, December 31, 2021 Due in one year or less $ 1 $ 10 Due after one year through two years 1 1 Due after three years through four years 8 1 Due after four years through five years — 9 Past contractual redemption date due to outstanding activity with the Bank 7 8 Total $ 17 $ 29 1 At the Bank’s election, MRCS may be redeemed prior to the expiration of the five year redemption period that commences on the date of the notice of redemption. |
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, March 31, 2021 $ 104 $ (4) $ 100 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (2) — (2) Net current period other comprehensive income (loss) (2) — (2) Balance, June 30, 2021 $ 102 $ (4) $ 98 Balance, March 31, 2022 $ 27 $ (6) $ 21 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (50) — (50) Net current period other comprehensive income (loss) (50) — (50) Balance, June 30, 2022 $ (23) $ (6) $ (29) Balance, December 31, 2020 $ 52 $ (4) $ 48 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities 50 — 50 Net current period other comprehensive income (loss) 50 — 50 Balance, June 30, 2021 $ 102 $ (4) $ 98 Balance, December 31, 2021 $ 88 $ (4) $ 84 Other comprehensive income (loss) before reclassifications Net unrealized gains (losses) on AFS securities (111) — (111) Reclassifications from AOCI to net income Amortization - pension and postretirement — (2) (2) Net current period other comprehensive income (loss) (111) (2) (113) Balance, June 30, 2022 $ (23) $ (6) $ (29) |
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): June 30, 2022 December 31, 2021 Required Actual Required Actual Regulatory capital requirements Risk-based capital $ 541 $ 6,351 $ 585 $ 5,783 Regulatory capital $ 3,759 $ 6,351 $ 3,434 $ 5,783 Leverage capital $ 4,698 $ 9,526 $ 4,293 $ 8,675 Capital-to-assets ratio 4.00 % 6.76 % 4.00 % 6.74 % Capital stock-to-assets ratio 2.00 % 4.07 % 2.00 % 4.08 % Leverage ratio 5.00 % 10.14 % 5.00 % 10.10 % |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, financial instruments held under the fair value option, 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. June 30, 2022 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 $ 50 $ 50 $ — $ — $ — $ 50 Interest-bearing deposits 1,011 — 1,011 — — 1,011 Securities purchased under agreements to resell 7,250 — 7,250 — — 7,250 Federal funds sold 8,180 — 8,180 — — 8,180 Trading securities 2,213 — 2,213 — — 2,213 Available-for-sale securities 13,054 — 13,054 — — 13,054 Held-to-maturity securities 1,045 — 1,064 4 — 1,068 Advances 52,731 — 52,592 — — 52,592 Mortgage loans held for portfolio, net 7,940 — 7,466 43 — 7,509 Accrued interest receivable 118 — 118 — — 118 Derivative assets, net 250 — 165 — 85 250 Other assets 35 35 — — — 35 Liabilities Deposits (1,528) — (1,528) — — (1,528) Consolidated obligations Discount notes (50,185) — (50,178) — — (50,178) Bonds (35,130) — (34,462) — — (34,462) Total consolidated obligations (85,315) — (84,640) — — (84,640) MRCS (17) (17) — — — (17) Accrued interest payable (107) — (107) — — (107) Derivative liabilities, net (11) — (268) — 257 (11) 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, 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 $ 295 $ 295 $ — $ — $ — $ 295 Interest-bearing deposits 416 — 416 — — 416 Securities purchased under agreements to resell 12,450 — 12,450 — — 12,450 Federal funds sold 4,690 — 4,690 — — 4,690 Trading securities 1,169 — 1,169 — — 1,169 Available-for-sale securities 13,389 — 13,389 — — 13,389 Held-to-maturity securities 1,328 — 1,400 5 — 1,405 Advances 44,111 — 44,397 — — 44,397 Mortgage loans held for portfolio, net 7,578 — 7,694 81 — 7,775 Accrued interest receivable 84 — 84 — — 84 Derivative assets, net 221 — 75 — 146 221 Other assets 44 44 — — — 44 Liabilities Deposits (1,847) — (1,847) — — (1,847) Consolidated obligations Discount notes (22,348) — (22,348) — — (22,348) Bonds (55,205) — (55,581) — — (55,581) Total consolidated obligations (77,553) — (77,929) — — (77,929) MRCS (29) (29) — — — (29) Accrued interest payable (97) — (97) — — (97) Derivative liabilities, net (3) — (179) — 176 (3) 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): June 30, 2022 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Netting Adjustments and Cash Collateral 1 Total Assets Trading securities U.S. Treasury obligations $ — $ 1,770 $ — $ — $ 1,770 Other U.S. obligations — 87 — — 87 GSE and TVA obligations — 53 — — 53 Other non-MBS — 167 — — 167 GSE multifamily MBS — 136 — — 136 Total trading securities — 2,213 — — 2,213 Available-for-sale securities Other U.S. obligations — 953 — — 953 GSE and TVA obligations — 502 — — 502 State or local housing agency obligations — 471 — — 471 Other non-MBS — 268 — — 268 U.S. obligations single-family MBS — 2,752 — — 2,752 GSE single-family MBS — 234 — — 234 GSE multifamily MBS — 7,874 — — 7,874 Total available-for-sale securities — 13,054 — — 13,054 Derivative assets, net Interest-rate related — 164 — 85 249 Mortgage loan purchase commitments — 1 — — 1 Total derivative assets, net — 165 — 85 250 Other assets 35 — — — 35 Total recurring assets at fair value $ 35 $ 15,432 $ — $ 85 $ 15,552 Liabilities Discount notes 2 $ — $ (31,707) $ — $ — $ (31,707) Derivative liabilities, net Interest-rate related — (266) — 257 (9) Mortgage loan purchase commitments — (1) — — (1) Forward settlement agreements (TBAs) — (1) — — (1) Total derivative liabilities, net — (268) — 257 (11) Total recurring liabilities at fair value $ — $ (31,975) $ — $ 257 $ (31,718) 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. 2 Represents financial instruments recorded under the fair value option. 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, 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 $ — $ 496 $ — $ — $ 496 Other U.S. obligations — 102 — — 102 GSE and TVA obligations — 60 — — 60 Other non-MBS — 201 — — 201 GSE multifamily MBS — 310 — — 310 Total trading securities — 1,169 — — 1,169 Available-for-sale securities Other U.S. obligations — 1,156 — — 1,156 GSE and TVA obligations — 983 — — 983 State or local housing agency obligations — 488 — — 488 Other non-MBS — 288 — — 288 U.S. obligations single-family MBS — 2,909 — — 2,909 GSE single-family MBS — 277 — — 277 GSE multifamily MBS — 7,288 — — 7,288 Total available-for-sale securities — 13,389 — — 13,389 Derivative assets, net Interest-rate related — 75 — 146 221 Other assets 44 — — — 44 Total recurring assets at fair value $ 44 $ 14,633 $ — $ 146 $ 14,823 Liabilities Discount notes 2 $ — $ (22,348) $ — $ — $ (22,348) Derivative liabilities, net Interest-rate related — (179) — 176 (3) Total recurring liabilities at fair value $ — $ (22,527) $ — $ 176 $ (22,351) 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. 2 Represents financial instruments recorded under the fair value option. |
