Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Federal Home Loan Bank of Chicago | ' |
Entity Central Index Key | '0001331451 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 18,303,381 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Statements_of_Condition
Statements of Condition (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $23 | $971 |
Interest bearing deposits | 560 | 0 |
Federal Funds sold | 1,795 | 500 |
Securities purchased under agreements to resell | 3,950 | 4,550 |
Investment securities - | ' | ' |
Trading, $54 and $32 pledged | 1,684 | 1,899 |
Available-for-sale | 20,909 | 21,536 |
Held-to-maturity, $7,991 and $8,618 fair value | 7,227 | 7,917 |
Total investment securities | 29,820 | 31,352 |
Advances, $40 and $30 carried at fair value | 24,782 | 23,489 |
MPF Loans held in portfolio, net of allowance for credit losses of $(19) and $(29) | 6,894 | 7,695 |
Accrued interest receivable | 86 | 93 |
Derivative assets | 36 | 35 |
Software and equipment, net of accumulated amortization/depreciation of $(162) and $(157) | 33 | 33 |
Other assets | 78 | 79 |
Total assets | 68,057 | 68,797 |
Liabilities | ' | ' |
Deposits | 532 | 544 |
Consolidated obligations, net - | ' | ' |
Discount notes, $0 and $75 carried at fair value | 23,795 | 31,089 |
Bonds, $4,235 and $1,021 carried at fair value | 38,021 | 31,987 |
Total consolidated obligations, net | 61,816 | 63,076 |
Accrued interest payable | 137 | 137 |
Mandatorily redeemable capital stock | 5 | 5 |
Derivative liabilities | 62 | 108 |
Affordable Housing Program assessment payable | 84 | 78 |
Other liabilities (including $120 and $0 payable to other FHLBs) | 243 | 140 |
Subordinated notes | 944 | 944 |
Total liabilities | 63,823 | 65,032 |
Commitments and contingencies - see Notes to the Financial Statements | ' | ' |
Capital | ' | ' |
Class B1 - putable $100 par value - 7 million and 6 million shares issued and outstanding | 688 | 629 |
Class B2 - putable $100 par value - 11 million and 10 million shares issued and outstanding | 1,108 | 1,041 |
Total Capital stock | 1,796 | 1,670 |
Retained earnings - unrestricted | 1,988 | 1,853 |
Retained earnings - restricted | 210 | 175 |
Total retained earnings | 2,198 | 2,028 |
Accumulated other comprehensive income (loss) (AOCI) | 240 | 67 |
Total capital | 4,234 | 3,765 |
Total liabilities and capital | $68,057 | $68,797 |
Statements_of_Condition_Statem
Statements of Condition Statements of Condition Parenthetical (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statements of Condition Parenthetical [Abstract] | ' | ' |
Trading securities pledged as collateral | $54 | $32 |
Fair value of held-to-maturity securities | 7,991 | 8,618 |
Advances carried at fair value | 40 | 30 |
Allowance for credit losses on MPF Loans | -19 | -29 |
Software and equipment, accumulated amortization and depreciation | -162 | -157 |
Discount notes carried at fair value | 0 | 75 |
Consolidated obligation bonds carried at fair value | 4,235 | 1,021 |
Due to Related Parties | $120 | $0 |
Capital stock par value | $100 | $100 |
Class B1 shares issued | 7 | 6 |
Class B1 shares outstanding | 7 | 6 |
Class B2 shares issued | 11 | 10 |
Class B2 shares outstanding | 11 | 10 |
Statements_of_Income
Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Interest income | $345 | $380 | $700 | $783 |
Interest expense | 226 | 282 | 454 | 572 |
Net interest income before provision for credit losses | 119 | 98 | 246 | 211 |
Provision for (reversal of) credit losses | -3 | -2 | -6 | -2 |
Net interest income | 122 | 100 | 252 | 213 |
Non-interest gain (loss) on - | ' | ' | ' | ' |
Trading securities | -7 | -3 | -12 | -9 |
Derivatives and hedging activities | 2 | 28 | -12 | 30 |
Instruments held under fair value option | -3 | 2 | 1 | 3 |
Litigation settlement awards | 17 | 0 | 17 | 0 |
Other, net | 4 | 8 | 9 | 12 |
Total non-interest gain (loss) | 13 | 35 | 3 | 36 |
Non-interest expense - | ' | ' | ' | ' |
Compensation and benefits | 16 | 14 | 32 | 28 |
Other operating expenses | 12 | 11 | 22 | 20 |
FHFA | 1 | 1 | 2 | 2 |
Office of Finance | 1 | 1 | 2 | 2 |
Other community investment | 0 | -50 | 0 | -50 |
Other | 1 | -2 | 3 | -2 |
Total non-interest expense | 31 | -25 | 61 | 0 |
Income before assessments | 104 | 160 | 194 | 249 |
Affordable Housing Program assessment | 10 | 11 | 19 | 20 |
Net income | $94 | $149 | $175 | $229 |
Statements_of_Comprehensive_In
Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $94 | $149 | $175 | $229 |
Other comprehensive income (loss) - | ' | ' | ' | ' |
Net unrealized gain (loss) on available-for-sale securities | 81 | -352 | 136 | -437 |
Non-credit OTTI on available-for-sale securities | 0 | 2 | 0 | 8 |
Net unrealized gain (loss) on held-to-maturity securities transferred from available-for-sale | 0 | 0 | 0 | 1 |
Non-credit OTTI on held-to-maturity securities | 14 | 16 | 28 | 31 |
Net unrealized gain (loss) on cash flow hedges | -15 | 235 | 6 | 320 |
Post retirement plans | 2 | 0 | 3 | 1 |
Other comprehensive income (loss) | 82 | -99 | 173 | -76 |
Comprehensive income | $176 | $50 | $348 | $153 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (USD $) | Total | Total Capital Stock | Retained Earnings, Unrestricted | Retained Earnings, Restricted | Retained Earnings, Total | AOCI | Capital Stock - Putable - B1 | Capital Stock - Putable - B2 |
In Millions, unless otherwise specified | Total Capital Stock | Total Capital Stock | ||||||
Balance, beginning at Dec. 31, 2012 | $3,448 | $1,650 | $1,584 | $107 | $1,691 | $107 | $122 | $1,528 |
Shares, beginning at Dec. 31, 2012 | ' | 16 | ' | ' | ' | ' | 1 | 15 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 153 | ' | 194 | 35 | 229 | -76 | ' | ' |
Proceeds from issuance of capital stock | 159 | 159 | ' | ' | ' | ' | 119 | 40 |
Repurchases of capital stock | -213 | -213 | ' | ' | ' | ' | -24 | -189 |
Capital stock reclassified to mandatorily redeemable capital stock | -56 | -56 | ' | ' | ' | ' | -56 | 0 |
Transfers between B1 and B2 capital stock | ' | ' | ' | ' | ' | ' | -10 | 10 |
Cash dividends - class B1 | 0 | ' | 0 | ' | 0 | ' | ' | ' |
Cash dividends - class B2 | -3 | ' | -3 | ' | -3 | ' | ' | ' |
Proceeds from issuance of capital stock (shares) | ' | 2 | ' | ' | ' | ' | 1 | 1 |
Repurchases of capital stock (shares) | ' | -2 | ' | ' | ' | ' | 0 | -2 |
Capital stock reclassified to mandatorily redeemable capital stock (shares) | ' | -1 | ' | ' | ' | ' | -1 | 0 |
Transfers between B1 and B2 capital stock (shares) | ' | ' | ' | ' | ' | ' | 0 | 0 |
Balance, ending at Jun. 30, 2013 | 3,488 | 1,540 | 1,775 | 142 | 1,917 | 31 | 151 | 1,389 |
Shares, ending at Jun. 30, 2013 | ' | 15 | ' | ' | ' | ' | 1 | 14 |
Balance, beginning at Dec. 31, 2013 | 3,765 | 1,670 | 1,853 | 175 | 2,028 | 67 | 629 | 1,041 |
Shares, beginning at Dec. 31, 2013 | ' | 17 | ' | ' | ' | ' | 7 | 10 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 348 | ' | 140 | 35 | 175 | 173 | ' | ' |
Proceeds from issuance of capital stock | 189 | 189 | ' | ' | ' | ' | 152 | 37 |
Repurchases of capital stock | -63 | -63 | ' | ' | ' | ' | -17 | -46 |
Capital stock reclassified to mandatorily redeemable capital stock | 0 | ' | ' | ' | ' | ' | ' | ' |
Transfers between B1 and B2 capital stock | ' | ' | ' | ' | ' | ' | -76 | 76 |
Cash dividends - class B1 | -3 | ' | -3 | ' | -3 | ' | ' | ' |
Cash dividends - class B2 | -2 | ' | -2 | ' | -2 | ' | ' | ' |
Proceeds from issuance of capital stock (shares) | ' | 2 | ' | ' | ' | ' | 2 | 0 |
Repurchases of capital stock (shares) | ' | -1 | ' | ' | ' | ' | -1 | 0 |
Transfers between B1 and B2 capital stock (shares) | ' | ' | ' | ' | ' | ' | -1 | 1 |
Balance, ending at Jun. 30, 2014 | $4,234 | $1,796 | $1,988 | $210 | $2,198 | $240 | $688 | $1,108 |
Shares, ending at Jun. 30, 2014 | ' | 18 | ' | ' | ' | ' | 7 | 11 |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity Statements of Capital Parenthetical | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Capital Stock - Putable - B1 | ' | ' |
Capital Unit [Line Items] | ' | ' |
Common Stock Dividend - Rate per Share | 1.40% | 0.30% |
Capital Stock - Putable - B2 | ' | ' |
Capital Unit [Line Items] | ' | ' |
Common Stock Dividend - Rate per Share | 0.40% | 0.30% |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Operating- | ' | ' | ||
Net cash provided by (used in) operating activities | $333 | $486 | ||
Investing- | ' | ' | ||
Net change Federal Funds sold | -1,295 | -2,186 | ||
Net change securities purchased under agreements to resell | 600 | 1,975 | ||
Net change interest bearing deposits | -560 | 0 | ||
Advances- | ' | ' | ||
Principal collected | 121,002 | 142,943 | ||
Issued | -122,233 | -145,168 | ||
MPF Loans held in portfolio- | ' | ' | ||
Principal collected | 840 | 1,596 | ||
Purchases | -36 | -33 | ||
Trading securities- | ' | ' | ||
Sales | 2,002 | 0 | ||
Proceeds from maturities and paydowns | 14 | 2,008 | ||
Purchases | -1,812 | -1,060 | ||
Held-to-maturity securities- | ' | ' | ||
Short-term held-to-maturity securities, net | 211 | [1] | 487 | [1] |
Proceeds from maturities | 548 | 946 | ||
Purchases | -18 | -7 | ||
Available-for-sale securities- | ' | ' | ||
Proceeds from maturities | 782 | 561 | ||
Proceeds from sale of foreclosed assets | 43 | 53 | ||
Capital expenditures for software and equipment | -5 | -4 | ||
Net cash provided by (used in) investing activities | 83 | 2,111 | ||
Financing- | ' | ' | ||
Net change deposits | -12 | -100 | ||
Net change in other short-term borrowings from other FHLBs | 120 | 0 | ||
Net proceeds from issuance of consolidated obligations- | ' | ' | ||
Discount notes | 580,193 | 397,096 | ||
Bonds | 13,843 | 12,865 | ||
Payments for maturing and retiring consolidated obligations- | ' | ' | ||
Discount notes | -587,486 | -406,772 | ||
Bonds | -8,113 | -8,784 | ||
Net proceeds (payments) on derivative contracts with financing element | -30 | -35 | ||
Proceeds from issuance of capital stock | 189 | 159 | ||
Repurchase or redemption of capital stock | -63 | -213 | ||
Redemptions of mandatorily redeemable capital stock | 0 | -59 | ||
Cash dividends paid | -5 | -3 | ||
Net cash provided by (used in) financing activities | -1,364 | -5,846 | ||
Net increase (decrease) in cash and due from banks | -948 | -3,249 | ||
Cash and due from banks at beginning of year | 971 | 3,564 | ||
Cash and due from banks at end of period | 23 | 315 | ||
Supplemental- | ' | ' | ||
Capital stock reclassified to mandatorily redeemable capital stock | 0 | 56 | ||
Transfer of MPF Loans to real estate owned | $37 | $44 | ||
[1] | Short-term held-to-maturity securities, net, consists of investment securities with a maturity of less than 90 days when purchased. |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 6 Months Ended | |
Jun. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Background and Basis of Presentation [Text Block] | ' | |
Background and Basis of Presentation | ||
The Federal Home Loan Bank of Chicago a is a federally chartered corporation and one of 12 Federal Home Loan Banks (the FHLBs) that, with the Office of Finance, comprise the Federal Home Loan Bank System (the System). The FHLBs are government-sponsored enterprises (GSE) of the United States of America and were organized under the Federal Home Loan Bank Act of 1932, as amended (FHLB Act), in order to improve the availability of funds to support home ownership. The FHLBs are regulated by the Federal Housing Finance Agency (FHFA), an independent federal agency. We provide credit to members principally in the form of secured loans called advances. We also provide liquidity for home mortgage loans to members approved as Participating Financial Institutions (PFIs) through the Mortgage Partnership Finance® (MPF®) Program b. | ||
Our accounting and financial reporting policies conform to generally accepted accounting principles in the United States of America (GAAP). Amounts in prior periods may be reclassified to conform to the current presentation and if material are disclosed in the following notes. | ||
In the opinion of management, all normal recurring adjustments have been included for a fair statement of this interim financial information. These unaudited financial statements and the following footnotes should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2013, included in our Annual Report on Form 10-K (2013 Form 10-K) starting on page F-1, as filed with the SEC. | ||
Use of Estimates | ||
The preparation of financial statements in accordance with GAAP requires us to make assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. The most significant of these assumptions and estimates apply to the following: | ||
• | Determination of other-than-temporary impairments of securities; | |
• | Allowance for credit losses; and | |
• | Fair value measurements. See Note 2 - Summary of Significant Accounting Policies and Note 13 - Fair Value Accounting for more information. | |
Actual results could differ from these assumptions and estimates. | ||
Consolidation of Variable Interest Entities | ||
We do not consolidate any of our investments in variable interest entities. Our investments in variable interest entities include, but are not limited to, senior interests in private label mortgage backed securities (MBS), and Family Federal Education Loan Program (FFELP) asset backed securities (ABS). We determined that we are not the primary beneficiary in any of these investments in variable interest entities as of the periods presented. Refer to our 2013 Form 10-K Note 1 - Background and Basis of Presentation for further details. | ||
Statements of Cash Flows | ||
For purposes of the statements of cash flows, we consider only cash and due from banks as cash and cash equivalents. | ||
Gross versus Net Presentation of Financial Instruments | ||
We present our derivative assets and liabilities on a net basis in our statements of condition. We net cash collateral, including initial and variation margin, and accrued interest received from or pledged to clearing agents and/or our counterparties. The fair values of derivatives are netted by clearing agent and/or counterparty where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. Our right of setoff is enforceable at law. We have analyzed the enforceability of offsetting rights incorporated in our cleared derivative transactions and 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 our clearing agent, or both. Based on this analysis, we present a net derivative receivable or payable for all of our transactions through a particular clearing agent with a particular clearinghouse. Our net exposure for derivative transactions may change on a daily basis, which may result in a delay between the time the change in our net exposure is identified and additional collateral is requested, and the time such collateral is received or pledged. Our net exposure also may be affected by a delay in the return of excess collateral. For derivative instruments that meet the requirements for netting, any excess cash collateral received or pledged relative to our position with a counterparty is recognized as a derivative liability or derivative asset. | ||
We present our securities purchased under agreements to resell on a gross basis. Further, we do not have any securities sold under agreements to repurchase that we would be able to offset against our securities purchased under agreements to resell. Our securities purchased under agreements to resell were fully collateralized for the periods presented based on the fair value of the underlying collateral. As a result, our net exposure for securities purchased under agreements to resell was zero for the periods presented. Separately, we do not have any securities borrowing or lending transactions for the periods presented. | ||
a | Unless otherwise specified, references to we, us, our, and the Bank are to the Federal Home Loan Bank of Chicago. | |
b | “Mortgage Partnership Finance”, “MPF”, and “MPF Xtra” are registered trademarks of the Federal Home Loan Bank of Chicago. “Community First” is a trademark of the Federal Home Loan Bank of Chicago. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Summary of Significant Accounting Policies | |
Our Summary of Significant Accounting Policies can be found in our 2013 Form 10-K starting on page F-11. | |
Joint and Several Liability Arrangements | |
We adopted new GAAP guidance applicable to joint and several liability arrangements effective January 1, 2014. Under the new guidance, joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date and any additional estimated amount we expect to pay on behalf of other FHLBs is measured and recognized at the reporting date. Transition to the new guidance was done on a retrospective basis. The new guidance did not have an effect on either our current or prior operating activities or financial statements. For further discussion of our joint and several liability see Note 10 - Consolidated Obligations to the financial statements. | |
Litigation Settlement Awards and related Litigation Settlement Legal Expenses | |
In the second quarter of 2014 we recognized $17 million in litigation settlement awards, offset by $2 million of litigation settlement legal expenses. The awards were recorded in "Non-interest gain (loss) on - Litigation settlement awards". The expenses were recorded in "Non-interest expense - Other". These awards and expenses were recognized when realized. See page F-17 in Note 2 – Summary of Significant Accounting Policies to the financial statements in our 2013 Form 10-K for further details. |
Recently_Issued_but_Not_Yet_Ad
Recently Issued but Not Yet Adopted Accounting Standards | 6 Months Ended | |
Jun. 30, 2014 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
Recently Issued but Not Yet Adopted Accounting Standards [Text Block] | ' | |
Recently Issued but Not Yet Adopted Accounting Standards | ||