Fair Value Option, Disclosures | The following tables summarize the difference between the unpaid principal balance and fair value of outstanding instruments for which the fair value option has been elected (dollars in millions): June 30, 2022 Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Discount Notes $ 31,996 $ 31,707 $ (289) December 31, 2021 Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Discount Notes $ 22,355 $ 22,348 $ (7) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Expire Expire Total Total Standby letters of credit 1,2 $ 5,994 $ 74 $ 6,068 $ 8,159 Standby bond purchase agreements 2 21 424 445 497 Commitments to purchase mortgage loans 147 — 147 115 Commitments to issue bonds 241 — 241 — Commitments to issue discount notes 942 — 942 — Commitments to fund advances 2 356 4 360 1,728 1 Excludes commitments to issue standby letters of credit, when applicable. At both June 30, 2022 and December 31, 2021, the Bank had no commitments to issue standby letters of credit. 2 The Bank has deemed it unnecessary to record any liability for credit losses on these agreements at June 30, 2022 and December 31, 2021. |
Activities with Stockholders (T
Activities with Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Amount % of Total Amount % of Total Advances $ 70 — $ 17 — Mortgage loans 136 2 119 2 Deposits 39 3 15 1 Capital stock 29 1 43 1 |
Activities with Other FHLBanks
Activities with Other FHLBanks (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 six months ended June 30, 2022 and 2021 (dollars in millions): Other FHLBank Beginning Loans Principal Ending 2022 Chicago $ — $ 1 $ (1) $ — 2021 Chicago $ — $ 301 $ (301) $ — |
Schedule of Loans From Other Federal Home Loan Banks [Table Text Block] | The following table summarizes borrowing activity from other FHLBanks during the six months ended June 30, 2022 (dollars in millions): Other FHLBank Beginning Borrowing Principal Ending 2022 Chicago $ — $ 250 $ (250) $ — San Francisco — 500 (500) — $ — $ 750 $ (750) $ — |
Background Information (Details
Background Information (Details) | Jun. 30, 2022 bank |
Background Information [Abstract] | |
Number of Federal Home Loan Banks | 11 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities Excluding Private Label Mortgage Back Securities Amortized Cost, Percentage Rated Single-A Or Above | 100% | 100% |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 5 | $ 5 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 29 | 28 |
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 | 1% | 0% |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Debt Securities, Available-for-Sale, Excluded Accrued Interest from Amortized Cost [true false] | true | true |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Debt Securities, Held-to-Maturity, Excluded Accrued Interest [true false] | true | true |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | true |
Loans and Leases Receivable, Net Amount | $ 7,940 | $ 7,578 |
Interest-Bearing Deposits, Securities Purchased Under Agreements to Resell, and Federal Funds Sold, Percentage Rated Below Triple-B | 0% | 0% |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
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 | 1 | 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 |
Interest-bearing Deposits | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Repurchase Agreements | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financial Asset, Amortized Cost, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Investments (Trading Major Secu
Investments (Trading Major Security Types) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 2,213 | $ 1,169 |
US Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 1,770 | 496 |
U.S. obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 87 | 102 |
GSE obligations [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 53 | 60 |
Other [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 167 | 201 |
Non-mortgage-backed securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | 2,077 | 859 |
Multifamily [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading securities | $ 136 | $ 310 |
Investments (AFS Major Security
Investments (AFS Major Security Types) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | $ 13,054 | $ 13,389 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 39 | 111 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (62) | (23) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 13,077 | 13,301 |
US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 953 | 1,156 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3 | 5 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3) | (1) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 953 | 1,152 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 502 | 983 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 15 | 30 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 487 | 953 |
State or local housing agency obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 471 | 488 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2) | (4) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 473 | 492 |
Other Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 268 | 288 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 11 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 260 | 277 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 2,194 | 2,915 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 26 | 46 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (5) | (5) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 2,173 | 2,874 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 10,860 | 10,474 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 13 | 65 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (57) | (18) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 10,904 | 10,427 |
Single Family [Member] | U.S. obligations MBS [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 2,752 | 2,909 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1 | 19 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (7) | 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 2,758 | 2,890 |
Single Family [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 234 | 277 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | 232 | 273 |
Multifamily [Member] | Mortgage-backed securities, GSE [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 7,874 | 7,288 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 10 | 42 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (50) | (18) |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, after Allowance for Credit Loss | $ 7,914 | $ 7,264 |
Investments (AFS Unrealized Los
Investments (AFS Unrealized Losses) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (44) | $ (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,584 | 3,570 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 8,441 | 5,927 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (62) | (23) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,857 | 2,357 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (18) | (20) |
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 | (1) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 83 | 115 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 552 | 195 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3) | (1) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 469 | 80 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2) | (1) |