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures | ||
In June of 2014, the FASB issued new accounting guidance that changes the accounting treatment for repurchase-to-maturity transactions and repurchase financing transactions. The new accounting guidance also requires additional disclosures for these transactions. The key provisions are outlined below. The new accounting guidance is effective for annual and interim reporting periods beginning January 1, 2015. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of January 1, 2015. The new guidance additional disclosure requirements are effective for annual and interim reporting periods beginning January 1, 2015, with the exception of interim disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions, which are effective for reporting periods beginning after March 15, 2015. | ||
• | Repurchase-to-maturity transactions will now be accounted for as secured borrowings rather than as a sale. | |
• | A repurchase financing, which is a type of repurchase agreement executed contemporaneously with the initial transfer of a financial asset to the same counterparty, will be accounted for as a separate transaction. Existing GAAP generally accounts for the repurchase agreement and initial transfer as linked transactions, which results in the repurchase agreement being recorded as a derivative agreement in the transferee’s financial statements. The repurchase agreement will be accounted for as a secured borrowing by the transferee under the new guidance. The transferor will be required to assess whether the initial transfer of a financial asset qualifies for sales accounting treatment; however, the repurchase agreement is not a factor in determining whether the transferor has surrendered control of the transferred financial assets. Specifically, the transferor’s continuing involvement resulting from the repurchase agreement does not apply when determining sales accounting treatment. Further, the guidance requiring all arrangements to be considered does not apply to the repurchase agreement. | |
• | Additional disclosures are required by the transferor in cases where the transferor accounted for a transfer of financial assets as a sale but retained substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In particular, the transferor will make disclosures to provide financial statement users with information that allows them to determine the financial statement effect had the transfer not been accounted for as a sale. | |
We are in the process of determining what, if any, impact this may have on our operating activities and financial statements. | ||
Revenue from Contracts with Customers | ||
In May of 2014, the FASB issued new guidance governing revenue recognition from contracts with customers. Financial instruments and other contractual rights within the scope of other GAAP guidance are excluded from the scope of this new revenue recognition guidance. In this regard, a majority of our contracts with members would be excluded from the scope of this new guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: | ||
• | Step 1: Identify the contract(s) with a customer. | |
• | Step 2: Identify the performance obligations in the contract. | |
• | Step 3: Determine the transaction price. | |
• | Step 4: Allocate the transaction price to the performance obligations in the contract. | |
• | Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | |
The new revenue recognition guidance becomes effective for annual interim reporting periods beginning January 1, 2017. We are in the process of reviewing our contracts with members to determine the effect, if any, on our operating activities and financial statements. | ||
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | ||
In January of 2014, the FASB issued new accounting guidance clarifying when consumer mortgage loans collateralized by real estate should be reclassified to Real Estate Owned (REO). Specifically, such collateralized mortgage loans should be reclassified to REO when either the creditor obtains legal title to the residential real estate property upon completion of a foreclosure or the borrower conveys all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The new guidance becomes effective January 1, 2015 for interim and annual periods of the Bank. The new guidance may be adopted under either the modified retrospective transition method or the prospective transition method. We are in the process of determining its effect, if any, on our operating activities and financial statements. | ||
Asset Classification and Charge-off Provisions | ||
On April 9, 2012, the FHFA issued Advisory Bulletin 2012-02, Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention (AB 2012-02). The guidance in AB 2012-02 is generally consistent with the Uniform Retail Credit Classification and Account Management Policy issued by the federal banking regulators in June 2000. AB 2012-02 establishes a standard and uniform methodology for classifying assets, prescribes the timing of asset charge-offs (excluding investment securities), provides measurement guidance with respect to determining our allowance for credit losses, and fair value measurement guidance for REO (e.g., use of appraisals). Subsequent to the issuance of AB 2012-02, the FHFA issued interpretative guidance clarifying that implementation of the asset classification framework may occur in two phases. We implemented the asset classification provisions effective January 1, 2014. As permitted under AB 2012-02, we will implement the charge-off provisions effective January 1, 2015 on a prospective basis. We are in the process of determining the financial statement effects, if any, of implementing AB 2012-02 charge-off provisions on our operating activities and financial statements. |
Interest_Income_and_Interest_E
Interest Income and Interest Expense | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Interest Income (Expense), Net [Abstract] | ' | |||||||||||||||
Interest Income and Interest Expense Disclosure [Text Block] | ' | |||||||||||||||
Interest Income and Interest Expense | ||||||||||||||||
The following table presents interest income and interest expense for the periods indicated: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest income - | ||||||||||||||||
Federal Funds sold, securities purchased under agreements to resell, and interest bearing deposits | $ | 3 | $ | 2 | $ | 4 | $ | 6 | ||||||||
Investment securities - | ||||||||||||||||
Trading | 8 | 3 | 15 | 9 | ||||||||||||
Available-for-sale | 136 | 148 | 279 | 297 | ||||||||||||
Held-to-maturity | 74 | 82 | 151 | 172 | ||||||||||||
Total investment securities | 218 | 233 | 445 | 478 | ||||||||||||
Advances - | ||||||||||||||||
Advance interest income | 35 | 34 | 73 | 70 | ||||||||||||
Advance prepayment fees | 3 | 8 | 4 | 13 | ||||||||||||
Total Advances | 38 | 42 | 77 | 83 | ||||||||||||
MPF Loans held in portfolio, net | 86 | 103 | 174 | 216 | ||||||||||||
Total interest income | 345 | 380 | 700 | 783 | ||||||||||||
Interest expense - | ||||||||||||||||
Discount notes | 66 | 74 | 133 | 151 | ||||||||||||
Bonds | 147 | 193 | 294 | 392 | ||||||||||||
Total consolidated obligations | 213 | 267 | 427 | 543 | ||||||||||||
Subordinated notes | 13 | 15 | 27 | 29 | ||||||||||||
Total interest expense | 226 | 282 | 454 | 572 | ||||||||||||
Net interest income before provision for credit losses | 119 | 98 | 246 | 211 | ||||||||||||
Provision for (reversal of) credit losses | (3 | ) | (2 | ) | (6 | ) | (2 | ) | ||||||||
Net interest income | $ | 122 | $ | 100 | $ | 252 | $ | 213 | ||||||||
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Marketable Securities [Text Block] | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Our major security types presented in the tables below are defined as follows: | |||||||||||||||||||||||||
• | U.S. Government & other government related may consist of the sovereign debt of the United States; debt issued by Fannie Mae, Freddie Mac, and the Federal Farm Credit Banks Funding Corporation; and non-mortgage-backed securities of the Small Business Administration, Federal Deposit Insurance Corporation (FDIC), and Tennessee Valley Authority. | ||||||||||||||||||||||||
• | Federal Family Education Loan Program - asset backed securities (FFELP ABS). | ||||||||||||||||||||||||
• | Government Sponsored Enterprises (GSE) residential mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac. | ||||||||||||||||||||||||
• | Government-guaranteed residential MBS . | ||||||||||||||||||||||||
• | Private-label residential MBS. | ||||||||||||||||||||||||
• | State or local housing agency obligations. | ||||||||||||||||||||||||
Gains and losses on sales of securities are determined using the specific identification method and are included in non-interest gain (loss) on the statements of income. | |||||||||||||||||||||||||
Pledged Collateral | |||||||||||||||||||||||||
We transact most of our derivatives with large banks and major broker-dealers. Derivative transactions may be entered into either through an over-the-counter bilateral agreement with an individual counterparty or through a Futures Commission Merchant (FCM or clearing member) with a derivatives clearing organization (clearinghouse). We may pledge investment securities as collateral under these agreements, and in such cases, the amount pledged will be noted on the face of the statements of condition. We pledged $54 million of investment securities as collateral for our initial margin with derivative clearing organizations as of June 30, 2014, and $32 million as of December 31, 2013. See Note 9 - Derivatives and Hedging Activities for further details. | |||||||||||||||||||||||||
Trading Securities | |||||||||||||||||||||||||
The following table presents the fair value of our trading securities. We had no material gains or losses realized from the sales of trading securities. | |||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
U.S. Government & other government related | $ | 1,613 | $ | 1,823 | |||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 69 | 74 | |||||||||||||||||||||||
Government-guaranteed residential | 2 | 2 | |||||||||||||||||||||||
Total MBS | 71 | 76 | |||||||||||||||||||||||
Trading securities | $ | 1,684 | $ | 1,899 | |||||||||||||||||||||
At June 30, 2014, and 2013, we had net year-to-date unrealized gains (losses) of $(10) million and $(9) million on trading securities still held at period end. | |||||||||||||||||||||||||
Amortized Cost Basis and Fair Value – Available-for-Sale Securities (AFS) | |||||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains in AOCI | Gross Unrealized Losses in AOCI | Carrying Amount and Fair Value | ||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 513 | $ | 34 | $ | — | $ | 547 | |||||||||||||||||
FFELP ABS | 6,144 | 456 | (14 | ) | 6,586 | ||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10,555 | 600 | (12 | ) | 11,143 | ||||||||||||||||||||
Government-guaranteed residential | 2,441 | 119 | — | 2,560 | |||||||||||||||||||||
Private-label residential | 68 | 5 | — | 73 | |||||||||||||||||||||
Total MBS | 13,064 | 724 | (12 | ) | 13,776 | ||||||||||||||||||||
Total | $ | 19,721 | $ | 1,214 | $ | (26 | ) | $ | 20,909 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 560 | $ | 29 | $ | (1 | ) | $ | 588 | ||||||||||||||||
FFELP ABS | 6,395 | 425 | (17 | ) | 6,803 | ||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10,888 | 518 | (24 | ) | 11,382 | ||||||||||||||||||||
Government-guaranteed residential | 2,572 | 119 | — | 2,691 | |||||||||||||||||||||
Private-label residential | 69 | 3 | — | 72 | |||||||||||||||||||||
Total MBS | 13,529 | 640 | (24 | ) | 14,145 | ||||||||||||||||||||
Total | $ | 20,484 | $ | 1,094 | $ | (42 | ) | $ | 21,536 | ||||||||||||||||
Amortized Cost Basis, Carrying Amount, and Fair Value - Held-to-Maturity Securities (HTM) | |||||||||||||||||||||||||
Amortized | Non-credit OTTI Recognized in AOCI (Loss) | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||
Cost Basis | Amount | Unrecognized | Unrecognized | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,968 | $ | — | $ | 1,968 | $ | 69 | $ | (1 | ) | $ | 2,036 | ||||||||||||
State or local housing agency | 21 | — | 21 | — | — | 21 | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 2,908 | — | 2,908 | 208 | — | 3,116 | |||||||||||||||||||
Government-guaranteed residential | 1,200 | — | 1,200 | 36 | — | 1,236 | |||||||||||||||||||
Private-label residential | 1,422 | (292 | ) | 1,130 | 453 | (1 | ) | 1,582 | |||||||||||||||||
Total MBS | 5,530 | (292 | ) | 5,238 | 697 | (1 | ) | 5,934 | |||||||||||||||||
Total | $ | 7,519 | $ | (292 | ) | $ | 7,227 | $ | 766 | $ | (2 | ) | $ | 7,991 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 2,259 | $ | — | $ | 2,259 | $ | 42 | $ | (1 | ) | $ | 2,300 | ||||||||||||
State or local housing agency | 22 | — | 22 | — | — | 22 | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 3,193 | — | 3,193 | 186 | — | 3,379 | |||||||||||||||||||
Government-guaranteed residential | 1,248 | — | 1,248 | 32 | — | 1,280 | |||||||||||||||||||
Private-label residential | 1,515 | (320 | ) | 1,195 | 444 | (2 | ) | 1,637 | |||||||||||||||||
Total MBS | 5,956 | (320 | ) | 5,636 | 662 | (2 | ) | 6,296 | |||||||||||||||||
Total | $ | 8,237 | $ | (320 | ) | $ | 7,917 | $ | 704 | $ | (3 | ) | $ | 8,618 | |||||||||||
Aging of Unrealized Temporary Losses | |||||||||||||||||||||||||
The following tables present unrealized temporary losses on our AFS and HTM portfolio for periods less than 12 months and for 12 months or more. We recognized no OTTI charges on these unrealized loss positions because we expect to recover the entire amortized cost basis, we do not intend to sell these securities, and we believe it is more likely than not that we will not be required to sell them prior to recovering their amortized cost basis. In the tables below, in cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
FFELP ABS | $ | — | $ | — | $ | 936 | $ | (14 | ) | $ | 936 | $ | (14 | ) | |||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 2,073 | (12 | ) | 2,073 | (12 | ) | |||||||||||||||||
Private-label residential | — | — | 1 | — | 1 | — | |||||||||||||||||||
Total MBS | — | — | 2,074 | (12 | ) | 2,074 | (12 | ) | |||||||||||||||||
Total | $ | — | $ | — | $ | 3,010 | $ | (26 | ) | $ | 3,010 | $ | (26 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 40 | $ | (1 | ) | $ | — | $ | — | $ | 40 | $ | (1 | ) | |||||||||||
FFELP ABS | 22 | — | 969 | (17 | ) | 991 | (17 | ) | |||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 3,293 | (24 | ) | 3,293 | (24 | ) | |||||||||||||||||
Private-label residential | — | — | 9 | — | 9 | — | |||||||||||||||||||
Total MBS | — | — | 3,302 | (24 | ) | 3,302 | (24 | ) | |||||||||||||||||
Total | $ | 62 | $ | (1 | ) | $ | 4,271 | $ | (41 | ) | $ | 4,333 | $ | (42 | ) | ||||||||||
Held-to-Maturity Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 14 | $ | — | $ | 4 | $ | (1 | ) | $ | 18 | $ | (1 | ) | |||||||||||
State or local housing agency | 10 | — | — | — | 10 | — | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 6 | — | 6 | — | |||||||||||||||||||
Private-label residential | 17 | — | 1,483 | (293 | ) | 1,500 | (293 | ) | |||||||||||||||||
Total MBS | 17 | — | 1,489 | (293 | ) | 1,506 | (293 | ) | |||||||||||||||||
Total | $ | 41 | $ | — | $ | 1,493 | $ | (294 | ) | $ | 1,534 | $ | (294 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 85 | $ | (1 | ) | $ | — | $ | — | $ | 85 | $ | (1 | ) | |||||||||||
State or local housing agency | 10 | — | — | — | 10 | — | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10 | — | — | — | 10 | — | |||||||||||||||||||
Private-label residential | — | — | 1,532 | (322 | ) | 1,532 | (322 | ) | |||||||||||||||||
MBS | 10 | — | 1,532 | (322 | ) | 1,542 | (322 | ) | |||||||||||||||||
Total | $ | 105 | $ | (1 | ) | $ | 1,532 | $ | (322 | ) | $ | 1,637 | $ | (323 | ) | ||||||||||
Contractual Maturity Terms | |||||||||||||||||||||||||
The table below presents the amortized cost basis and fair value of AFS and HTM securities by contractual maturity, excluding ABS and MBS securities. These securities are excluded because their expected maturities may differ from their contractual maturities if borrowers of the underlying loans elect to prepay their loans. | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
As of June 30, 2014 | Amortized Cost Basis | Carrying Amount and Fair Value | Carrying Amount | Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||||||
Year of Maturity - | |||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 464 | $ | 464 | |||||||||||||||||
Due after one year through five years | 113 | 120 | 54 | 54 | |||||||||||||||||||||
Due after five years through ten years | 3 | 3 | 431 | 449 | |||||||||||||||||||||
Due after ten years | 397 | 424 | 1,040 | 1,090 | |||||||||||||||||||||
ABS and MBS without a single maturity date | 19,208 | 20,362 | 5,238 | 5,934 | |||||||||||||||||||||
Total securities | $ | 19,721 | $ | 20,909 | $ | 7,227 | $ | 7,991 | |||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||||||||||
We recognize credit losses into earnings on securities in an unrealized loss position for which we do not expect to recover the entire amortized cost basis. Non-credit losses are recognized in AOCI since we do not intend to sell these securities and we believe it is more likely than not that we will not be required to sell any investment security before the recovery of its amortized cost basis. The non-credit loss in AOCI on HTM securities are accreted back into the HTM securities over their remaining lives as an increase to the carrying amount, since we ultimately expect to collect these amounts. See Statements of Comprehensive Income on page 5. | |||||||||||||||||||||||||