US Government-sponsored Enterprises 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 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 355 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 355 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
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 | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 413 | 451 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 419 | 451 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2) | (4) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2) | (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 | (1) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 496 | 566 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 971 | 1,001 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (5) | (5) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 475 | 435 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | (5) |
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 | (43) | (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,088 | 3,004 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 7,470 | 4,926 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (57) | (18) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,382 | 1,922 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14) | (15) |
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 | (7) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 73 | 87 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,078 | 176 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (7) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,005 | 89 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
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 | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 85 | 2 |
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 | 85 | 2 |
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 | (36) | (3) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,015 | 2,917 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,307 | 4,748 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (50) | (18) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,292 | 1,831 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (14) | $ (15) |
Investments (AFS Contractual Ma
Investments (AFS Contractual Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | $ 13,054 | $ 13,389 |
Debt Securities, Available-for-sale, Amortized Cost | 13,077 | 13,301 |
Non-mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 2,194 | 2,915 |
Debt Securities, Available-for-sale, Amortized Cost | 2,173 | 2,874 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 476 | 566 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | 339 | 348 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 106 | 422 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 106 | 422 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 1,252 | 1,538 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 1,258 | 1,548 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 343 | 356 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 487 | 589 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 10,860 | 10,474 |
Debt Securities, Available-for-sale, Amortized Cost | $ 10,904 | $ 10,427 |
Investments (HTM Major Security
Investments (HTM Major Security Types) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $ 29 | $ 78 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (6) | (1) |
Held-to-Maturity Securities, Fair Value | 1,068 | 1,405 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 1,045 | 1,328 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 28 | 71 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | 0 |
Held-to-Maturity Securities, Fair Value | 399 | 445 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 372 | 374 |
State or local housing agency obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 1 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | (1) |
Held-to-Maturity Securities, Fair Value | 34 | 187 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 34 | 187 |
Non-mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 28 | 72 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1) | (1) |
Held-to-Maturity Securities, Fair Value | 433 | 632 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 406 | 561 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 6 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5) | 0 |
Held-to-Maturity Securities, Fair Value | 635 | 773 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 639 | 767 |
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 | 2 | 2 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 2 | 2 |
Single Family [Member] | Mortgage-backed securities, GSE [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1 | 6 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5) | 0 |
Held-to-Maturity Securities, Fair Value | 629 | 766 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | 633 | 760 |
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 | 4 | 5 |
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, after Allowance for Credit Loss | $ 4 | $ 5 |
Investments (HTM Contractual Ma
Investments (HTM Contractual Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,045 | $ 1,328 |
Held-to-Maturity Securities, Fair Value | 1,068 | 1,405 |
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 | 73 | 196 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 80 | 204 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 78 | 108 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 88 | 141 |
Amortized Cost | 406 | 561 |
Held-to-Maturity Securities, Fair Value | 433 | 632 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 255 | 257 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 265 | 287 |
Mortgage-backed securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 639 | 767 |
Held-to-Maturity Securities, Fair Value | $ 635 | $ 773 |
Investments (Net Gains Losses o
Investments (Net Gains Losses on Trading Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Debt Securities, Trading, Unrealized Gain | $ (23) | $ 1 | $ (62) | $ (18) |
Debt Securities, Trading, Realized Gain (Loss) | 0 | (3) | (2) | (6) |
Net gains (losses) on trading securities | $ (23) | $ (2) | $ (64) | $ (24) |
Advances (Narrative) (Details)
Advances (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances [Line Items] | ||
Advances | $ 52,731 | $ 44,111 |
Federal Home Loan Bank, Advances, Par Value | 53,546 | 44,139 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 7,944 | 7,579 |
Federal Home Loan Bank, Advances, Callable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | 13,500 | 13,400 |
Federal Home Loan Bank, Advances, Putable Option [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, Advances, Par Value | 700 | 1,100 |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | 42 | 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 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
Federal Home Loan Bank Advances [Member] | Financial Asset, Past Due | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ 0 | $ 0 |
Advances (Redemption Terms) (De
Advances (Redemption Terms) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Advances [Abstract] | ||
Overdrawn demand deposit accounts | $ 0 | $ 0 |
Weighted Average Interest Rate on Overdrawn Demand Deposit | 2.73% | 0% |
Due in one year or less | $ 22,301 | $ 12,441 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months | 1.76% | 1.18% |
Due after one year through two years | $ 6,267 | $ 7,415 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two | 2% | 1.72% |
Due after two years through three years | $ 11,071 | $ 9,956 |
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three | 1.65% | 1.04% |
Due after three years through four years | $ 4,217 | $ 4,939 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four | 1.73% | 0.94% |
Due after four years through five years | $ 6,343 | $ 6,275 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five | 1.75% | 0.95% |
Thereafter | $ 3,347 | $ 3,113 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five | 2.14% | 2.07% |
Federal Home Loan Bank, Advances, Par Value | $ 53,546 | $ 44,139 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 1.78% | 1.24% |
Premiums | $ 12 | $ 14 |
Discounts | (1) | (2) |
Fair value hedging adjustments | (826) | (40) |
Total | 52,731 | 44,111 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Next Rolling Twelve Months | 34,891 | 24,690 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Next Rolling Twelve Months | 22,954 | 13,270 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Two | 4,730 | 6,253 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Two | 6,065 | 7,429 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Three | 5,337 | 4,429 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Three | 10,631 | 9,173 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Four | 1,611 | 2,357 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Four | 4,217 | 4,889 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, in Rolling Year Five | 3,607 | 3,273 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, in Rolling Year Five | 6,343 | 6,276 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Call Date, after Rolling Year Five | 3,370 | 3,137 |
Federal Home Loan Bank, Advances, Earlier of Contractual Maturity or Next Put or Convert Date, after Rolling Year Five | $ 3,336 | $ 3,102 |
Advances (Prepayment Fees) (Det
Advances (Prepayment Fees) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Advances [Abstract] | ||||
Prepayment fees on advances, net | $ 3 | $ 13 | $ 9 | $ 30 |
Mortgage Loans Held for Portf_3
Mortgage Loans Held for Portfolio (Mortgage Loans Held for Portfolio) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans And Leases Receivable, Unpaid Principal Balance | $ 7,860 | $ 7,479 |
Loans and Leases Receivable, Unamortized Premiums | 95 | 96 |
Loans and Leases Receivable, Unamortized Discounts | (6) | (2) |
Loans and Leases Receivable, Hedging Basis Adjustment | (5) | 6 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 7,944 | 7,579 |
Loans and Leases Receivable, Net Amount | 7,940 | 7,578 |
Loans and Leases Receivable, Allowance | (4) | (1) |
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 | 6,766 | 6,307 |
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 | $ 1,094 | $ 1,172 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 7,860 | $ 7,479 |
US Government Agency Insured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 397 | 416 |
Conventional Mortgage Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 7,463 | $ 7,063 |
Mortgage Loans Held for Portf_5
Mortgage Loans Held for Portfolio (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 4 | $ 1 |
Loans and Leases Receivable, Allowance | 4 | 1 |
Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 36 | $ 34 |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 0 | $ 0 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 40 | $ 74 |
Mortgage Loans Held for Portf_6
Mortgage Loans Held for Portfolio (Payment Status) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ 7,944 | $ 7,579 |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,961 | 1,873 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 5,578 | 5,282 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 7,539 | 7,155 |
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 | 19 | 19 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 17 | 17 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 36 | 36 |
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 | 4 | 5 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 4 | 3 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 8 | 8 |
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 | 6 | 7 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 2 | 2 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 8 | 9 |
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 | 11 | 16 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 2 | 3 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 13 | 19 |
Financial Asset, Past Due | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40 | 47 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 25 | 25 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 65 | 72 |
Financial Asset, Not Past Due | Conventional Mortgage Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,921 | 1,826 |
Financing Receivable, Originated, Current Fiscal Year and Preceeding Four Preceeding Fiscal Years | 5,553 | 5,257 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | $ 7,474 | $ 7,083 |
Mortgage Loans Held for Portf_7
Mortgage Loans Held for Portfolio (Other Delinquency Statistics) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 7 | $ 5 |
Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 6 | 11 |
Financing Receivable, Nonaccrual | $ 52 | $ 86 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Percent Past Due | 0% | 1% |
US Government Agency Insured Loans [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 1 | $ 1 |
US Government Agency Insured Loans [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 6 | 11 |
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
US Government Agency Insured Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Percent Past Due | 1% | 3% |
Conventional Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 6 | $ 4 |
Conventional Mortgage Loan [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financing Receivable, Nonaccrual | $ 52 | $ 86 |
Conventional Mortgage Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Percent Past Due | 0% | 0% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivatives in Statement of Condition) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 68,322 | $ 81,396 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 165 | 75 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 268 | 179 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 85 | 146 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (257) | (176) |