Significant Inputs Used to Determine OTTI | |||||||||||||||||||||||||
Our analysis for OTTI on our private-label MBS includes key modeling assumptions, significant inputs, and methodologies provided by an FHLB System OTTI Governance Committee, formed to achieve consistency among the FHLBs in their analyses of OTTI. We use the information provided to generate cash flow projections used in analyzing credit losses and determining OTTI. We are responsible for making our own determination of impairment, which includes determining the reasonableness of assumptions, significant inputs, and methodologies used, and performing the required present value calculations using appropriate historical cost bases and yields. Previously, long-term home price projections following the short-term period were projected to recover using one of five different recovery paths. Starting this quarter, a unique path is projected for each geographic area based on an internally developed framework derived from historical data. | |||||||||||||||||||||||||
Unpaid Principal Balance, Amortized Cost, Carrying Amount, and Fair Value - OTTI Private-Label MBS | |||||||||||||||||||||||||
The table below presents private-label MBS that have incurred OTTI at some point in time since we acquired the security. Each private-label MBS presented below is classified as prime, subprime, or Alt-A. Such classification depends upon the nature of the majority of underlying mortgages collateralizing each private-label MBS based on the issuer's classification, or as published by a nationally recognized statistical rating organization (NRSRO), at the time of issuance of the MBS. | |||||||||||||||||||||||||
As of June 30, 2014 | Unpaid Principal Balance | Amortized Cost Basis | Non-Credit OTTI | Gross Unrealized Gains | Carrying Amount | Fair Value | |||||||||||||||||||
OTTI AFS Securities- | |||||||||||||||||||||||||
Private-label residential MBS: | |||||||||||||||||||||||||
Alt-A | $ | 100 | $ | 67 | $ | — | $ | 5 | $ | 72 | $ | 72 | |||||||||||||
OTTI HTM Securities- | |||||||||||||||||||||||||
Private-label residential MBS: | |||||||||||||||||||||||||
Prime | $ | 1,090 | $ | 856 | $ | (213 | ) | $ | — | $ | 643 | $ | 929 | ||||||||||||
Subprime | 674 | 421 | (79 | ) | — | 342 | 508 | ||||||||||||||||||
Total OTTI HTM securities | $ | 1,764 | $ | 1,277 | $ | (292 | ) | $ | — | $ | 985 | $ | 1,437 | ||||||||||||
The following table presents the changes in the cumulative amount of credit losses (recognized into earnings) on OTTI investment securities for the periods stated. | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Beginning Balance | $ | 663 | $ | 710 | $ | 677 | $ | 717 | |||||||||||||||||
Reductions: | 3 | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that have been recognized as accretion into net interest income | (14 | ) | 5 | (9 | ) | (28 | ) | (16 | ) | ||||||||||||||||
Ending Balance | $ | 649 | $ | 701 | $ | 649 | $ | 701 | |||||||||||||||||
Advances
Advances | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||||
Advances [Text Block] | ' | |||||||||||||||
Advances | ||||||||||||||||
We offer a wide range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics and optionality. We did not have any advances with embedded features that met the requirements to separate the embedded feature from the host contract and designate the embedded feature as a stand-alone derivative at June 30, 2014, and December 31, 2013. The following table presents our advances by callable/putable features: | ||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||
Noncallable/nonputable | $ | 21,957 | $ | 20,259 | ||||||||||||
Callable | 990 | 1,440 | ||||||||||||||
Putable | 1,709 | 1,726 | ||||||||||||||
Total par value | 24,656 | 23,425 | ||||||||||||||
Hedging adjustments | 104 | 39 | ||||||||||||||
Other adjustments | 22 | 25 | ||||||||||||||
Total advances | $ | 24,782 | $ | 23,489 | ||||||||||||
The following table presents our advances by redemption terms: | ||||||||||||||||
As of June 30, 2014 | Amount | Weighted Average Interest Rate | Next Maturity or Call Date | Next Maturity or Put Date | ||||||||||||
Due in one year or less | $ | 6,219 | 0.43 | % | $ | 7,209 | $ | 7,927 | ||||||||
One to two years | 2,142 | 1.34 | % | 1,942 | 1,696 | |||||||||||
Two to three years | 1,778 | 3.16 | % | 1,620 | 1,250 | |||||||||||
Three to four years | 4,516 | 1.13 | % | a | 4,089 | 3,826 | ||||||||||
Four to five years | 8,627 | 0.23 | % | a | 8,427 | 8,608 | ||||||||||
More than five years | 1,374 | 3.48 | % | 1,369 | 1,349 | |||||||||||
Total par value | $ | 24,656 | 0.93 | % | $ | 24,656 | $ | 24,656 | ||||||||
a | Low weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which are at low current market rates of interest. | |||||||||||||||
We lend to members within our district according to Federal statutes, including the FHLB Act. The FHLB Act requires us to hold, or have access to, collateral to secure our advances, and we do not expect to incur any credit losses on advances. We have policies and procedures in place that are designed to manage our credit risk, including requirements for physical possession or control of pledged collateral, restrictions on borrowing, verifications of collateral and continuous monitoring of borrowings and the member's financial condition. We continue to monitor the collateral and creditworthiness of our borrowers. Based on the collateral pledged as security for advances and our credit analyses of our members' financial condition and our credit extension and collateral policies, we expect to collect all amounts due according to the contractual terms of our advances. See Note 8 - Allowance for Credit Losses for information related to our credit risk on advances and allowance methodology for credit losses. |
MPF_Loans
MPF Loans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||
MPF Loans [Text Block] | ' | ||||||||
MPF Loans | |||||||||
The following table presents information on MPF Loans held in our portfolio by contractual maturity at the time of purchase. All are fixed-rate. Government is comprised of loans insured by the Federal Housing Administration (FHA) or the Department of Housing and Urban Development (HUD) and loans guaranteed by the Department of Veteran Affairs (VA) or Department of Agriculture Rural Housing Service (RHS). | |||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||
Medium term (15 years or less) | $ | 1,366 | $ | 1,672 | |||||
Long term (greater than 15 years) | 5,465 | 5,959 | |||||||
Total unpaid principal balance | 6,831 | 7,631 | |||||||
Net premiums, credit enhancement and deferred loan fees | 24 | 27 | |||||||
Hedging adjustments | 58 | 66 | |||||||
Total before allowance for credit losses | 6,913 | 7,724 | |||||||
Allowance for credit losses on MPF Loans | (19 | ) | (29 | ) | |||||
Total MPF Loans held in portfolio, net | $ | 6,894 | $ | 7,695 | |||||
Conventional mortgage loans | $ | 5,283 | $ | 5,969 | |||||
Government insured mortgage loans | 1,548 | 1,662 | |||||||
Total unpaid principal balance | $ | 6,831 | $ | 7,631 | |||||
See Note 8 - Allowance for Credit Losses for information related to our credit risk on MPF Loans and allowance for credit losses methodology. |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||
Allowance for Credit Losses [Text Block] | ' | |||||||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||
We have established an allowance methodology for each of our portfolio segments: | ||||||||||||||||||||||||||
•credit products (advances, letters of credit and other extensions of credit to borrowers); | ||||||||||||||||||||||||||
•conventional MPF Loans held for portfolio; | ||||||||||||||||||||||||||
•government MPF Loans held for portfolio; and | ||||||||||||||||||||||||||
•term Federal Funds sold and term securities purchased under agreements to resell. | ||||||||||||||||||||||||||
For detailed information on these methodologies and our accounting policies please see Note 8 - Allowance for Credit Losses to the financial statements in our 2013 Form 10-K. Any updates to these accounting policies are noted below. | ||||||||||||||||||||||||||
Credit Products | ||||||||||||||||||||||||||
For the periods presented, we had no credit products that were past due, on nonaccrual status, or considered impaired. In addition, there have been no troubled debt restructurings related to our credit products during the periods then ended. Based upon the collateral we held as security, our credit extension and collateral policies, our credit analysis and the repayment history on credit products, we do not believe that any credit losses have been incurred on our credit products; accordingly, we have not recorded any allowance for credit losses for our credit products. Additionally, no liability was recorded to reflect an allowance for credit losses for our credit products with off-balance sheet credit exposures. | ||||||||||||||||||||||||||
Conventional MPF Loans | ||||||||||||||||||||||||||
MPF Risk Sharing Structure | ||||||||||||||||||||||||||
For a definition of MPF Risk Sharing Structure see page F-29 in our 2013 Form 10-K. We share the risk of credit losses on conventional MPF Loan products with our PFIs (excluding the MPF Xtra product) by structuring potential losses on conventional MPF Loans into layers with respect to each master commitment (MC). We require that conventional MPF Loans held in our portfolio be credit enhanced at inception so that our risk of loss is limited to be equivalent to the losses of an investor in an AA rated mortgage backed security. As a part of our methodology to determine the amount of credit enhancement necessary, we analyze the risk characteristics of each MPF Loan using a model licensed from an NRSRO. We use the model to evaluate loan data provided by the PFI as well as other relevant information. | ||||||||||||||||||||||||||
The table below presents the impact of the MPF Risk Sharing Structure and severity rates on our allowance for credit losses. For detailed definitions of how Total Severity Rate and Credit Loss Severity Rate are calculated, see Loss Severity on page F-31 in our 2013 Form 10-K. | ||||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Total Severity Rate | 29 | % | 35 | % | ||||||||||||||||||||||
Credit Loss Severity Rate | 15 | % | 19 | % | ||||||||||||||||||||||
Total estimated losses outstanding | $ | 57 | $ | 65 | ||||||||||||||||||||||
Less: losses expected to be absorbed by MPF Risk Sharing Structure | (23 | ) | a | (18 | ) | a | ||||||||||||||||||||
Our share of total losses | 34 | 47 | ||||||||||||||||||||||||
Less: non-credit losses | (16 | ) | (21 | ) | ||||||||||||||||||||||
Credit losses | 18 | 26 | ||||||||||||||||||||||||
Plus: other estimated credit losses in the remaining portfolio | 1 | 3 | ||||||||||||||||||||||||
Allowance for credit losses on conventional MPF Loans | $ | 19 | $ | 29 | ||||||||||||||||||||||
a | Represents aggregate of credit enhancements across all master commitments expected to be recovered. Credit enhancement from one master commitment may not be used to offset credit losses incurred by another master commitment. | |||||||||||||||||||||||||
The following table presents the changes in the allowance for credit losses on conventional MPF Loans. | ||||||||||||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 24 | $ | 40 | $ | 29 | $ | 42 | ||||||||||||||||||
Losses charged to the allowance | (2 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||||||||||||||
Provision for (reversal of) credit losses | (3 | ) | (2 | ) | (6 | ) | (2 | ) | ||||||||||||||||||
Balance, end of period | $ | 19 | $ | 34 | $ | 19 | $ | 34 | ||||||||||||||||||
The following table presents the recorded investment by impairment methodology on conventional MPF Loans. | ||||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Specifically identified and individually evaluated for impairment | $ | 14 | $ | 22 | ||||||||||||||||||||||
Homogeneous pools of loans and collectively evaluated for impairment | 5 | 7 | ||||||||||||||||||||||||
Allowance for credit losses on conventional MPF Loans | $ | 19 | $ | 29 | ||||||||||||||||||||||
Individually evaluated for impairment - with an allowance | $ | 186 | $ | 215 | ||||||||||||||||||||||
Collectively evaluated for impairment | 5,189 | 5,861 | ||||||||||||||||||||||||
Total recorded investment | $ | 5,375 | $ | 6,076 | ||||||||||||||||||||||
Government MPF Loans Held for Portfolio | ||||||||||||||||||||||||||
The PFI provides and maintains insurance or a guaranty from governmental agencies, which includes ensuring compliance with all of their requirements, and obtaining the benefit of the applicable insurance or guaranty with respect to defaulted government MPF Loans. Any losses incurred on government MPF Loans that are not recovered from the issuer or guarantor are absorbed by the servicing PFI. Accordingly, our credit risk on government MPF Loans is limited to whether or not the servicing PFI fails to pay for losses not covered by FHA or HUD insurance, or VA or RHS guarantees. In this regard, based on our assessment of the servicing PFIs, we did not establish an allowance for credit losses for our government MPF Loan portfolio as of the periods presented. Further, due to the government guarantee or insurance and the servicing PFIs ability to absorb losses, government MPF Loans are not placed on nonaccrual status or disclosed as troubled debt restructurings. | ||||||||||||||||||||||||||
Credit Quality Indicators - MPF Loans | ||||||||||||||||||||||||||
The table below summarizes our recorded investment in MPF Loans by our key credit quality indicators. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Conventional | Government | Total | Conventional | Government | Total | ||||||||||||||||||||
Past due 30-59 days | $ | 132 | $ | 81 | $ | 213 | $ | 165 | $ | 104 | $ | 269 | ||||||||||||||
Past due 60-89 days | 41 | 22 | 63 | 50 | 31 | 81 | ||||||||||||||||||||
Past due 90 days or more | 173 | 125 | 298 | 202 | 151 | 353 | ||||||||||||||||||||
Total past due | 346 | 228 | 574 | 417 | 286 | 703 | ||||||||||||||||||||
Total current | 5,029 | 1,345 | 6,374 | 5,659 | 1,401 | 7,060 | ||||||||||||||||||||
Total recorded investment | $ | 5,375 | $ | 1,573 | $ | 6,948 | $ | 6,076 | $ | 1,687 | $ | 7,763 | ||||||||||||||
In process of foreclosure | $ | 93 | $ | 52 | $ | 145 | $ | 108 | $ | 51 | $ | 159 | ||||||||||||||
Serious delinquency rate | a | 3.24 | % | 7.98 | % | 4.32 | % | 3.37 | % | c | 8.94 | % | c | 4.58 | % | c | ||||||||||
Past due 90 days or more still accruing interest | b | $ | 23 | $ | 126 | $ | 149 | $ | 27 | $ | 151 | $ | 178 | |||||||||||||
On nonaccrual status | $ | 189 | $ | — | $ | 189 | $ | 221 | $ | — | $ | 221 | ||||||||||||||
a | MPF Loans that are 90 days or more past due or in the process of foreclosure as a percentage of the total recorded investment. | |||||||||||||||||||||||||
b | Consists of MPF Loans that are either government mortgage loans or conventional mortgage loans that are well secured (by collateral that have a realizable value sufficient to discharge the debt or by the guarantee or insurance, such as PMI, of a financially responsible party) and in the process of collection. | |||||||||||||||||||||||||
c | We corrected an error to adjust the serious delinquency rate of MPF Loans disclosed above as of December 31, 2013, as previously reported in our 2013 Form 10-K and in our Form 10-Q as of March 31, 2014. The error had no effect on our allowance for credit losses as of December 31, 2013, because this rate was not used when determining our allowance for credit losses. After evaluating the quantitative and qualitative aspects of these adjustments, we concluded that prior period financial statements were not materially misstated. Further, the error had no effect on our 2014 financial statements. | |||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
The table below presents our recorded investment balance in Troubled Debt Restructurings (TDR) as of the dates presented. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||||||||
Recorded investment in conventional MPF Loan TDRs | $ | 40 | $ | 25 | $ | 65 | $ | 16 | $ | 43 | $ | 59 | ||||||||||||||
The following table shows the troubled debt restructurings we made on our conventional MPF Loans for the periods presented. The amounts were the same pre- and post-modification as we did not record any write-offs of principal. | ||||||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
TDRs made during the periods | $ | 9 | $ | 12 | $ | 15 | $ | 19 | ||||||||||||||||||
The following table shows the troubled debt restructurings from the previous 12 months that subsequently defaulted during the periods presented. A borrower is considered to have defaulted on a TDR if a contractually due principal or interest payment is sixty days past due at any time during the past 12 months. | ||||||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
TDRs from the previous 12 months that subsequently defaulted during the periods | $ | 14 | $ | 7 | $ | 17 | $ | 8 | ||||||||||||||||||
Individually Evaluated Impaired Loans | ||||||||||||||||||||||||||
The following table summarizes the recorded investment, unpaid principal balance, and related allowance of impaired MPF Loans individually assessed for impairment, which includes impaired collateral dependent MPF Loans and TDRs. We had no impaired MPF Loans without an allowance for either date. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||
Impaired conventional MPF Loans with an allowance | $ | 186 | $ | 183 | $ | 14 | $ | 215 | $ | 210 | $ | 22 | ||||||||||||||
The following table summarizes the average recorded investment of impaired conventional MPF Loans. No interest income is recognized on impaired loans. | ||||||||||||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