Derivative assets, net | 250 | 221 |
Derivative liabilities, net | 11 | 3 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 438 | 342 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 96 | 20 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 33,617 | 57,502 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 154 | 68 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 253 | 136 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 34,705 | 23,894 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 11 | 7 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 15 | 43 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 34,415 | 23,664 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 10 | 7 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 13 | 43 |
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 143 | 115 |
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 | 1 | 0 |
Mortgages [Member] | Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 147 | 115 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 0 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (30) | $ (8) | $ (14) | $ 9 |
Price Alignment Amount | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1) | 0 | (1) | 0 |
Derivatives Not Designated as Hedging Before Price Alignment | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (29) | (8) | (13) | 9 |
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 | (40) | (3) | (23) | 18 |
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 | 11 | (5) | 10 | (9) |
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 | 4 | 0 | 11 | 3 |
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 | $ (4) | $ 0 | $ (11) | $ (3) |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Credit Risk Exposure) (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Collateral Already Posted, Aggregate Fair Value | $ 0 |
Derivative, Net Liability Position, Aggregate Fair Value | $ 0 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Offsetting of Derivative Assets and Derivative Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 164 | $ 75 |
Derivative Liability, Fair Value, Gross Liability | 267 | 179 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 85 | 146 |
Derivative Asset, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (257) | (176) |
Derivative Liability, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative assets, net | 250 | 221 |
Derivative liabilities, net | 11 | 3 |
Over the Counter [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 153 | 74 |
Derivative Liability, Fair Value, Gross Liability | 159 | 172 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (146) | (73) |
Derivative Asset, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (149) | (170) |
Derivative Liability, Not Subject to Master Netting Arrangement | 1 | 0 |
Derivative assets, net | 8 | 1 |
Derivative liabilities, net | 11 | 2 |
Exchange Cleared [Member] | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 11 | 1 |
Derivative Liability, Fair Value, Gross Liability | 108 | 7 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 231 | 219 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (108) | (6) |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative assets, net | 242 | 220 |
Derivative liabilities, net | $ 0 | $ 1 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Net Gains (Losses) on Fair Value Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Advances | $ 184 | $ 121 | $ 295 | $ 252 |
Available-for-sale securities | 55 | 22 | 85 | 58 |
Consolidated obligations - Bonds | (124) | (117) | (223) | (243) |
Interest Rate Contract [Member] | Interest Expense [Member] | Consolidated Obligation Bonds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivatives | (55) | 1 | (173) | (6) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 57 | 35 | 184 | 78 |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | 2 | 36 | 11 | 72 |
Interest Rate Contract [Member] | Interest Income [Member] | Advances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivatives | 229 | (66) | 735 | 133 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (241) | 9 | (786) | (244) |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | (12) | (57) | (51) | (111) |
Interest Rate Contract [Member] | Interest Income [Member] | Available-for-sale Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivatives | 177 | (78) | 427 | 95 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (185) | 43 | (456) | (160) |
Gain (Loss) on Fair Value Hedges Recognized in Net Interest Income | $ (8) | $ (35) | $ (29) | $ (65) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Advances [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | $ 17,333 | $ 17,598 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (768) | (54) |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (58) | 14 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (826) | (40) |
Available-for-sale Securities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Asset, Fair Value Hedge | 6,788 | 6,547 |
Hedged Asset, Active Fair Value Hedge, Cumulative Increase (Decrease) | (383) | 73 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (383) | 73 |
Consolidated Obligation Bonds [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Fair Value Hedge | 10,009 | 34,271 |
Hedged Liability, Active Fair Value Hedge, Cumulative Increase (Decrease) | (176) | 11 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (179) | 6 |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (3) | $ (5) |
Consolidated Obligations Narrat
Consolidated Obligations Narrative (Details) - USD ($) $ in Billions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 796.8 | $ 575.5 |
FHLBanks [Member] | ||
Schedule of Short-term and Long-term Debt [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 882.5 | $ 652.9 |
Consolidated Obligations Discou
Consolidated Obligations Discount Notes (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Total | $ 50,185 | $ 22,348 |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Par value | $ 50,497 | $ 22,355 |
Par Value, Weighted Average Interest Rate | 1.23% | 0.08% |
Discounts and concessions | $ (212) | $ (6) |
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | (100) | (1) |
Consolidated Obligation Discount Notes [Member] | ||
Short-term Debt [Line Items] | ||
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | $ (289) | $ (7) |
Consolidated Obligations Bonds
Consolidated Obligations Bonds (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total par value | $ 35,215 | $ 55,079 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | 35,130 | 55,205 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 35,215 | 55,079 |
Federal Home Loan Bank, Consolidated Obligations, Bonds | 35,130 | 55,205 |
Due in one year or less | $ 19,604 | $ 38,778 |
Due in one year or less, Weighted Average Interest Rate | 1.74% | 0.30% |
Due after one year through two years, Weighted Average Interest Rate | 2.17% | 2.06% |
Due after one year through two years | $ 4,233 | $ 3,928 |
Due after two years through three years | $ 4,059 | $ 5,073 |
Due after two years through three years, Weighted Average Interest Rate | 2.44% | 2.41% |
Due after three years through four years | $ 911 | $ 1,010 |
Due after three years through four years, Weighted Average Interest Rate | 2.19% | 2.11% |
Due after four years through five years | $ 1,207 | $ 1,185 |
Due after four years through five years, Weighted Average Interest Rate | 2.08% | 1.97% |
Thereafter | $ 5,201 | $ 5,105 |
Thereafter, Weighted Average Interest Rate | 2.38% | 2.27% |
Total par value, Weighted Average Interest Rate | 1.99% | 0.87% |
Premiums | $ 110 | $ 138 |
Discounts and concessions | (16) | (17) |
Fair value hedging adjustments | (179) | 5 |
Consolidated Obligation Bonds [Member] | Earlier of Contractual Maturity or Next Call Date [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 25,876 | 44,071 |
Due after one year through two years | 3,459 | 3,908 |
Due after two years through three years | 3,078 | 3,831 |
Due after three years through four years | 681 | 805 |
Due after four years through five years | 576 | 753 |
Thereafter | $ 1,545 | $ 1,711 |
Consolidated Obligations Bond_2
Consolidated Obligations Bonds by Call Features (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total par value | $ 35,215 | $ 55,079 |
Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 35,215 | 55,079 |
Noncallable or Nonputable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | 25,596 | 49,422 |
Callable [Member] | Consolidated Obligation Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Total par value | $ 9,619 | $ 5,657 |
Capital Narrative (Details)
Capital Narrative (Details) | 6 Months Ended | |
Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / 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 | |
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% | |
Percentage of Activity Based Capital Stock Required by Members as a Percent of Total Standby Letters of Credit | 0.10% | |
Banking Regulation, Total Risk-Based Capital, Excess, Actual | $ 0 | $ 0 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
MRCS [Abstract] | ||||
Beginning Balance | $ 18 | $ 36 | $ 29 | $ 52 |
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value | 2 | 80 | 3 | 80 |
Ending Balance | 17 | 35 | 17 | 35 |
Net Payments for Repurchases of Mandatory Redeemable Capital Stock | $ (3) | $ (81) | $ (15) | $ (97) |
Capital (Mandatorily Redeemable
Capital (Mandatorily Redeemable Capital Stock) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
MRCS [Abstract] | ||||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year One | $ 1 | $ 10 | ||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Two | 1 | 1 | ||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Four | 8 | 1 | ||||
Financial Instrument Subject to Mandatory Redemption, Maturity, Year Five | 0 | 9 | ||||
Financial Instruments Subject to Mandatory Redemption, Past Contractual Redemption Date, Due to Outstanding Activity | 7 | 8 | ||||
Mandatorily redeemable capital stock | $ 17 | $ 18 | $ 29 | $ 35 | $ 36 | $ 52 |
Capital (Accumulated Other Comp
Capital (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 5,945 | $ 6,012 | $ 5,838 | $ 5,740 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | (50) | (2) | (111) | 50 |
Total other comprehensive income (loss) | (50) | (2) | (113) | 50 |
Ending Balance | 6,305 | 5,910 | 6,305 | 5,910 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 27 | 104 | 88 | 52 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | (50) | (2) | 50 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | |||
Total other comprehensive income (loss) | (50) | (2) | (111) | 50 |
Ending Balance | (23) | 102 | (23) | 102 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6) | (4) | (4) | (4) |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | (2) | 0 |
Ending Balance | (6) | (4) | (6) | (4) |
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 21 | 100 | 84 | 48 |
Other comprehensive income (loss) before reclassifications, Net unrealized losses | (50) | (2) | (111) | 50 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (2) | |||
Total other comprehensive income (loss) | (50) | (2) | (113) | 50 |
Ending Balance | $ (29) | $ 98 | $ (29) | $ 98 |
Capital (Regulatory Capital Req
Capital (Regulatory Capital Requirements) (Details) $ in Millions | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Banking Regulation, Total Capital [Abstract] | ||
Number of Finance Agency Regulatory Capital Requirements | 3 | |
Federal Home Loan Bank, Risk-Based Capital, Required | $ 541 | $ 585 |
Federal Home Loan Bank, Risk-Based Capital, Actual | 6,351 | 5,783 |
Federal Home Loan Bank, Regulatory Capital, Required | 3,759 | 3,434 |
Federal Home Loan Bank, Regulatory Capital, Actual | 6,351 | 5,783 |
Federal Home Loan Bank, Leverage Capital, Required | 4,698 | 4,293 |
Federal Home Loan Bank, Leverage Capital, Actual | $ 9,526 | $ 8,675 |
Regulatory Capital Ratio, Required | 4% | 4% |
Federal Home Loan Bank, Regulatory Capital Ratio, Actual | 6.76% | 6.74% |
Federal Home Loan Bank, Capital Stock to Assets, Required | 2% | 2% |
Federal Home Loan Bank, Capital Stock to Assets, Actual | 4.07% | 4.08% |
Leverage Ratio, Required | 5% | 5% |
Federal Home Loan Bank, Leverage Ratio, Actual | 10.14% | 10.10% |
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 | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Banking Regulation, Total Capital [Abstract] | ||
Quarterly Net Income Allocated to Restricted Retained Earnings | 20% | |
Percent of Average Balance of Outstanding Consolidated Obligations Prescribed per the Joint Capital Enhancement Agreement For Each Previous Quarter | 1% | |
Retained Earnings, Appropriated | $ 648 | $ 617 |
Fair Value (Carrying Value and
Fair Value (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 50 | $ 295 | ||||
Interest-bearing deposits | 1,011 | 416 | ||||
Securities purchased under agreements to resell | 7,250 | 12,450 | ||||
Federal funds sold | 8,180 | 4,690 | ||||
Trading securities | 2,213 | 1,169 | ||||
Debt Securities, Available-for-sale | 13,054 | 13,389 | ||||
Held-to-Maturity Securities, Fair Value | 1,068 | 1,405 | ||||
Advances | 52,592 | 44,397 | ||||
Mortgage loans held for portfolio, net | 7,509 | 7,775 | ||||
Accrued interest receivable | 118 | 84 | ||||
Derivative assets, net | 250 | 221 | ||||
Other assets | 35 | 44 | ||||
Liabilities | ||||||
Deposits | (1,528) | (1,847) | ||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (84,640) | (77,929) | ||||
Mandatorily redeemable capital stock | (17) | (29) | ||||
Accrued interest payable | (107) | (97) | ||||
Derivative liabilities, net | (11) | (3) | ||||
Reported Value Measurement [Member] | ||||||
Assets | ||||||
Cash and due from banks | 50 | 295 | ||||
Interest-bearing deposits | 1,011 | 416 | ||||
Securities purchased under agreements to resell | 7,250 | 12,450 | ||||
Federal funds sold | 8,180 | 4,690 | ||||
Trading securities | 2,213 | 1,169 | ||||
Debt Securities, Available-for-sale | 13,054 | 13,389 | ||||
Held-to-maturity securities | 1,045 | 1,328 | ||||
Advances | 52,731 | 44,111 | ||||
Mortgage loans held for portfolio, net | 7,940 | 7,578 | ||||