Average Recorded Investment | $ | 190 | $ | 210 | $ | 197 | $ | 217 | ||||||||||||||||||
Term Federal Funds Sold and Term Securities Purchased Under Agreements to Resell | ||||||||||||||||||||||||||
We evaluate Federal Funds Sold for purposes of determining whether or not an allowance for credit losses should be recorded only if repayment of the contractual amount is past due. All Federal Funds sold were repaid according to the contractual terms, and accordingly, we have not recorded any allowance for credit losses as of June 30, 2014. | ||||||||||||||||||||||||||
Based upon the collateral held as security, we have determined that no allowance for credit losses was needed for our securities purchased under agreements to resell as of June 30, 2014. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Derivatives and Hedging Activities [Text Block] | ' | |||||||||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||||||||
Refer to Note 2 - Summary of Significant Accounting Polices to the financial statements in our 2013 Form 10-K for our accounting policies for derivatives. | ||||||||||||||||||||||||||
We transact most of our derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute consolidated obligations. Derivative transactions may be entered into through an over-the-counter bilateral agreement with an individual counterparty. Additionally, we clear derivatives transactions through an FCM with a derivatives clearing organization (clearinghouse). We are not a derivatives dealer and do not trade derivatives for speculative purposes. | ||||||||||||||||||||||||||
Managing Credit Risk on Derivative Agreements | ||||||||||||||||||||||||||
We are subject to credit risk due to the risk of nonperformance by counterparties to our derivative agreements. For bilateral derivative agreements, the degree of counterparty risk depends on the extent to which master netting arrangements are included in such contracts to mitigate the risk. We manage counterparty credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in our policies and FHFA regulations. We require collateral agreements on all derivatives that establish collateral delivery thresholds. Additionally, collateral related to derivatives with member institutions includes collateral assigned to us, as evidenced by a written security agreement, and held by the member institution for our benefit. Based on credit analyses and collateral requirements, we do not anticipate any credit losses on our derivative agreements. See Note 17 - Fair Value Accounting to the financial statements in our 2013 10-K for discussion regarding our fair value methodology for derivative assets and liabilities, including an evaluation of the potential for the fair value of these instruments to be affected by counterparty credit risk. | ||||||||||||||||||||||||||
Our over-the-counter bilateral derivative agreements contain provisions that require us to post additional collateral with our counterparties if there is deterioration in our credit rating, except for those derivative agreements with a zero unsecured collateral threshold for both parties, in which case positions are required to be fully collateralized regardless of credit rating. If our credit rating is lowered by a major credit rating agency, such as Standard and Poor's or Moody’s, we would be required to deliver additional collateral on derivatives in net liability positions. If our credit rating had been lowered from its current rating to the next lower rating, we would have been required to deliver up to an additional $54 million of collateral at fair value to our derivatives counterparties at June 30, 2014. | ||||||||||||||||||||||||||
Cleared swaps are subject to initial and variation margin requirements established by the clearinghouse and its clearing members. We post initial and variation margin through the clearing member, on behalf of the clearinghouse, which could expose us to institutional credit risk in the event that a clearing member or the clearinghouse fail to meet their obligations. Clearing derivatives through a clearinghouse mitigates counterparty credit risk exposure because a central clearinghouse counterparty is substituted for individual counterparties and collateral is posted daily for changes in the value of cleared derivatives through an FCM. The clearinghouse determines initial margin requirements for cleared derivatives. In this regard, clearing agents may require additional initial margin to be posted based on credit considerations, including but not limited to, credit rating downgrades. We were not required to post additional initial margin by our clearing agents at June 30, 2014. | ||||||||||||||||||||||||||
We present our derivative assets and liabilities on a net basis in our statements of condition. Refer to Note 1 - Background and Basis of Presentation for further discussion. In addition to the cash collateral as noted in the following table, we also pledged $54 million of investment securities, of which $2 million can be sold or repledged, as part of our initial margin related to cleared derivative transactions at June 30, 2014. | ||||||||||||||||||||||||||
The following table presents our gross and net derivative assets and liabilities by contract type and amount for our derivative agreements. | ||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||
As of | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives in hedge accounting relationships- | ||||||||||||||||||||||||||
Interest rate swaps | $ | 30,837 | $ | 61 | $ | 1,437 | $ | 28,346 | $ | 85 | $ | 1,670 | ||||||||||||||
Derivatives not in hedge accounting relationships- | ||||||||||||||||||||||||||
Interest rate swaps | 18,496 | 496 | 333 | 14,199 | 440 | 286 | ||||||||||||||||||||
Interest rate swaptions | 2,515 | 51 | — | 4,465 | 60 | — | ||||||||||||||||||||
Interest rate caps or floors | 1,164 | 127 | — | 1,164 | 143 | — | ||||||||||||||||||||
Interest rate future forwards | 25 | — | — | — | — | — | ||||||||||||||||||||
Mortgage delivery commitments | 336 | 5 | 4 | 203 | 3 | 3 | ||||||||||||||||||||
Derivatives not in hedge accounting relationships | 22,536 | 679 | 337 | 20,031 | 646 | 289 | ||||||||||||||||||||
Derivative amount before adjustments | $ | 53,373 | 740 | 1,774 | $ | 48,377 | 731 | 1,959 | ||||||||||||||||||
Netting adjustments (excluding cash collateral) | (670 | ) | (670 | ) | (677 | ) | (677 | ) | ||||||||||||||||||
Exposure at fair value | 70 | 1,104 | 54 | 1,282 | ||||||||||||||||||||||
Cash collateral (and related accrued interest) | (34 | ) | (1,042 | ) | (19 | ) | (1,174 | ) | ||||||||||||||||||
Total derivatives on statements of condition | $ | 36 | $ | 62 | $ | 35 | $ | 108 | ||||||||||||||||||
The following table presents our gross recognized amount of offsetting derivative assets and liabilities for derivatives with legal right of offset as well as derivatives (i.e., mortgage delivery commitments) without the legal right of offset. | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
As of June 30, 2014 | Bilateral | Cleared | Total | Bilateral | Cleared | Total | ||||||||||||||||||||
Derivatives with legal right of offset - | ||||||||||||||||||||||||||
Gross recognized amount | $ | 715 | $ | 20 | $ | 735 | $ | 1,641 | $ | 129 | $ | 1,770 | ||||||||||||||
Netting adjustments and cash collateral | (684 | ) | (20 | ) | (704 | ) | (1,586 | ) | (126 | ) | (1,712 | ) | ||||||||||||||
Derivatives with legal right of offset - net | 31 | — | 31 | 55 | 3 | 58 | ||||||||||||||||||||
Derivatives without legal right of offset | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||||
Total derivatives on statements of condition | 36 | — | 36 | 59 | 3 | 62 | ||||||||||||||||||||
Derivative noncash collateral not offset that cannot be sold or repledged | 29 | — | 29 | — | 3 | 3 | ||||||||||||||||||||
Net amount | $ | 7 | $ | — | $ | 7 | a | $ | 59 | $ | — | $ | 59 | a | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
Derivatives with legal right of offset - | ||||||||||||||||||||||||||
Gross recognized amount | $ | 707 | $ | 21 | $ | 728 | $ | 1,949 | $ | 7 | $ | 1,956 | ||||||||||||||
Netting adjustments and cash collateral | (676 | ) | (20 | ) | (696 | ) | (1,845 | ) | (6 | ) | (1,851 | ) | ||||||||||||||
Derivatives with legal right of offset - net | 31 | 1 | 32 | 104 | 1 | 105 | ||||||||||||||||||||
Derivatives without legal right of offset | 3 | — | 3 | 3 | — | 3 | ||||||||||||||||||||
Total derivatives on statements of condition | 34 | 1 | 35 | 107 | 1 | 108 | ||||||||||||||||||||
Derivative noncash collateral not offset that cannot be sold or repledged | 31 | — | 31 | — | — | — | ||||||||||||||||||||
Net amount | $ | 3 | $ | 1 | $ | 4 | a | $ | 107 | $ | 1 | $ | 108 | a | ||||||||||||
a | Any over-collateralization received by or paid from us to an individual clearing member and/or at a counterparty arrangement level is not included in the determination of the net amount. Specifically, any such over-collateralization amount received by us is not offset against another derivative asset counterparty exposure for which there is no legal right of offset, while any over-collateralization delivered by us is not offset against another derivative liability counterparty exposure for which there is no legal right of offset. | |||||||||||||||||||||||||
The tables below present the gain (loss) components of derivatives and hedging activities as presented in the statements of income. | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
For the periods ending | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fair value hedges - | ||||||||||||||||||||||||||
Interest rate swaps | $ | (6 | ) | $ | 9 | $ | (12 | ) | $ | 11 | ||||||||||||||||
Fair value hedges | (6 | ) | 9 | (12 | ) | 11 | ||||||||||||||||||||
Cash flow hedges | — | 2 | 1 | 3 | ||||||||||||||||||||||
Economic hedges - | ||||||||||||||||||||||||||
Interest rate swaps | (4 | ) | 53 | (3 | ) | 64 | ||||||||||||||||||||
Interest rate swaptions | (1 | ) | (11 | ) | (16 | ) | (17 | ) | ||||||||||||||||||
Interest rate caps or floors | (5 | ) | (39 | ) | (15 | ) | (58 | ) | ||||||||||||||||||
Mortgage delivery commitments | 1 | 1 | 1 | 1 | ||||||||||||||||||||||
Net interest settlements | 17 | 13 | 32 | 26 | ||||||||||||||||||||||
Economic hedges | 8 | 17 | (1 | ) | 16 | |||||||||||||||||||||
Gains (losses) on derivatives and hedging activities | $ | 2 | $ | 28 | $ | (12 | ) | $ | 30 | |||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||||
The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the effect of those derivatives on our net interest income. | ||||||||||||||||||||||||||
Gain (loss) | Net Interest Settlements Classified in Net Interest Income a | Hedge Adjustments Amortized into Net Interest Income b | ||||||||||||||||||||||||
On Derivative | On Hedged Item | Total Ineffectiveness Recognized in Derivatives and Hedging Activities | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | (28 | ) | $ | 26 | $ | (2 | ) | $ | (35 | ) | $ | — | |||||||||||||
Advances | (33 | ) | 35 | 2 | (20 | ) | (1 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (4 | ) | ||||||||||||||||||||
Consolidated obligation bonds | 149 | (155 | ) | (6 | ) | 65 | (5 | ) | ||||||||||||||||||
Total | $ | 88 | $ | (94 | ) | $ | (6 | ) | $ | 10 | $ | (10 | ) | |||||||||||||
Three months ended | ||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 178 | $ | (172 | ) | $ | 6 | $ | (35 | ) | $ | — | ||||||||||||||
Advances | 72 | (69 | ) | 3 | (17 | ) | (1 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (9 | ) | ||||||||||||||||||||
Consolidated obligation bonds | (329 | ) | 329 | — | 55 | (6 | ) | |||||||||||||||||||
Total | $ | (79 | ) | $ | 88 | $ | 9 | $ | 3 | $ | (16 | ) | ||||||||||||||
Six months ended | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | (30 | ) | $ | 27 | $ | (3 | ) | $ | (70 | ) | $ | — | |||||||||||||
Advances | (63 | ) | 67 | 4 | (40 | ) | (2 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (9 | ) | ||||||||||||||||||||
Consolidated obligation bonds | 282 | (295 | ) | (13 | ) | 126 | (10 | ) | ||||||||||||||||||
Total | $ | 189 | $ | (201 | ) | $ | (12 | ) | $ | 16 | $ | (21 | ) | |||||||||||||
Six months ended | ||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 234 | $ | (227 | ) | $ | 7 | $ | (69 | ) | $ | — | ||||||||||||||
Advances | 98 | (92 | ) | 6 | (34 | ) | (2 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (19 | ) | ||||||||||||||||||||
Consolidated obligation bonds | (416 | ) | 414 | (2 | ) | 102 | (13 | ) | ||||||||||||||||||
Total | $ | (84 | ) | $ | 95 | $ | 11 | $ | (1 | ) | $ | (34 | ) | |||||||||||||
a | Represents the effect of net interest settlements attributable to existing derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
b | Amortization of hedge adjustments is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
The following table presents our gains (losses) on our cash-flow hedging relationships recorded in income and other comprehensive income (loss). In cases where amounts are insignificant in the aggregate, we do not report a balance. | ||||||||||||||||||||||||||
Amortization of Effective Portion Reclassified From AOCI to Interest | Ineffective Portion Reclassified to Derivatives and Hedging Activities | Total Reclassified Into Statements of Income | Effective Portion Recorded in AOCI | Net Change in OCI | Net Interest Settlements Classified in Net Interest Income | |||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||||||||
Advances - | $ | 2 | $ | — | $ | 2 | $ | — | $ | (2 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | — | — | — | (14 | ) | (14 | ) | (61 | ) | a | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 1 | $ | — | $ | 1 | $ | (14 | ) | $ | (15 | ) | $ | (61 | ) | |||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||||||||
Advances - | $ | 4 | $ | — | $ | 4 | $ | — | $ | (4 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate caps | ||||||||||||||||||||||||||
Discount notes - | — | 2 | 2 | 239 | 237 | (67 | ) | a | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 2 | $ | 2 | $ | 4 | $ | 239 | $ | 235 | $ | (67 | ) | |||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||
Advances - | $ | 5 | $ | — | $ | 5 | $ | — | $ | (5 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | 1 | — | 10 | 10 | (122 | ) | a | |||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 3 | $ | 1 | $ | 4 | $ | 10 | $ | 6 | $ | (122 | ) | |||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||
Advances - | $ | 7 | $ | — | $ | 7 | $ | — | $ | (7 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate caps | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | 3 | 2 | 327 | 325 | (134 | ) | a | |||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 4 | $ | 3 | $ | 7 | $ | 327 | $ | 320 | $ | (134 | ) | |||||||||||||
a | Represents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
There were no amounts reclassified from AOCI into earnings for the periods presented as a result of the discontinuance of cash-flow hedges because the original forecasted transactions failed to occur by the end of the originally specified time period or within a two-month period thereafter. The deferred net gains (losses) on derivative instruments in AOCI that are expected to be reclassified to earnings during the next twelve months were $8 million as of June 30, 2014. The maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, is 6 years. |
Consolidated_Obligations
Consolidated Obligations | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Consolidated Obligations [Text Block] | ' | ||||||||||||||||||||||||
Consolidated Obligations | |||||||||||||||||||||||||
The following table presents our consolidated obligation bonds, for which we are the primary obligor, including callable bonds that are redeemable in whole, or in part, at our discretion on predetermined call dates. | |||||||||||||||||||||||||
As of June 30, 2014 | Contractual Maturity | Weighted Average Interest Rate | By Next Maturity or Call Date | ||||||||||||||||||||||
Due in one year or less | $ | 6,388 | 1.26 | % | $ | 29,885 | |||||||||||||||||||
One to two years | 3,597 | 3.24 | % | 3,627 | |||||||||||||||||||||
Two to three years | 4,965 | 1.81 | % | 1,578 | |||||||||||||||||||||
Three to four years | 6,207 | 1.67 | % | 1,475 | |||||||||||||||||||||
Four to five years | 4,526 | 1.45 | % | 450 | |||||||||||||||||||||
Thereafter | 12,525 | 2.21 | % | 1,193 | |||||||||||||||||||||
Total par value | $ | 38,208 | 1.92 | % | $ | 38,208 | |||||||||||||||||||
The following table presents our consolidated obligation discount notes for which we are the primary obligor. All are due in one year or less. | |||||||||||||||||||||||||
As of | 30-Jun-14 | December 31, 2013 | |||||||||||||||||||||||
Carrying Amount | $ | 23,795 | $ | 31,089 | |||||||||||||||||||||
Par Value | 23,797 | 31,092 | |||||||||||||||||||||||
Weighted Average Interest Rate | 0.06 | % | 0.07 | % | |||||||||||||||||||||
The following table presents consolidated obligation bonds outstanding by call feature: | |||||||||||||||||||||||||
As of | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||
Noncallable | $ | 12,901 | $ | 12,927 | |||||||||||||||||||||
Callable | 25,307 | 19,565 | |||||||||||||||||||||||
Total par value | 38,208 | 32,492 | |||||||||||||||||||||||
Bond premiums (discounts), net | 19 | 20 | |||||||||||||||||||||||
Hedging adjustments | (221 | ) | (526 | ) | |||||||||||||||||||||
Fair value option adjustments | 15 | 1 | |||||||||||||||||||||||
Total consolidated obligation bonds | $ | 38,021 | $ | 31,987 | |||||||||||||||||||||
Joint and Several Liability | |||||||||||||||||||||||||
The FHFA, at its discretion, may require an FHLB to make principal or interest payments due on any consolidated obligation. Although it has never occurred, to the extent that an FHLB makes a payment on a consolidated obligation on behalf of another FHLB, the paying FHLB would be entitled to a reimbursement from the non-complying FHLB. If the FHFA determines that the non-complying FHLB is unable to satisfy its direct obligations (as primary obligor), then the FHFA may allocate the outstanding liability among the remaining FHLBs on a pro rata basis in proportion to each FHLB's participation in all consolidated obligations outstanding, or on any other basis the FHFA may prescribe, even in the absence of a default event by the primary obligor. The FHFA is required but has not notified us that we would be required to pay any consolidated obligation on behalf of another FHLB. Accordingly, we do not expect to pay any additional amounts on behalf of other FHLBs under our joint and several liability as of June 30, 2014. As a result, we did not accrue a liability for our joint and several liability related to the other FHLBs’ share of the consolidated obligations as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
The following table summarizes the consolidated obligations of the FHLBs and those for which we are the primary obligor: | |||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Par values as of | Bonds | Discount | Total | Bonds | Discount | Total | |||||||||||||||||||
Notes | Notes | ||||||||||||||||||||||||
FHLB System | $ | 477,107 | $ | 322,873 | $ | 799,980 | $ | 473,495 | $ | 293,342 | $ | 766,837 | |||||||||||||
FHLB Chicago as primary obligor | 38,208 | 23,797 | 62,005 | 32,492 | 31,092 | 63,584 | |||||||||||||||||||
As a percent of the FHLB System | 8 | % | 7 | % | 8 | % | 7 | % | 11 | % | 8 | % |
Capital_and_Mandatorily_Redeem
Capital and Mandatorily Redeemable Capital Stock | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Capital [Abstract] | ' | ||||||||||||||||
Capital Stock and Mandatorily Redeemable Capital Stock [Text Block] | ' | ||||||||||||||||
Capital and Mandatorily Redeemable Capital Stock | |||||||||||||||||
Capital Rules | |||||||||||||||||
Under our capital plan our stock consists of two sub-classes of stock, Class B1 stock and Class B2 stock (together, Class B stock), both with a par value of $100 and redeemable on five years' written notice, subject to certain conditions. Under the capital plan, each member is required to own capital stock in an amount equal to the greater of a membership stock requirement or an activity stock requirement. Class B1 stock is available for purchase only to support a member's activity stock requirement. Class B2 stock is available to be purchased to support a member's membership stock requirement and any activity stock requirement. | |||||||||||||||||
Under our capital plan, our Board of Directors may set a threshold of between $5 million and $250 million on the amount of Class B2 stock that would otherwise be held for membership if a member has advances outstanding that have an activity stock requirement in excess of the threshold amount. In that case, the amount of Class B2 stock that exceeds such threshold and is necessary to support advance activity is automatically converted into Class B1 stock. This threshold is currently set at $5 million, which means that we will convert to Class B1 capital stock any capital stock supporting advances that exceeds the lesser of the member's membership requirement or $5 million. | |||||||||||||||||
The Board of Directors may periodically adjust members' activity stock requirement for certain new advances within a range of 2.0% and 6.0% of a member's outstanding advances. During 2013, our Board implemented this provision for the first time through a Reduced Capitalization Advance Program (RCAP) as further discussed in Note 14 - Capital and Mandatorily Redeemable Capital Stock to the financial statements in our 2013 Form 10-K. | |||||||||||||||||
Finally, under the capital plan, the cap on the membership stock requirement for each member is now $165.3 million. Under the plan, the cap on membership stock is equal to the lesser of (1) a cap set by the Board within a range of $25 million and $250 million, and (2) 9.9% of our total capital stock outstanding as of the prior December 31. Although the Board set an initial cap of $250 million, the operative cap under the plan of $165.3 million is based on the level of the Bank's capital stock at December 31, 2013 unless the Board sets a new cap. | |||||||||||||||||
Membership stock requirements will continue to be recalculated annually, whereas the activity stock requirement and any automatic conversion of Class B2 stock to Class B1 stock related to the $5 million threshold will apply on a daily basis. We may only redeem or repurchase capital stock from a member if, following the redemption or repurchase, the member will continue to meet its minimum investment requirement and we remain in compliance with our regulatory capital requirements. | |||||||||||||||||
Our current practice is to repurchase excess capital stock held by members within three business days of receiving a repurchase request, subject to regulatory requirements and prudent business practices. During the first quarter, all capital stock repurchases were made within three business days of receipt of the requests. | |||||||||||||||||
Minimum Capital Requirements | |||||||||||||||||
For details on our minimum capital requirements, including how the ratios below were calculated, see Minimum Capital Requirements on page F-47 of our 2013 Form 10-K. We complied with our minimum regulatory capital requirements as shown below: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Requirement | Actual | Requirement | Actual | ||||||||||||||
Risk-based capital | $ | 1,230 | $ | 3,999 | $ | 1,465 | $ | 3,703 | |||||||||
Total regulatory capital | $ | 2,722 | $ | 3,999 | $ | 2,752 | $ | 3,703 | |||||||||
Total regulatory capital ratio | 4 | % | 5.88 | % | 4 | % | 5.38 | % | |||||||||
Leverage capital | $ | 3,403 | $ | 5,999 | $ | 3,440 | $ | 5,555 | |||||||||
Leverage capital ratio | 5 | % | 8.81 | % | 5 | % | 8.07 | % | |||||||||
Total regulatory capital and leverage capital do not include accumulated other comprehensive income (loss). Under the FHFA regulation on capital classifications and critical capital levels for the FHLBs, we are adequately capitalized. | |||||||||||||||||
Mandatorily Redeemable Capital Stock | |||||||||||||||||
We reclassify capital stock from equity to mandatorily redeemable capital stock (MRCS) in our statements of condition under conditions as further described in Mandatorily Redeemable Capital Stock on page F-48 in our 2013 Form 10-K. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
The following table summarizes the income (loss) in AOCI for the periods indicated: | ||||||||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | Net Unrealized on Cash Flow Hedges | Post-Retirement Plans | Total AOCI | ||||||||||||||||||||||||||
Net Unrealized Gain (Loss) | Non-credit OTTI | Net Unrealized Gain (Loss) | Non-credit OTTI | |||||||||||||||||||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,491 | $ | (2 | ) | $ | (2 | ) | $ | (366 | ) | $ | (993 | ) | $ | 2 | $ | 130 | ||||||||||||
Change in the period before reclassifications to net income | (352 | ) | 2 | — | 16 | 239 | — | (95 | ) | |||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net change in the period | (352 | ) | 2 | — | 16 | 235 | — | (99 | ) | |||||||||||||||||||||
Ending balance | $ | 1,139 | $ | — | $ | (2 | ) | $ | (350 | ) | $ | (758 | ) | $ | 2 | $ | 31 | |||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,107 | $ | — | $ | (1 | ) | $ | (306 | ) | $ | (644 | ) | $ | 2 | $ | 158 | |||||||||||||
Change in the period before reclassifications to net income | 81 | — | — | 14 | (14 | ) | 2 | 83 | ||||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (1 | ) | — | 2 | (1 | ) | ||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | — | — | 3 | — | ||||||||||||||||||||||
Non-interest expense | — | — | — | — | — | — | 4 | — | ||||||||||||||||||||||
Net change in the period | 81 | — | — | 14 | (15 | ) | 2 | 5 | 82 | |||||||||||||||||||||
Ending balance | $ | 1,188 | $ | — | $ | (1 | ) | $ | (292 | ) | $ | (659 | ) | $ | 4 | $ | 240 | |||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,576 | $ | (8 | ) | $ | (3 | ) | $ | (381 | ) | $ | (1,078 | ) | $ | 1 | $ | 107 | ||||||||||||
Change in the period before reclassifications to net income | (437 | ) | 8 | — | 31 | 327 | — | (71 | ) | |||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | 1 | — | (4 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||
Net change in the period | (437 | ) | 8 | 1 | 31 | 320 | 1 | (76 | ) | |||||||||||||||||||||
Ending balance | $ | 1,139 | $ | — | $ | (2 | ) | $ | (350 | ) | $ | (758 | ) | $ | 2 | $ | 31 | |||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,052 | $ | — | $ | (1 | ) | $ | (320 | ) | $ | (665 | ) | $ | 1 | $ | 67 | |||||||||||||
Change in the period before reclassifications to net income | 136 | — | — | 28 | 10 | 2 | 176 | |||||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||
Net change in the period | 136 | — | — | 28 | 6 | 3 | 173 | |||||||||||||||||||||||
Ending balance | $ | 1,188 | $ | — | $ | (1 | ) | $ | (292 | ) | $ | (659 | ) | $ | 4 | $ | 240 | |||||||||||||
Fair_Value_Accounting
Fair Value Accounting | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Accounting [Text Block] | ' | ||||||||||||||||||||||||
Fair Value Accounting | |||||||||||||||||||||||||
For accounting policies regarding fair values see Note 2 - Summary of Significant Accounting Policies to the financial statements in our 2013 Form 10-K. For a description of the valuation techniques and significant inputs see Note 17 - Fair Value Accounting to the financial statements in our 2013 Form 10-K. There have been no significant changes in our valuation techniques since then. We had no transfers between levels 1, 2, and/or 3 for the periods presented. | |||||||||||||||||||||||||
The tables below are a summary of the fair value estimates and related levels in the fair value hierarchy. The carrying amounts are as recorded in the statements of condition. These tables do not represent an estimate of our overall market value as a going concern; as they do not take into account future business opportunities and future net profitability of assets and liabilities. The tables below are presented in the following order: | |||||||||||||||||||||||||
• | Fair values of financial instruments. | ||||||||||||||||||||||||
• | Financial instruments measured at fair value on a recurring basis on our statements of condition. | ||||||||||||||||||||||||
• | Assets measured at fair value on a nonrecurring basis on our statements of condition. | ||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Financial Assets- | |||||||||||||||||||||||||
Cash and due from banks | $ | 23 | $ | 23 | $ | 23 | $ | — | $ | — | |||||||||||||||
Interest bearing deposits | 560 | 560 | 560 | — | — | ||||||||||||||||||||
Federal Funds sold | 1,795 | 1,795 | — | 1,795 | — | ||||||||||||||||||||
Securities purchased under agreements to resell | 3,950 | 3,950 | — | 3,950 | — | ||||||||||||||||||||
Held-to-maturity securities | 7,227 | 7,991 | — | 6,409 | 1,582 | ||||||||||||||||||||
Advances | 24,782 | 24,902 | — | 24,902 | — | ||||||||||||||||||||
MPF Loans held in portfolio, net | 6,894 | 7,502 | — | 7,326 | 176 | ||||||||||||||||||||
Accrued interest receivable | 86 | 86 | — | 86 | — | ||||||||||||||||||||
Financial Liabilities- | |||||||||||||||||||||||||
Deposits | $ | (532 | ) | $ | (532 | ) | $ | — | $ | (532 | ) | $ | — | ||||||||||||
Consolidated obligation discount notes | (23,795 | ) | (23,795 | ) | — | (23,795 | ) | — | |||||||||||||||||
Consolidated obligation bonds | (38,021 | ) | (38,678 | ) | — | (38,611 | ) | (67 | ) | a | |||||||||||||||
Accrued interest payable | (137 | ) | (137 | ) | — | (137 | ) | — | |||||||||||||||||
Mandatorily redeemable capital stock | (5 | ) | (5 | ) | (5 | ) | — | — | |||||||||||||||||
Subordinated notes | (944 | ) | (1,038 | ) | — | (1,038 | ) | — | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Assets- | |||||||||||||||||||||||||
Cash and due from banks | $ | 971 | $ | 971 | $ | 971 | $ | — | $ | — | |||||||||||||||
Federal Funds sold | 500 | 500 | — | 500 | — | ||||||||||||||||||||
Securities purchased under agreements to resell | 4,550 | 4,550 | — | 4,550 | — | ||||||||||||||||||||
Held-to-maturity securities | 7,917 | 8,618 | — | 6,981 | 1,637 | ||||||||||||||||||||
Advances | 23,489 | 23,586 | — | 23,586 | — | ||||||||||||||||||||
MPF Loans held in portfolio, net | 7,695 | 8,269 | — | 8,069 | 200 | ||||||||||||||||||||
Accrued interest receivable | 93 | 93 | — | 93 | — | ||||||||||||||||||||
Financial Liabilities- | |||||||||||||||||||||||||
Deposits | $ | (544 | ) | $ | (544 | ) | $ | — | $ | (544 | ) | $ | — | ||||||||||||
Consolidated obligation discount notes | (31,089 | ) | (31,089 | ) | — | (31,089 | ) | — | |||||||||||||||||
Consolidated obligation bonds | (31,987 | ) | (32,645 | ) | — | (32,576 | ) | (69 | ) | a | |||||||||||||||
Accrued interest payable | (137 | ) | (137 | ) | — | (137 | ) | — | |||||||||||||||||
Mandatorily redeemable capital stock | (5 | ) | (5 | ) | (5 | ) | — | — | |||||||||||||||||
Subordinated notes | (944 | ) | (1,055 | ) | — | (1,055 | ) | — | |||||||||||||||||
a | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. | ||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The following tables present, for each hierarchy level, our assets and liabilities that are measured at fair value on the statements of condition on a recurring basis. Financial instruments carried at fair value on a recurring basis using Level 3 inputs were immaterial at June 30, 2014. We had no level 1 instruments for either period presented. | |||||||||||||||||||||||||
As of June 30, 2014 | Level 2 | Level 3 | Netting Adjustment | Total Fair Value | |||||||||||||||||||||
Financial assets - | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,613 | $ | — | $ | — | $ | 1,613 | |||||||||||||||||
GSE residential MBS | 69 | — | — | 69 | |||||||||||||||||||||
Governmental-guaranteed residential MBS | 2 | — | — | 2 | |||||||||||||||||||||
Trading securities | 1,684 | — | — | 1,684 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
U.S. Government & other government related | 547 | — | — | 547 | |||||||||||||||||||||
FFELP ABS | 6,586 | — | — | 6,586 | |||||||||||||||||||||
GSE residential MBS | 11,143 | — | — | 11,143 | |||||||||||||||||||||
Government-guaranteed residential MBS | 2,560 | — | — | 2,560 | |||||||||||||||||||||
Private-label residential MBS | — | 73 | — | 73 | |||||||||||||||||||||
Available-for-sale securities | 20,836 | 73 | — | 20,909 | |||||||||||||||||||||
Advances | 40 | — | — | 40 | |||||||||||||||||||||
Derivative assets | 723 | a | 17 | a | (704 | ) | b | 36 | |||||||||||||||||
Total financial assets at fair value | $ | 23,283 | $ | 90 | $ | (704 | ) | $ | 22,669 | ||||||||||||||||
Level 3 as a percent of total assets at fair value | 0.4 | % | |||||||||||||||||||||||
Financial liabilities - | |||||||||||||||||||||||||
Consolidated obligation bonds | $ | (4,235 | ) | $ | (67 | ) | c | $ | — | $ | (4,302 | ) | |||||||||||||
Derivative liabilities | (1,774 | ) | a | — | 1,712 | b | (62 | ) | |||||||||||||||||
Total financial liabilities at fair value | $ | (6,009 | ) | $ | (67 | ) | $ | 1,712 | $ | (4,364 | ) | ||||||||||||||
Level 3 as a percent of total liabilities at fair value | 1.5 | % | |||||||||||||||||||||||
Table continued on next page. | |||||||||||||||||||||||||
As of December 31, 2013 | Level 2 | Level 3 | Netting Adjustment | Total Fair Value | |||||||||||||||||||||
Financial assets - | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,823 | $ | — | $ | — | $ | 1,823 | |||||||||||||||||
GSE residential MBS | 74 | — | — | 74 | |||||||||||||||||||||
Governmental-guaranteed residential MBS | 2 | — | — | 2 | |||||||||||||||||||||
Trading securities | 1,899 | — | — | 1,899 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
U.S. Government & other government related | 588 | — | — | 588 | |||||||||||||||||||||
FFELP ABS | 6,803 | — | — | 6,803 | |||||||||||||||||||||
GSE residential MBS | 11,382 | — | — | 11,382 | |||||||||||||||||||||
Government-guaranteed residential MBS | 2,691 | — | — | 2,691 | |||||||||||||||||||||
Private-label residential MBS | — | 72 | — | 72 | |||||||||||||||||||||
Available-for-sale securities | 21,464 | 72 | — | 21,536 | |||||||||||||||||||||
Advances | 30 | — | — | 30 | |||||||||||||||||||||
Derivative assets | 712 | a | 19 | a | (696 | ) | b | 35 | |||||||||||||||||
Total financial assets at fair value | $ | 24,105 | $ | 91 | $ | (696 | ) | $ | 23,500 | ||||||||||||||||
Level 3 as a percent of total assets at fair value | 0.4 | % | |||||||||||||||||||||||
Financial liabilities - | |||||||||||||||||||||||||
Consolidated obligation discount notes | (75 | ) | — | — | (75 | ) | |||||||||||||||||||
Consolidated obligation bonds | (1,021 | ) | (69 | ) | c | — | (1,090 | ) | |||||||||||||||||
Derivative liabilities | (1,959 | ) | a | — | 1,851 | b | (108 | ) | |||||||||||||||||
Total financial liabilities at fair value | $ | (3,055 | ) | $ | (69 | ) | $ | 1,851 | $ | (1,273 | ) | ||||||||||||||
Level 3 as a percent of total liabilities at fair value | 5.4 | % | |||||||||||||||||||||||
a | Our derivative assets are, in part secured with cash collateral (Level 1) as described in Note 9 - Derivatives and Hedging Activities. However, we view our net derivative assets or liabilities as a single unit of account for purposes of classifying the total balance within the fair value hierarchy. Accordingly, we classify our derivative assets and liabilities as either Level 2 or Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||
b | The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. See Note 9 - Derivatives and Hedging Activities for further details. | ||||||||||||||||||||||||
c | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. | ||||||||||||||||||||||||
Level 3 Disclosures for Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
There have been no significant changes in assets and liabilities that are measured at fair value on the statements of condition using significant unobservable inputs (Level 3) in the six months ended June 30, 2014, or 2013. | |||||||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are subject to being measured at fair value as a result of becoming impaired during the reporting period or in the case of REO when fair value declines during the reporting period. If available, broker price opinions are used to measure impaired MPF Loans or REO. If a current broker price opinion is not available, we estimate fair value based on current actual loss severity rates we have incurred on sales, excluding any estimated selling costs. See Note 8 - Allowance for Credit Losses for further details. Significant increases (decreases) in the loss severity rate input in isolation may result in a significantly lower (higher) fair value measurement. | |||||||||||||||||||||||||
The table below presents assets that are measured at fair value on a nonrecurring basis in our statements of condition only as of the dates shown. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Level 3 | Level 3 | ||||||||||||||||||||||||
Impaired MPF Loans | $ | 176 | $ | 200 | |||||||||||||||||||||
Real estate owned | 10 | 10 | |||||||||||||||||||||||
Total non-recurring assets | $ | 186 | $ | 210 | |||||||||||||||||||||
Fair Value Option | |||||||||||||||||||||||||
We elected the fair value option for advances, discount notes, and short-term consolidated obligation bonds for which hedge accounting treatment may not be achieved. Specifically, hedge accounting may not be achieved in cases where it may be difficult to pass prospective or retrospective effectiveness testing under derivative hedge accounting guidance even though the interest rate swaps used to hedge these financial instruments have matching terms. Accordingly, electing the fair value option allows us to better match the change in fair value of the advance, discount note, and short-term consolidated obligation bonds with the interest rate swap economically hedging it. We determined that no adjustments to the fair values of our instruments recorded under the fair value option for instrument-specific credit risk were necessary as of the dates presented. | |||||||||||||||||||||||||
The following table summarizes the activity related to financial assets and liabilities for which we elected the fair value option: | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Consolidated Obligation | Consolidated Obligation | ||||||||||||||||||||||||
Advances | Bonds | Discount Notes | Advances | Bonds | Discount Notes | ||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||
Balance beginning of period | $ | 30 | $ | (3,408 | ) | $ | — | $ | 9 | $ | (1,250 | ) | $ | (75 | ) | ||||||||||
New transactions elected for fair value option | 10 | (2,275 | ) | — | 20 | (2,300 | ) | — | |||||||||||||||||
Maturities and extinguishments (if any) | — | 1,455 | — | — | 1,000 | — | |||||||||||||||||||
Net gain (loss) on instruments held at fair value | — | (3 | ) | — | — | 2 | — | ||||||||||||||||||
Change in accrued interest and other | — | (4 | ) | — | — | — | — | ||||||||||||||||||
Balance end of period | $ | 40 | $ | (4,235 | ) | $ | — | $ | 29 | $ | (2,548 | ) | $ | (75 | ) | ||||||||||
For the six months ended | |||||||||||||||||||||||||
Balance beginning of period | $ | 30 | $ | (1,021 | ) | $ | (75 | ) | $ | 9 | $ | (1,251 | ) | $ | — | ||||||||||
New transactions elected for fair value option | 10 | (4,935 | ) | — | 20 | (2,550 | ) | (75 | ) | ||||||||||||||||
Maturities and extinguishments (if any) | — | 1,725 | 75 | — | 1,250 | — | |||||||||||||||||||
Net gain (loss) on instruments held at fair value | — | 1 | — | — | 3 | — | |||||||||||||||||||
Change in accrued interest and other | — | (5 | ) | — | — | — | — | ||||||||||||||||||
Balance end of period | $ | 40 | $ | (4,235 | ) | $ | — | $ | 29 | $ | (2,548 | ) | $ | (75 | ) | ||||||||||
The following table reflects the difference between the aggregate unpaid principal balance (UPB) outstanding and the aggregate fair value for advances and consolidated obligation bonds for which the fair value option has been elected. None of the advances were 90 days or more past due and none were on nonaccrual status. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
As of | Unpaid Principal Balance | Fair | Fair Value Over (Under) UPB | Unpaid Principal Balance | Fair | Fair Value Over (Under) UPB | |||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Advances | $ | 39 | $ | 40 | $ | 1 | $ | 29 | $ | 30 | $ | 1 | |||||||||||||
Consolidated obligation discount notes | — | — | — | 75 | 75 | — | |||||||||||||||||||
Consolidated obligation bonds | 4,220 | 4,235 | 15 | 1,020 | 1,021 | 1 | |||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | ' | ||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||
The table below shows our commitments outstanding, which represent off-balance sheet obligations, for the periods presented. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
As of | Expire within one year | Expire after one year | Total | Expire within one year | Expire after one year | Total | |||||||||||||||||||
Unsettled consolidated obligation bonds | $ | 335 | $ | — | $ | 335 | $ | 220 | $ | — | $ | 220 | |||||||||||||
Unsettled consolidated obligation discount notes | — | — | — | 1,000 | — | 1,000 | |||||||||||||||||||
Member standby letters of credit | 1,148 | 733 | a | 1,881 | 1,407 | 696 | a | 2,103 | |||||||||||||||||
Housing authority standby bond purchase agreements | 169 | 233 | 402 | 149 | 258 | 407 | |||||||||||||||||||
MPF Program mortgage purchase commitments | 172 | — | 172 | 103 | — | 103 | |||||||||||||||||||
Unresolved repurchasable loans and indemnifications to Fannie Mae for MPF Xtra loans | 59 | b | — | 59 | 56 | b | — | 56 | |||||||||||||||||
Committed unused member lines of credit | 4,000 | c | — | 4,000 | — | — | — | ||||||||||||||||||
Advance commitments | 211 | 9 | 220 | 125 | 101 | 226 | |||||||||||||||||||
Commitments | $ | 6,094 | $ | 975 | $ | 7,069 | $ | 3,060 | $ | 1,055 | $ | 4,115 | |||||||||||||
a | Contains $547 million and $495 million of member standby letters of credit at June 30, 2014, and December 31, 2013, which were renewable annually. | ||||||||||||||||||||||||
b | Amount includes only mortgage loans for which (1) a breach of an eligibility requirement or other warranty has been specifically identified and (2) we believe Fannie Mae will request us to repurchase or provide an indemnity. Accordingly, these unresolved requests are classified in the "expire within one year" category. However, these unresolved requests may occur after one year from the reporting date since they do not have an expiration date. If the PFI from which we purchased an ineligible MPF Xtra loan is viable, we may require the PFI to repurchase that loan from us or indemnify us for related losses. Since we deem it probable that we will recover any losses from the PFIs, we did not recognize a loss in our statement of income related to MPF Xtra loan repurchase or indemnification risk to Fannie Mae. | ||||||||||||||||||||||||
c | A committed unused member line of credit is an agreement that provides our members with the option to take multiple advances up to a specified maximum amount, subject to certain conditions. Portions repaid may be reborrowed under the same arrangement. | ||||||||||||||||||||||||
For a description of previously defined terms see Note 18 - Commitments and Contingencies to the financial statements in our 2013 Form 10-K. |
Transactions_with_Members_and_
Transactions with Members and Other FHLBs | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Transactions with Members and Other FHLBs | |||||||||
We define related parties as members that own 10% or more of our capital stock or members whose officers or directors also serve on our Board of Directors. Capital stock ownership is a prerequisite to transacting any member business with us. Members and former members own all of our capital stock. | |||||||||
In the normal course of business, we extend credit to or enter into other transactions with these related parties. All transactions are done at market terms that are no more favorable than the terms of comparable transactions with other members who are not considered related parties. | |||||||||
Members | |||||||||
The table below summarizes balances we had with our members as defined above as related parties (including their affiliates). Members represented in these tables may change between periods presented, to the extent that our related parties change, based on changes in the composition of our Board membership. | |||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||
Assets - Advances | $ | 210 | $ | 2,546 | |||||
Liabilities - Deposits | 29 | 27 | |||||||
Equity - Capital Stock | 17 | 188 | |||||||
Other FHLBs | |||||||||
From time to time, we borrow from, or lend to, other FHLBs at market rates. At June 30, 2014, we had an outstanding borrowing from another FHLB in the amount of $120 million, which was an overnight borrowing maturing the following business day. Material amounts of transactions with other FHLBs, if any, are identified on the face of our Financial Statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | ' |
Joint and Several Liability Arrangements | |
We adopted new GAAP guidance applicable to joint and several liability arrangements effective January 1, 2014. Under the new guidance, joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date and any additional estimated amount we expect to pay on behalf of other FHLBs is measured and recognized at the reporting date. Transition to the new guidance was done on a retrospective basis. The new guidance did not have an effect on either our current or prior operating activities or financial statements. For further discussion of our joint and several liability see Note 10 - Consolidated Obligations to the financial statements. | |
Legal Costs, Policy [Policy Text Block] | ' |
Litigation Settlement Awards and related Litigation Settlement Legal Expenses | |
In the second quarter of 2014 we recognized $17 million in litigation settlement awards, offset by $2 million of litigation settlement legal expenses. The awards were recorded in "Non-interest gain (loss) on - Litigation settlement awards". The expenses were recorded in "Non-interest expense - Other". These awards and expenses were recognized when realized. See page F-17 in Note 2 – Summary of Significant Accounting Policies to the financial statements in our 2013 Form 10-K for further details. |
Interest_Income_and_Interest_E1
Interest Income and Interest Expense (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Interest Income (Expense), Net [Abstract] | ' | |||||||||||||||
Interest Income and Interest Expense [Table Text Block] | ' | |||||||||||||||
The following table presents interest income and interest expense for the periods indicated: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest income - | ||||||||||||||||
Federal Funds sold, securities purchased under agreements to resell, and interest bearing deposits | $ | 3 | $ | 2 | $ | 4 | $ | 6 | ||||||||
Investment securities - | ||||||||||||||||
Trading | 8 | 3 | 15 | 9 | ||||||||||||
Available-for-sale | 136 | 148 | 279 | 297 | ||||||||||||
Held-to-maturity | 74 | 82 | 151 | 172 | ||||||||||||
Total investment securities | 218 | 233 | 445 | 478 | ||||||||||||
Advances - | ||||||||||||||||
Advance interest income | 35 | 34 | 73 | 70 | ||||||||||||
Advance prepayment fees | 3 | 8 | 4 | 13 | ||||||||||||
Total Advances | 38 | 42 | 77 | 83 | ||||||||||||
MPF Loans held in portfolio, net | 86 | 103 | 174 | 216 | ||||||||||||
Total interest income | 345 | 380 | 700 | 783 | ||||||||||||
Interest expense - | ||||||||||||||||
Discount notes | 66 | 74 | 133 | 151 | ||||||||||||
Bonds | 147 | 193 | 294 | 392 | ||||||||||||
Total consolidated obligations | 213 | 267 | 427 | 543 | ||||||||||||
Subordinated notes | 13 | 15 | 27 | 29 | ||||||||||||
Total interest expense | 226 | 282 | 454 | 572 | ||||||||||||
Net interest income before provision for credit losses | 119 | 98 | 246 | 211 | ||||||||||||
Provision for (reversal of) credit losses | (3 | ) | (2 | ) | (6 | ) | (2 | ) | ||||||||
Net interest income | $ | 122 | $ | 100 | $ | 252 | $ | 213 | ||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Trading Securities by Major Security Type [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the fair value of our trading securities. We had no material gains or losses realized from the sales of trading securities. | |||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
U.S. Government & other government related | $ | 1,613 | $ | 1,823 | |||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 69 | 74 | |||||||||||||||||||||||
Government-guaranteed residential | 2 | 2 | |||||||||||||||||||||||
Total MBS | 71 | 76 | |||||||||||||||||||||||
Trading securities | $ | 1,684 | $ | 1,899 | |||||||||||||||||||||
At June 30, 2014, and 2013, we had net year-to-date unrealized gains (losses) of $(10) million and $(9) million on trading securities still held at period end. | |||||||||||||||||||||||||
Available-for-sale Securities by Major Security Type [Table Text Block] | ' | ||||||||||||||||||||||||
Amortized Cost Basis and Fair Value – Available-for-Sale Securities (AFS) | |||||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains in AOCI | Gross Unrealized Losses in AOCI | Carrying Amount and Fair Value | ||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 513 | $ | 34 | $ | — | $ | 547 | |||||||||||||||||
FFELP ABS | 6,144 | 456 | (14 | ) | 6,586 | ||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10,555 | 600 | (12 | ) | 11,143 | ||||||||||||||||||||
Government-guaranteed residential | 2,441 | 119 | — | 2,560 | |||||||||||||||||||||
Private-label residential | 68 | 5 | — | 73 | |||||||||||||||||||||
Total MBS | 13,064 | 724 | (12 | ) | 13,776 | ||||||||||||||||||||
Total | $ | 19,721 | $ | 1,214 | $ | (26 | ) | $ | 20,909 | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 560 | $ | 29 | $ | (1 | ) | $ | 588 | ||||||||||||||||
FFELP ABS | 6,395 | 425 | (17 | ) | 6,803 | ||||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10,888 | 518 | (24 | ) | 11,382 | ||||||||||||||||||||
Government-guaranteed residential | 2,572 | 119 | — | 2,691 | |||||||||||||||||||||
Private-label residential | 69 | 3 | — | 72 | |||||||||||||||||||||
Total MBS | 13,529 | 640 | (24 | ) | 14,145 | ||||||||||||||||||||
Total | $ | 20,484 | $ | 1,094 | $ | (42 | ) | $ | 21,536 | ||||||||||||||||
Held-to-maturity Securities by Major Security Type [Table Text Block] | ' | ||||||||||||||||||||||||
Amortized Cost Basis, Carrying Amount, and Fair Value - Held-to-Maturity Securities (HTM) | |||||||||||||||||||||||||
Amortized | Non-credit OTTI Recognized in AOCI (Loss) | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||
Cost Basis | Amount | Unrecognized | Unrecognized | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,968 | $ | — | $ | 1,968 | $ | 69 | $ | (1 | ) | $ | 2,036 | ||||||||||||
State or local housing agency | 21 | — | 21 | — | — | 21 | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 2,908 | — | 2,908 | 208 | — | 3,116 | |||||||||||||||||||
Government-guaranteed residential | 1,200 | — | 1,200 | 36 | — | 1,236 | |||||||||||||||||||
Private-label residential | 1,422 | (292 | ) | 1,130 | 453 | (1 | ) | 1,582 | |||||||||||||||||
Total MBS | 5,530 | (292 | ) | 5,238 | 697 | (1 | ) | 5,934 | |||||||||||||||||
Total | $ | 7,519 | $ | (292 | ) | $ | 7,227 | $ | 766 | $ | (2 | ) | $ | 7,991 | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 2,259 | $ | — | $ | 2,259 | $ | 42 | $ | (1 | ) | $ | 2,300 | ||||||||||||
State or local housing agency | 22 | — | 22 | — | — | 22 | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 3,193 | — | 3,193 | 186 | — | 3,379 | |||||||||||||||||||
Government-guaranteed residential | 1,248 | — | 1,248 | 32 | — | 1,280 | |||||||||||||||||||
Private-label residential | 1,515 | (320 | ) | 1,195 | 444 | (2 | ) | 1,637 | |||||||||||||||||
Total MBS | 5,956 | (320 | ) | 5,636 | 662 | (2 | ) | 6,296 | |||||||||||||||||
Total | $ | 8,237 | $ | (320 | ) | $ | 7,917 | $ | 704 | $ | (3 | ) | $ | 8,618 | |||||||||||
Securities in a Continuous Unrealized Loss Position [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables present unrealized temporary losses on our AFS and HTM portfolio for periods less than 12 months and for 12 months or more. We recognized no OTTI charges on these unrealized loss positions because we expect to recover the entire amortized cost basis, we do not intend to sell these securities, and we believe it is more likely than not that we will not be required to sell them prior to recovering their amortized cost basis. In the tables below, in cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. | |||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
FFELP ABS | $ | — | $ | — | $ | 936 | $ | (14 | ) | $ | 936 | $ | (14 | ) | |||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 2,073 | (12 | ) | 2,073 | (12 | ) | |||||||||||||||||
Private-label residential | — | — | 1 | — | 1 | — | |||||||||||||||||||
Total MBS | — | — | 2,074 | (12 | ) | 2,074 | (12 | ) | |||||||||||||||||
Total | $ | — | $ | — | $ | 3,010 | $ | (26 | ) | $ | 3,010 | $ | (26 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 40 | $ | (1 | ) | $ | — | $ | — | $ | 40 | $ | (1 | ) | |||||||||||