Accrued interest receivable | 118 | 84 | ||||
Derivative assets, net | 250 | 221 | ||||
Other assets | 35 | 44 | ||||
Liabilities | ||||||
Deposits | (1,528) | (1,847) | ||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (85,315) | (77,553) | ||||
Mandatorily redeemable capital stock | (17) | (29) | ||||
Accrued interest payable | (107) | (97) | ||||
Derivative liabilities, net | (11) | (3) | ||||
Cash and due from banks | 50 | 295 | ||||
Trading securities | 2,213 | 1,169 | ||||
Debt Securities, Available-for-sale | 13,054 | 13,389 | ||||
Held-to-Maturity Securities, Fair Value | 1,068 | 1,405 | ||||
Accrued interest receivable | 118 | 84 | ||||
Derivative assets, net | 250 | 221 | ||||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 85 | 146 | ||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 257 | 176 | ||||
Mandatorily redeemable capital stock | (17) | $ (18) | (29) | $ (35) | $ (36) | $ (52) |
Accrued interest payable | (107) | (97) | ||||
Derivative liabilities, net | (11) | (3) | ||||
Fair Value, Level 1 [Member] | ||||||
Assets | ||||||
Cash and due from banks | 50 | 295 | ||||
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 | 35 | 44 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | 0 | 0 | ||||
Mandatorily redeemable capital stock | (17) | (29) | ||||
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 | 1,011 | 416 | ||||
Securities purchased under agreements to resell | 7,250 | 12,450 | ||||
Federal funds sold | 8,180 | 4,690 | ||||
Trading securities | 2,213 | 1,169 | ||||
Debt Securities, Available-for-sale | 13,054 | 13,389 | ||||
Held-to-Maturity Securities, Fair Value | 1,064 | 1,400 | ||||
Advances | 52,592 | 44,397 | ||||
Mortgage loans held for portfolio, net | 7,466 | 7,694 | ||||
Accrued interest receivable | 118 | 84 | ||||
Derivative assets, net | 165 | 75 | ||||
Other assets | 0 | 0 | ||||
Liabilities | ||||||
Deposits | (1,528) | (1,847) | ||||
Federal Home Loan Bank, Consolidated Obligations Fair Value Disclosure | (84,640) | (77,929) | ||||
Mandatorily redeemable capital stock | 0 | 0 | ||||
Accrued interest payable | (107) | (97) | ||||
Derivative liabilities, net | (268) | (179) | ||||
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 | 4 | 5 | ||||
Advances | 0 | 0 | ||||
Mortgage loans held for portfolio, net | 43 | 81 | ||||
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] | Fair Value [Member] | ||||||
Liabilities | ||||||
Discount notes | (50,178) | (22,348) | ||||
Consolidated Obligation Discount Notes [Member] | Reported Value Measurement [Member] | ||||||
Liabilities | ||||||
Discount notes | (50,185) | (22,348) | ||||
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 | (50,178) | (22,348) | ||||
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 3 [Member] | ||||||
Liabilities | ||||||
Discount notes | 0 | 0 | ||||
Consolidated Obligation Bonds [Member] | Fair Value [Member] | ||||||
Liabilities | ||||||
Bonds, Fair Value | (34,462) | (55,581) | ||||
Consolidated Obligation Bonds [Member] | Reported Value Measurement [Member] | ||||||
Liabilities | ||||||
Bonds, Fair Value | (35,130) | (55,205) | ||||
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 | (34,462) | (55,581) | ||||
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 2,213 | $ 1,169 |
Debt Securities, Available-for-sale | 13,054 | 13,389 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 85 | 146 |
Derivative assets, net | 250 | 221 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 257 | 176 |
Derivative liabilities, net | (11) | (3) |
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 | 35 | 44 |
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 | 2,213 | 1,169 |
Debt Securities, Available-for-sale | 13,054 | 13,389 |
Derivative assets, net | 165 | 75 |
Other assets | 0 | 0 |
Derivative liabilities, net | (268) | (179) |
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 | 85 | 146 |
Derivative assets, net | 250 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 257 | 176 |
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 | 35 | 44 |
Total recurring assets | 35 | 44 |
Derivative liabilities, net | 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 | 2,213 | 1,169 |
Debt Securities, Available-for-sale | 13,054 | 13,389 |
Derivative assets, net | 165 | |
Other assets | 0 | 0 |
Total recurring assets | 15,432 | 14,633 |
Derivative liabilities, net | (268) | |
Total recurring liabilities | (31,975) | (22,527) |
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 | |
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 | 85 | 146 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 257 | 176 |
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 | 164 | 75 |
Derivative liabilities, net | (266) | (179) |
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] | Mortgage-backed securities [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] | Mortgage-backed securities [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] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | 0 | |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,213 | 1,169 |
Debt Securities, Available-for-sale | 13,054 | 13,389 |
Derivative assets, net | 250 | 221 |
Other assets | 35 | 44 |
Derivative liabilities, net | (11) | (3) |
Fair Value [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,213 | 1,169 |
Debt Securities, Available-for-sale | 13,054 | 13,389 |
Other assets | 35 | 44 |
Total recurring assets | 15,552 | 14,823 |
Derivative liabilities, net | (11) | |
Total recurring liabilities | (31,718) | (22,351) |
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 | 221 |
Derivative liabilities, net | (9) | (3) |
Fair Value [Member] | Forward Contracts [Member] | Fair Value, Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities, net | (1) | |
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | 0 | 0 |
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | (50,178) | (22,348) |
Consolidated Obligation Discount Notes [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | 0 | 0 |
Consolidated Obligation Discount Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | 0 | 0 |
Consolidated Obligation Discount Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | (31,707) | (22,348) |
Consolidated Obligation Discount Notes [Member] | Fair Value, Recurring [Member] | Fair Value, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | 0 | 0 |
Consolidated Obligation Discount Notes [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | (50,178) | (22,348) |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,770 | 496 |
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 | 1,770 | 496 |
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 | 1,770 | 496 |
U.S. obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 87 | 102 |
Debt Securities, Available-for-sale | 953 | 1,156 |
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 | 87 | 102 |
Debt Securities, Available-for-sale | 953 | 1,156 |
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 | 87 | 102 |
Debt Securities, Available-for-sale | 953 | 1,156 |