FFELP ABS | 22 | — | 969 | (17 | ) | 991 | (17 | ) | |||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 3,293 | (24 | ) | 3,293 | (24 | ) | |||||||||||||||||
Private-label residential | — | — | 9 | — | 9 | — | |||||||||||||||||||
Total MBS | — | — | 3,302 | (24 | ) | 3,302 | (24 | ) | |||||||||||||||||
Total | $ | 62 | $ | (1 | ) | $ | 4,271 | $ | (41 | ) | $ | 4,333 | $ | (42 | ) | ||||||||||
Held-to-Maturity Securities | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 14 | $ | — | $ | 4 | $ | (1 | ) | $ | 18 | $ | (1 | ) | |||||||||||
State or local housing agency | 10 | — | — | — | 10 | — | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | — | — | 6 | — | 6 | — | |||||||||||||||||||
Private-label residential | 17 | — | 1,483 | (293 | ) | 1,500 | (293 | ) | |||||||||||||||||
Total MBS | 17 | — | 1,489 | (293 | ) | 1,506 | (293 | ) | |||||||||||||||||
Total | $ | 41 | $ | — | $ | 1,493 | $ | (294 | ) | $ | 1,534 | $ | (294 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 85 | $ | (1 | ) | $ | — | $ | — | $ | 85 | $ | (1 | ) | |||||||||||
State or local housing agency | 10 | — | — | — | 10 | — | |||||||||||||||||||
MBS: | |||||||||||||||||||||||||
GSE residential | 10 | — | — | — | 10 | — | |||||||||||||||||||
Private-label residential | — | — | 1,532 | (322 | ) | 1,532 | (322 | ) | |||||||||||||||||
MBS | 10 | — | 1,532 | (322 | ) | 1,542 | (322 | ) | |||||||||||||||||
Total | $ | 105 | $ | (1 | ) | $ | 1,532 | $ | (322 | ) | $ | 1,637 | $ | (323 | ) | ||||||||||
Securities by Contractual Maturity [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents the amortized cost basis and fair value of AFS and HTM securities by contractual maturity, excluding ABS and MBS securities. These securities are excluded because their expected maturities may differ from their contractual maturities if borrowers of the underlying loans elect to prepay their loans. | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
As of June 30, 2014 | Amortized Cost Basis | Carrying Amount and Fair Value | Carrying Amount | Fair | |||||||||||||||||||||
Value | |||||||||||||||||||||||||
Year of Maturity - | |||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | 464 | $ | 464 | |||||||||||||||||
Due after one year through five years | 113 | 120 | 54 | 54 | |||||||||||||||||||||
Due after five years through ten years | 3 | 3 | 431 | 449 | |||||||||||||||||||||
Due after ten years | 397 | 424 | 1,040 | 1,090 | |||||||||||||||||||||
ABS and MBS without a single maturity date | 19,208 | 20,362 | 5,238 | 5,934 | |||||||||||||||||||||
Total securities | $ | 19,721 | $ | 20,909 | $ | 7,227 | $ | 7,991 | |||||||||||||||||
Total Securities Other-than-Temporarily Impaired during the Life of the Security [Table Text Block] | ' | ||||||||||||||||||||||||
The table below presents private-label MBS that have incurred OTTI at some point in time since we acquired the security. Each private-label MBS presented below is classified as prime, subprime, or Alt-A. Such classification depends upon the nature of the majority of underlying mortgages collateralizing each private-label MBS based on the issuer's classification, or as published by a nationally recognized statistical rating organization (NRSRO), at the time of issuance of the MBS. | |||||||||||||||||||||||||
As of June 30, 2014 | Unpaid Principal Balance | Amortized Cost Basis | Non-Credit OTTI | Gross Unrealized Gains | Carrying Amount | Fair Value | |||||||||||||||||||
OTTI AFS Securities- | |||||||||||||||||||||||||
Private-label residential MBS: | |||||||||||||||||||||||||
Alt-A | $ | 100 | $ | 67 | $ | — | $ | 5 | $ | 72 | $ | 72 | |||||||||||||
OTTI HTM Securities- | |||||||||||||||||||||||||
Private-label residential MBS: | |||||||||||||||||||||||||
Prime | $ | 1,090 | $ | 856 | $ | (213 | ) | $ | — | $ | 643 | $ | 929 | ||||||||||||
Subprime | 674 | 421 | (79 | ) | — | 342 | 508 | ||||||||||||||||||
Total OTTI HTM securities | $ | 1,764 | $ | 1,277 | $ | (292 | ) | $ | — | $ | 985 | $ | 1,437 | ||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents the changes in the cumulative amount of credit losses (recognized into earnings) on OTTI investment securities for the periods stated. | |||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Beginning Balance | $ | 663 | $ | 710 | $ | 677 | $ | 717 | |||||||||||||||||
Reductions: | 3 | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that have been recognized as accretion into net interest income | (14 | ) | 5 | (9 | ) | (28 | ) | (16 | ) | ||||||||||||||||
Ending Balance | $ | 649 | $ | 701 | $ | 649 | $ | 701 | |||||||||||||||||
Advances_Tables
Advances (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Loans Receivable, Net [Abstract] | ' | |||||||||||||||
Schedule of Advances by Callable and Putable Features [Table Text Block] | ' | |||||||||||||||
We offer a wide range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics and optionality. We did not have any advances with embedded features that met the requirements to separate the embedded feature from the host contract and designate the embedded feature as a stand-alone derivative at June 30, 2014, and December 31, 2013. The following table presents our advances by callable/putable features: | ||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||
Noncallable/nonputable | $ | 21,957 | $ | 20,259 | ||||||||||||
Callable | 990 | 1,440 | ||||||||||||||
Putable | 1,709 | 1,726 | ||||||||||||||
Total par value | 24,656 | 23,425 | ||||||||||||||
Hedging adjustments | 104 | 39 | ||||||||||||||
Other adjustments | 22 | 25 | ||||||||||||||
Total advances | $ | 24,782 | $ | 23,489 | ||||||||||||
Advances by Year of Contractual Maturity, Next Call Date, or Next Put or Convert Date [Table Text Block] | ' | |||||||||||||||
The following table presents our advances by redemption terms: | ||||||||||||||||
As of June 30, 2014 | Amount | Weighted Average Interest Rate | Next Maturity or Call Date | Next Maturity or Put Date | ||||||||||||
Due in one year or less | $ | 6,219 | 0.43 | % | $ | 7,209 | $ | 7,927 | ||||||||
One to two years | 2,142 | 1.34 | % | 1,942 | 1,696 | |||||||||||
Two to three years | 1,778 | 3.16 | % | 1,620 | 1,250 | |||||||||||
Three to four years | 4,516 | 1.13 | % | a | 4,089 | 3,826 | ||||||||||
Four to five years | 8,627 | 0.23 | % | a | 8,427 | 8,608 | ||||||||||
More than five years | 1,374 | 3.48 | % | 1,369 | 1,349 | |||||||||||
Total par value | $ | 24,656 | 0.93 | % | $ | 24,656 | $ | 24,656 | ||||||||
a | Low weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which are at low current market rates of interest. |
MPF_Loans_Tables
MPF Loans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||
Mortgage Loans Held for Portfolio [Table Text Block] | ' | ||||||||
The following table presents information on MPF Loans held in our portfolio by contractual maturity at the time of purchase. All are fixed-rate. Government is comprised of loans insured by the Federal Housing Administration (FHA) or the Department of Housing and Urban Development (HUD) and loans guaranteed by the Department of Veteran Affairs (VA) or Department of Agriculture Rural Housing Service (RHS). | |||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||
Medium term (15 years or less) | $ | 1,366 | $ | 1,672 | |||||
Long term (greater than 15 years) | 5,465 | 5,959 | |||||||
Total unpaid principal balance | 6,831 | 7,631 | |||||||
Net premiums, credit enhancement and deferred loan fees | 24 | 27 | |||||||
Hedging adjustments | 58 | 66 | |||||||
Total before allowance for credit losses | 6,913 | 7,724 | |||||||
Allowance for credit losses on MPF Loans | (19 | ) | (29 | ) | |||||
Total MPF Loans held in portfolio, net | $ | 6,894 | $ | 7,695 | |||||
Conventional mortgage loans | $ | 5,283 | $ | 5,969 | |||||
Government insured mortgage loans | 1,548 | 1,662 | |||||||
Total unpaid principal balance | $ | 6,831 | $ | 7,631 | |||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||
Impact of MPF Risk Sharing Structure on Allowance for Credit Losses [Table Text Block] | ' | |||||||||||||||||||||||||
The table below presents the impact of the MPF Risk Sharing Structure and severity rates on our allowance for credit losses. For detailed definitions of how Total Severity Rate and Credit Loss Severity Rate are calculated, see Loss Severity on page F-31 in our 2013 Form 10-K. | ||||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Total Severity Rate | 29 | % | 35 | % | ||||||||||||||||||||||
Credit Loss Severity Rate | 15 | % | 19 | % | ||||||||||||||||||||||
Total estimated losses outstanding | $ | 57 | $ | 65 | ||||||||||||||||||||||
Less: losses expected to be absorbed by MPF Risk Sharing Structure | (23 | ) | a | (18 | ) | a | ||||||||||||||||||||
Our share of total losses | 34 | 47 | ||||||||||||||||||||||||
Less: non-credit losses | (16 | ) | (21 | ) | ||||||||||||||||||||||
Credit losses | 18 | 26 | ||||||||||||||||||||||||
Plus: other estimated credit losses in the remaining portfolio | 1 | 3 | ||||||||||||||||||||||||
Allowance for credit losses on conventional MPF Loans | $ | 19 | $ | 29 | ||||||||||||||||||||||
a | Represents aggregate of credit enhancements across all master commitments expected to be recovered. Credit enhancement from one master commitment may not be used to offset credit losses incurred by another master commitment. | |||||||||||||||||||||||||
Rollforward of Allowance for Credit Losses on Mortgage Loans [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents the changes in the allowance for credit losses on conventional MPF Loans. | ||||||||||||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 24 | $ | 40 | $ | 29 | $ | 42 | ||||||||||||||||||
Losses charged to the allowance | (2 | ) | (4 | ) | (4 | ) | (6 | ) | ||||||||||||||||||
Provision for (reversal of) credit losses | (3 | ) | (2 | ) | (6 | ) | (2 | ) | ||||||||||||||||||
Balance, end of period | $ | 19 | $ | 34 | $ | 19 | $ | 34 | ||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable by Impairment Methodology [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents the recorded investment by impairment methodology on conventional MPF Loans. | ||||||||||||||||||||||||||
As of | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Specifically identified and individually evaluated for impairment | $ | 14 | $ | 22 | ||||||||||||||||||||||
Homogeneous pools of loans and collectively evaluated for impairment | 5 | 7 | ||||||||||||||||||||||||
Allowance for credit losses on conventional MPF Loans | $ | 19 | $ | 29 | ||||||||||||||||||||||
Individually evaluated for impairment - with an allowance | $ | 186 | $ | 215 | ||||||||||||||||||||||
Collectively evaluated for impairment | 5,189 | 5,861 | ||||||||||||||||||||||||
Total recorded investment | $ | 5,375 | $ | 6,076 | ||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||
The table below summarizes our recorded investment in MPF Loans by our key credit quality indicators. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Conventional | Government | Total | Conventional | Government | Total | ||||||||||||||||||||
Past due 30-59 days | $ | 132 | $ | 81 | $ | 213 | $ | 165 | $ | 104 | $ | 269 | ||||||||||||||
Past due 60-89 days | 41 | 22 | 63 | 50 | 31 | 81 | ||||||||||||||||||||
Past due 90 days or more | 173 | 125 | 298 | 202 | 151 | 353 | ||||||||||||||||||||
Total past due | 346 | 228 | 574 | 417 | 286 | 703 | ||||||||||||||||||||
Total current | 5,029 | 1,345 | 6,374 | 5,659 | 1,401 | 7,060 | ||||||||||||||||||||
Total recorded investment | $ | 5,375 | $ | 1,573 | $ | 6,948 | $ | 6,076 | $ | 1,687 | $ | 7,763 | ||||||||||||||
In process of foreclosure | $ | 93 | $ | 52 | $ | 145 | $ | 108 | $ | 51 | $ | 159 | ||||||||||||||
Serious delinquency rate | a | 3.24 | % | 7.98 | % | 4.32 | % | 3.37 | % | c | 8.94 | % | c | 4.58 | % | c | ||||||||||
Past due 90 days or more still accruing interest | b | $ | 23 | $ | 126 | $ | 149 | $ | 27 | $ | 151 | $ | 178 | |||||||||||||
On nonaccrual status | $ | 189 | $ | — | $ | 189 | $ | 221 | $ | — | $ | 221 | ||||||||||||||
a | MPF Loans that are 90 days or more past due or in the process of foreclosure as a percentage of the total recorded investment. | |||||||||||||||||||||||||
b | Consists of MPF Loans that are either government mortgage loans or conventional mortgage loans that are well secured (by collateral that have a realizable value sufficient to discharge the debt or by the guarantee or insurance, such as PMI, of a financially responsible party) and in the process of collection. | |||||||||||||||||||||||||
c | We corrected an error to adjust the serious delinquency rate of MPF Loans disclosed above as of December 31, 2013, as previously reported in our 2013 Form 10-K and in our Form 10-Q as of March 31, 2014. The error had no effect on our allowance for credit losses as of December 31, 2013, because this rate was not used when determining our allowance for credit losses. After evaluating the quantitative and qualitative aspects of these adjustments, we concluded that prior period financial statements were not materially misstated. Further, the error had no effect on our 2014 financial statements. | |||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||
The table below presents our recorded investment balance in Troubled Debt Restructurings (TDR) as of the dates presented. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||||||||
Recorded investment in conventional MPF Loan TDRs | $ | 40 | $ | 25 | $ | 65 | $ | 16 | $ | 43 | $ | 59 | ||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Current Period [Table Text Block] | ' | |||||||||||||||||||||||||
The following table shows the troubled debt restructurings we made on our conventional MPF Loans for the periods presented. The amounts were the same pre- and post-modification as we did not record any write-offs of principal. | ||||||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
TDRs made during the periods | $ | 9 | $ | 12 | $ | 15 | $ | 19 | ||||||||||||||||||
Schedule of Debtor Troubled Debt Restructuring, Subsequent Periods [Table Text Block] | ' | |||||||||||||||||||||||||
The following table shows the troubled debt restructurings from the previous 12 months that subsequently defaulted during the periods presented. A borrower is considered to have defaulted on a TDR if a contractually due principal or interest payment is sixty days past due at any time during the past 12 months. | ||||||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
TDRs from the previous 12 months that subsequently defaulted during the periods | $ | 14 | $ | 7 | $ | 17 | $ | 8 | ||||||||||||||||||
Individually Evaluated Impaired Loan Statistics by Product Class Level [Table Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the recorded investment, unpaid principal balance, and related allowance of impaired MPF Loans individually assessed for impairment, which includes impaired collateral dependent MPF Loans and TDRs. We had no impaired MPF Loans without an allowance for either date. | ||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
As of | Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||
Impaired conventional MPF Loans with an allowance | $ | 186 | $ | 183 | $ | 14 | $ | 215 | $ | 210 | $ | 22 | ||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||||
The following table summarizes the average recorded investment of impaired conventional MPF Loans. No interest income is recognized on impaired loans. | ||||||||||||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||
Average Recorded Investment | $ | 190 | $ | 210 | $ | 197 | $ | 217 | ||||||||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents our gross and net derivative assets and liabilities by contract type and amount for our derivative agreements. | ||||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||
As of | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
Derivatives in hedge accounting relationships- | ||||||||||||||||||||||||||
Interest rate swaps | $ | 30,837 | $ | 61 | $ | 1,437 | $ | 28,346 | $ | 85 | $ | 1,670 | ||||||||||||||
Derivatives not in hedge accounting relationships- | ||||||||||||||||||||||||||
Interest rate swaps | 18,496 | 496 | 333 | 14,199 | 440 | 286 | ||||||||||||||||||||
Interest rate swaptions | 2,515 | 51 | — | 4,465 | 60 | — | ||||||||||||||||||||
Interest rate caps or floors | 1,164 | 127 | — | 1,164 | 143 | — | ||||||||||||||||||||
Interest rate future forwards | 25 | — | — | — | — | — | ||||||||||||||||||||
Mortgage delivery commitments | 336 | 5 | 4 | 203 | 3 | 3 | ||||||||||||||||||||
Derivatives not in hedge accounting relationships | 22,536 | 679 | 337 | 20,031 | 646 | 289 | ||||||||||||||||||||
Derivative amount before adjustments | $ | 53,373 | 740 | 1,774 | $ | 48,377 | 731 | 1,959 | ||||||||||||||||||
Netting adjustments (excluding cash collateral) | (670 | ) | (670 | ) | (677 | ) | (677 | ) | ||||||||||||||||||
Exposure at fair value | 70 | 1,104 | 54 | 1,282 | ||||||||||||||||||||||
Cash collateral (and related accrued interest) | (34 | ) | (1,042 | ) | (19 | ) | (1,174 | ) | ||||||||||||||||||
Total derivatives on statements of condition | $ | 36 | $ | 62 | $ | 35 | $ | 108 | ||||||||||||||||||
Balance Sheet Offsetting [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents our gross recognized amount of offsetting derivative assets and liabilities for derivatives with legal right of offset as well as derivatives (i.e., mortgage delivery commitments) without the legal right of offset. | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
As of June 30, 2014 | Bilateral | Cleared | Total | Bilateral | Cleared | Total | ||||||||||||||||||||
Derivatives with legal right of offset - | ||||||||||||||||||||||||||
Gross recognized amount | $ | 715 | $ | 20 | $ | 735 | $ | 1,641 | $ | 129 | $ | 1,770 | ||||||||||||||
Netting adjustments and cash collateral | (684 | ) | (20 | ) | (704 | ) | (1,586 | ) | (126 | ) | (1,712 | ) | ||||||||||||||