GSE obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 53 | 60 |
Debt Securities, Available-for-sale | 502 | 983 |
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 | 53 | 60 |
Debt Securities, Available-for-sale | 502 | 983 |
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 | 53 | 60 |
Debt Securities, Available-for-sale | 502 | 983 |
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 | 471 | 488 |
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 | 471 | 488 |
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 | 471 | 488 |
Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 167 | 201 |
Debt Securities, Available-for-sale | 268 | 288 |
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 | 167 | 201 |
Debt Securities, Available-for-sale | 268 | 288 |
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 | 167 | 201 |
Debt Securities, Available-for-sale | 268 | 288 |
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 | 2,752 | 2,909 |
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 | 2,752 | 2,909 |
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 | 2,752 | 2,909 |
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 | 234 | 277 |
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 | 234 | 277 |
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 | 234 | 277 |
Mortgage-backed securities, GSE [Member] | Multifamily [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 136 | 310 |
Debt Securities, Available-for-sale | 7,874 | 7,288 |
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 | 136 | 310 |
Debt Securities, Available-for-sale | 7,874 | 7,288 |
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 | 136 | 310 |
Debt Securities, Available-for-sale | 7,874 | 7,288 |
Mortgages [Member] | 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 assets, net | 0 | |
Derivative liabilities, net | 0 | |
Mortgages [Member] | 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 assets, net | 1 | |
Derivative liabilities, net | (1) | |
Mortgages [Member] | 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 assets, net | 0 | |
Derivative liabilities, net | 0 | |
Mortgages [Member] | Fair Value [Member] | Forward Contracts [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) | |
Fair Value Option Election | Consolidated Obligation Discount Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | 31,707 | 22,348 |
Fair Value Option Election | Consolidated Obligation Discount Notes [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount notes | $ (31,707) | $ (22,348) |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 43 | $ 81 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired mortgage loans held for portfolio | $ 1 | $ 4 |
Fair Value (Fair Value Option)
Fair Value (Fair Value Option) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 77 | $ 0 | $ 99 | $ 0 | |
Consolidated Obligation Discount Notes [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value Option, Principal Balance, Consolidated Obligation Discount Notes | 31,996 | 31,996 | $ 22,355 | ||
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | (289) | (289) | (7) | ||
Consolidated Obligation Discount Notes [Member] | Fair Value Option Election | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Discount notes | 31,707 | 31,707 | 22,348 | ||
Short-term Debt [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Aggregate Differences, Consolidated Obligation Discount Notes | (100) | (100) | $ (1) | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 77 | $ 99 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) Institutions | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 796,800 | $ 575,500 |
Other liabilities | 559 | 354 |
FLA Balance For All Master Commitments | 170 | 163 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 5,994 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 74 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 6,068 | 8,159 |
Standby Letters of Credit Original Terms | 7 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 | 21 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 424 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 445 | 497 |
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 | $ 241 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 241 | 0 |
Loan Origination Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 356 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 4 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 360 | 1,728 |
Commitments to Issue Discount Notes [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 942 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 942 | 0 |
Mortgages [Member] | Forward Contracts [Member] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring Within One Year | 147 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Expiring After One Year | 0 | |
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 147 | 115 |
standby letters of credit issuance commitments [Domain] | ||
Loss Contingencies [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 0 | $ 0 |
Activities with Stockholders _2
Activities with Stockholders (Transactions with Directors' Financial Institutions) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Advances | $ 52,731 | $ 44,111 |
Loans and Leases Receivable, Net Amount | 7,940 | 7,578 |
Deposits, Domestic | 1,528 | 1,847 |
Capital Stock | 3,876 | 3,364 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Advances | $ 70 | $ 17 |
Advances, Percent | 0% | 0% |
Mortgage Loans, Percent | 2% | 2% |
Loans and Leases Receivable, Net Amount | $ 136 | $ 119 |
Deposits, Domestic | $ 39 | $ 15 |
Deposits, Percent | 3% | 1% |
Capital Stock | $ 29 | $ 43 |
Capital Stock, Percent | 1% | 1% |
Activities with Stockholders (B
Activities with Stockholders (Business Concentrations) (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity, Total [Member] | Stockholders' Capital Stock Outstanding Concenetration Risk [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Business Concentration Percentage | 10% |
Activities with Other FHLBank_2
Activities with Other FHLBanks (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Other Transactions [Line Items] | ||||
Loans from Other Federal Home Loan Banks | $ 0 | $ 0 | ||
Proceeds from FHLBank Borrowings, Financing Activities | 750 | |||
Payments of FHLBank Borrowings, Financing Activities | (750) | |||
Federal Home Loan Bank of Chicago | ||||
Schedule of Other Transactions [Line Items] | ||||
Loans to Other Federal Home Loan Banks | 0 | $ 0 | 0 | $ 0 |
Proceeds from Federal Home Loan Bank Loans | (1) | (301) | ||
Payments for Federal Home Loan Bank Advances | 1 | $ 301 | ||
Loans from Other Federal Home Loan Banks | 0 | 0 | ||
Proceeds from FHLBank Borrowings, Financing Activities | 250 | |||
Payments of FHLBank Borrowings, Financing Activities | (250) | |||
Federal Home Loan Bank of San Francisco | ||||
Schedule of Other Transactions [Line Items] | ||||
Loans from Other Federal Home Loan Banks | 0 | $ 0 | ||
Proceeds from FHLBank Borrowings, Financing Activities | 500 | |||
Payments of FHLBank Borrowings, Financing Activities | $ (500) |