Derivatives with legal right of offset - net | 31 | — | 31 | 55 | 3 | 58 | ||||||||||||||||||||
Derivatives without legal right of offset | 5 | — | 5 | 4 | — | 4 | ||||||||||||||||||||
Total derivatives on statements of condition | 36 | — | 36 | 59 | 3 | 62 | ||||||||||||||||||||
Derivative noncash collateral not offset that cannot be sold or repledged | 29 | — | 29 | — | 3 | 3 | ||||||||||||||||||||
Net amount | $ | 7 | $ | — | $ | 7 | a | $ | 59 | $ | — | $ | 59 | a | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
Derivatives with legal right of offset - | ||||||||||||||||||||||||||
Gross recognized amount | $ | 707 | $ | 21 | $ | 728 | $ | 1,949 | $ | 7 | $ | 1,956 | ||||||||||||||
Netting adjustments and cash collateral | (676 | ) | (20 | ) | (696 | ) | (1,845 | ) | (6 | ) | (1,851 | ) | ||||||||||||||
Derivatives with legal right of offset - net | 31 | 1 | 32 | 104 | 1 | 105 | ||||||||||||||||||||
Derivatives without legal right of offset | 3 | — | 3 | 3 | — | 3 | ||||||||||||||||||||
Total derivatives on statements of condition | 34 | 1 | 35 | 107 | 1 | 108 | ||||||||||||||||||||
Derivative noncash collateral not offset that cannot be sold or repledged | 31 | — | 31 | — | — | — | ||||||||||||||||||||
Net amount | $ | 3 | $ | 1 | $ | 4 | a | $ | 107 | $ | 1 | $ | 108 | a | ||||||||||||
a | Any over-collateralization received by or paid from us to an individual clearing member and/or at a counterparty arrangement level is not included in the determination of the net amount. Specifically, any such over-collateralization amount received by us is not offset against another derivative asset counterparty exposure for which there is no legal right of offset, while any over-collateralization delivered by us is not offset against another derivative liability counterparty exposure for which there is no legal right of offset. | |||||||||||||||||||||||||
Derivatives And Hedging Activities as Presented in the Statements of Income [Table Text Block] | ' | |||||||||||||||||||||||||
The tables below present the gain (loss) components of derivatives and hedging activities as presented in the statements of income. | ||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
For the periods ending | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fair value hedges - | ||||||||||||||||||||||||||
Interest rate swaps | $ | (6 | ) | $ | 9 | $ | (12 | ) | $ | 11 | ||||||||||||||||
Fair value hedges | (6 | ) | 9 | (12 | ) | 11 | ||||||||||||||||||||
Cash flow hedges | — | 2 | 1 | 3 | ||||||||||||||||||||||
Economic hedges - | ||||||||||||||||||||||||||
Interest rate swaps | (4 | ) | 53 | (3 | ) | 64 | ||||||||||||||||||||
Interest rate swaptions | (1 | ) | (11 | ) | (16 | ) | (17 | ) | ||||||||||||||||||
Interest rate caps or floors | (5 | ) | (39 | ) | (15 | ) | (58 | ) | ||||||||||||||||||
Mortgage delivery commitments | 1 | 1 | 1 | 1 | ||||||||||||||||||||||
Net interest settlements | 17 | 13 | 32 | 26 | ||||||||||||||||||||||
Economic hedges | 8 | 17 | (1 | ) | 16 | |||||||||||||||||||||
Gains (losses) on derivatives and hedging activities | $ | 2 | $ | 28 | $ | (12 | ) | $ | 30 | |||||||||||||||||
Fair Value Hedges [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the effect of those derivatives on our net interest income. | ||||||||||||||||||||||||||
Gain (loss) | Net Interest Settlements Classified in Net Interest Income a | Hedge Adjustments Amortized into Net Interest Income b | ||||||||||||||||||||||||
On Derivative | On Hedged Item | Total Ineffectiveness Recognized in Derivatives and Hedging Activities | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | (28 | ) | $ | 26 | $ | (2 | ) | $ | (35 | ) | $ | — | |||||||||||||
Advances | (33 | ) | 35 | 2 | (20 | ) | (1 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (4 | ) | ||||||||||||||||||||
Consolidated obligation bonds | 149 | (155 | ) | (6 | ) | 65 | (5 | ) | ||||||||||||||||||
Total | $ | 88 | $ | (94 | ) | $ | (6 | ) | $ | 10 | $ | (10 | ) | |||||||||||||
Three months ended | ||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 178 | $ | (172 | ) | $ | 6 | $ | (35 | ) | $ | — | ||||||||||||||
Advances | 72 | (69 | ) | 3 | (17 | ) | (1 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (9 | ) | ||||||||||||||||||||
Consolidated obligation bonds | (329 | ) | 329 | — | 55 | (6 | ) | |||||||||||||||||||
Total | $ | (79 | ) | $ | 88 | $ | 9 | $ | 3 | $ | (16 | ) | ||||||||||||||
Six months ended | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | (30 | ) | $ | 27 | $ | (3 | ) | $ | (70 | ) | $ | — | |||||||||||||
Advances | (63 | ) | 67 | 4 | (40 | ) | (2 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (9 | ) | ||||||||||||||||||||
Consolidated obligation bonds | 282 | (295 | ) | (13 | ) | 126 | (10 | ) | ||||||||||||||||||
Total | $ | 189 | $ | (201 | ) | $ | (12 | ) | $ | 16 | $ | (21 | ) | |||||||||||||
Six months ended | ||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||
Hedged item type - | ||||||||||||||||||||||||||
Available-for-sale securities | $ | 234 | $ | (227 | ) | $ | 7 | $ | (69 | ) | $ | — | ||||||||||||||
Advances | 98 | (92 | ) | 6 | (34 | ) | (2 | ) | ||||||||||||||||||
MPF Loans held for portfolio | — | — | — | — | (19 | ) | ||||||||||||||||||||
Consolidated obligation bonds | (416 | ) | 414 | (2 | ) | 102 | (13 | ) | ||||||||||||||||||
Total | $ | (84 | ) | $ | 95 | $ | 11 | $ | (1 | ) | $ | (34 | ) | |||||||||||||
a | Represents the effect of net interest settlements attributable to existing derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
b | Amortization of hedge adjustments is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
Cash Flow Hedges [Table Text Block] | ' | |||||||||||||||||||||||||
The following table presents our gains (losses) on our cash-flow hedging relationships recorded in income and other comprehensive income (loss). In cases where amounts are insignificant in the aggregate, we do not report a balance. | ||||||||||||||||||||||||||
Amortization of Effective Portion Reclassified From AOCI to Interest | Ineffective Portion Reclassified to Derivatives and Hedging Activities | Total Reclassified Into Statements of Income | Effective Portion Recorded in AOCI | Net Change in OCI | Net Interest Settlements Classified in Net Interest Income | |||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||||||||
Advances - | $ | 2 | $ | — | $ | 2 | $ | — | $ | (2 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | — | — | — | (14 | ) | (14 | ) | (61 | ) | a | ||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 1 | $ | — | $ | 1 | $ | (14 | ) | $ | (15 | ) | $ | (61 | ) | |||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||||||||
Advances - | $ | 4 | $ | — | $ | 4 | $ | — | $ | (4 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate caps | ||||||||||||||||||||||||||
Discount notes - | — | 2 | 2 | 239 | 237 | (67 | ) | a | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 2 | $ | 2 | $ | 4 | $ | 239 | $ | 235 | $ | (67 | ) | |||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||
Advances - | $ | 5 | $ | — | $ | 5 | $ | — | $ | (5 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | 1 | — | 10 | 10 | (122 | ) | a | |||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 3 | $ | 1 | $ | 4 | $ | 10 | $ | 6 | $ | (122 | ) | |||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||
Advances - | $ | 7 | $ | — | $ | 7 | $ | — | $ | (7 | ) | $ | — | |||||||||||||
interest rate floors | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate caps | ||||||||||||||||||||||||||
Discount notes - | (1 | ) | 3 | 2 | 327 | 325 | (134 | ) | a | |||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Bonds - | (1 | ) | — | (1 | ) | — | 1 | — | ||||||||||||||||||
interest rate swaps | ||||||||||||||||||||||||||
Total | $ | 4 | $ | 3 | $ | 7 | $ | 327 | $ | 320 | $ | (134 | ) | |||||||||||||
a | Represents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. | |||||||||||||||||||||||||
There were no amounts reclassified from AOCI into earnings for the periods presented as a result of the discontinuance of cash-flow hedges because the original forecasted transactions failed to occur by the end of the originally specified time period or within a two-month period thereafter. The deferred net gains (losses) on derivative instruments in AOCI that are expected to be reclassified to earnings during the next twelve months were $8 million as of June 30, 2014. The maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, is 6 years. |
Consolidated_Obligations_Table
Consolidated Obligations (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents our consolidated obligation bonds, for which we are the primary obligor, including callable bonds that are redeemable in whole, or in part, at our discretion on predetermined call dates. | |||||||||||||||||||||||||
As of June 30, 2014 | Contractual Maturity | Weighted Average Interest Rate | By Next Maturity or Call Date | ||||||||||||||||||||||
Due in one year or less | $ | 6,388 | 1.26 | % | $ | 29,885 | |||||||||||||||||||
One to two years | 3,597 | 3.24 | % | 3,627 | |||||||||||||||||||||
Two to three years | 4,965 | 1.81 | % | 1,578 | |||||||||||||||||||||
Three to four years | 6,207 | 1.67 | % | 1,475 | |||||||||||||||||||||
Four to five years | 4,526 | 1.45 | % | 450 | |||||||||||||||||||||
Thereafter | 12,525 | 2.21 | % | 1,193 | |||||||||||||||||||||
Total par value | $ | 38,208 | 1.92 | % | $ | 38,208 | |||||||||||||||||||
Consolidated Obligation Discount Notes [Table Text Block] | ' | ||||||||||||||||||||||||
As of | 30-Jun-14 | December 31, 2013 | |||||||||||||||||||||||
Carrying Amount | $ | 23,795 | $ | 31,089 | |||||||||||||||||||||
Par Value | 23,797 | 31,092 | |||||||||||||||||||||||
Weighted Average Interest Rate | 0.06 | % | 0.07 | % | |||||||||||||||||||||
Consolidated Obligation Bonds Outstanding by Call Feature [Table Text Block] | ' | ||||||||||||||||||||||||
The following table presents consolidated obligation bonds outstanding by call feature: | |||||||||||||||||||||||||
As of | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||
Noncallable | $ | 12,901 | $ | 12,927 | |||||||||||||||||||||
Callable | 25,307 | 19,565 | |||||||||||||||||||||||
Total par value | 38,208 | 32,492 | |||||||||||||||||||||||
Bond premiums (discounts), net | 19 | 20 | |||||||||||||||||||||||
Hedging adjustments | (221 | ) | (526 | ) | |||||||||||||||||||||
Fair value option adjustments | 15 | 1 | |||||||||||||||||||||||
Total consolidated obligation bonds | $ | 38,021 | $ | 31,987 | |||||||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the consolidated obligations of the FHLBs and those for which we are the primary obligor: | |||||||||||||||||||||||||
June 30, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Par values as of | Bonds | Discount | Total | Bonds | Discount | Total | |||||||||||||||||||
Notes | Notes | ||||||||||||||||||||||||
FHLB System | $ | 477,107 | $ | 322,873 | $ | 799,980 | $ | 473,495 | $ | 293,342 | $ | 766,837 | |||||||||||||
FHLB Chicago as primary obligor | 38,208 | 23,797 | 62,005 | 32,492 | 31,092 | 63,584 | |||||||||||||||||||
As a percent of the FHLB System | 8 | % | 7 | % | 8 | % | 7 | % | 11 | % | 8 | % |
Capital_and_Mandatorily_Redeem1
Capital and Mandatorily Redeemable Capital Stock (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Capital [Abstract] | ' | ||||||||||||||||
Schedule of Minimum Capital Requirements [Table Text Block] | ' | ||||||||||||||||
For details on our minimum capital requirements, including how the ratios below were calculated, see Minimum Capital Requirements on page F-47 of our 2013 Form 10-K. We complied with our minimum regulatory capital requirements as shown below: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Requirement | Actual | Requirement | Actual | ||||||||||||||
Risk-based capital | $ | 1,230 | $ | 3,999 | $ | 1,465 | $ | 3,703 | |||||||||
Total regulatory capital | $ | 2,722 | $ | 3,999 | $ | 2,752 | $ | 3,703 | |||||||||
Total regulatory capital ratio | 4 | % | 5.88 | % | 4 | % | 5.38 | % | |||||||||
Leverage capital | $ | 3,403 | $ | 5,999 | $ | 3,440 | $ | 5,555 | |||||||||
Leverage capital ratio | 5 | % | 8.81 | % | 5 | % | 8.07 | % | |||||||||
Total regulatory capital and leverage capital do not include accumulated other comprehensive income (loss). Under the FHFA regulation on capital classifications and critical capital levels for the FHLBs, we are adequately capitalized. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||
The following table summarizes the income (loss) in AOCI for the periods indicated: | ||||||||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | Net Unrealized on Cash Flow Hedges | Post-Retirement Plans | Total AOCI | ||||||||||||||||||||||||||
Net Unrealized Gain (Loss) | Non-credit OTTI | Net Unrealized Gain (Loss) | Non-credit OTTI | |||||||||||||||||||||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,491 | $ | (2 | ) | $ | (2 | ) | $ | (366 | ) | $ | (993 | ) | $ | 2 | $ | 130 | ||||||||||||
Change in the period before reclassifications to net income | (352 | ) | 2 | — | 16 | 239 | — | (95 | ) | |||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net change in the period | (352 | ) | 2 | — | 16 | 235 | — | (99 | ) | |||||||||||||||||||||
Ending balance | $ | 1,139 | $ | — | $ | (2 | ) | $ | (350 | ) | $ | (758 | ) | $ | 2 | $ | 31 | |||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,107 | $ | — | $ | (1 | ) | $ | (306 | ) | $ | (644 | ) | $ | 2 | $ | 158 | |||||||||||||
Change in the period before reclassifications to net income | 81 | — | — | 14 | (14 | ) | 2 | 83 | ||||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (1 | ) | — | 2 | (1 | ) | ||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | — | — | 3 | — | ||||||||||||||||||||||
Non-interest expense | — | — | — | — | — | — | 4 | — | ||||||||||||||||||||||
Net change in the period | 81 | — | — | 14 | (15 | ) | 2 | 5 | 82 | |||||||||||||||||||||
Ending balance | $ | 1,188 | $ | — | $ | (1 | ) | $ | (292 | ) | $ | (659 | ) | $ | 4 | $ | 240 | |||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,576 | $ | (8 | ) | $ | (3 | ) | $ | (381 | ) | $ | (1,078 | ) | $ | 1 | $ | 107 | ||||||||||||
Change in the period before reclassifications to net income | (437 | ) | 8 | — | 31 | 327 | — | (71 | ) | |||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | 1 | — | (4 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||
Net change in the period | (437 | ) | 8 | 1 | 31 | 320 | 1 | (76 | ) | |||||||||||||||||||||
Ending balance | $ | 1,139 | $ | — | $ | (2 | ) | $ | (350 | ) | $ | (758 | ) | $ | 2 | $ | 31 | |||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 1,052 | $ | — | $ | (1 | ) | $ | (320 | ) | $ | (665 | ) | $ | 1 | $ | 67 | |||||||||||||
Change in the period before reclassifications to net income | 136 | — | — | 28 | 10 | 2 | 176 | |||||||||||||||||||||||
Period amounts reclassified to: | ||||||||||||||||||||||||||||||
Net interest income | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||||||
Non-interest gain (loss) | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||
Non-interest expense | — | — | — | — | — | 1 | 1 | |||||||||||||||||||||||
Net change in the period | 136 | — | — | 28 | 6 | 3 | 173 | |||||||||||||||||||||||
Ending balance | $ | 1,188 | $ | — | $ | (1 | ) | $ | (292 | ) | $ | (659 | ) | $ | 4 | $ | 240 | |||||||||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurement [Table Text Block] | ' | ||||||||||||||||||||||||
The tables below are a summary of the fair value estimates and related levels in the fair value hierarchy. The carrying amounts are as recorded in the statements of condition. These tables do not represent an estimate of our overall market value as a going concern; as they do not take into account future business opportunities and future net profitability of assets and liabilities. The tables below are presented in the following order: | |||||||||||||||||||||||||
• | Fair values of financial instruments. | ||||||||||||||||||||||||
• | Financial instruments measured at fair value on a recurring basis on our statements of condition. | ||||||||||||||||||||||||
• | Assets measured at fair value on a nonrecurring basis on our statements of condition. | ||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Financial Assets- | |||||||||||||||||||||||||
Cash and due from banks | $ | 23 | $ | 23 | $ | 23 | $ | — | $ | — | |||||||||||||||
Interest bearing deposits | 560 | 560 | 560 | — | — | ||||||||||||||||||||
Federal Funds sold | 1,795 | 1,795 | — | 1,795 | — | ||||||||||||||||||||
Securities purchased under agreements to resell | 3,950 | 3,950 | — | 3,950 | — | ||||||||||||||||||||
Held-to-maturity securities | 7,227 | 7,991 | — | 6,409 | 1,582 | ||||||||||||||||||||
Advances | 24,782 | 24,902 | — | 24,902 | — | ||||||||||||||||||||
MPF Loans held in portfolio, net | 6,894 | 7,502 | — | 7,326 | 176 | ||||||||||||||||||||
Accrued interest receivable | 86 | 86 | — | 86 | — | ||||||||||||||||||||
Financial Liabilities- | |||||||||||||||||||||||||
Deposits | $ | (532 | ) | $ | (532 | ) | $ | — | $ | (532 | ) | $ | — | ||||||||||||
Consolidated obligation discount notes | (23,795 | ) | (23,795 | ) | — | (23,795 | ) | — | |||||||||||||||||
Consolidated obligation bonds | (38,021 | ) | (38,678 | ) | — | (38,611 | ) | (67 | ) | a | |||||||||||||||
Accrued interest payable | (137 | ) | (137 | ) | — | (137 | ) | — | |||||||||||||||||
Mandatorily redeemable capital stock | (5 | ) | (5 | ) | (5 | ) | — | — | |||||||||||||||||
Subordinated notes | (944 | ) | (1,038 | ) | — | (1,038 | ) | — | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Financial Assets- | |||||||||||||||||||||||||
Cash and due from banks | $ | 971 | $ | 971 | $ | 971 | $ | — | $ | — | |||||||||||||||
Federal Funds sold | 500 | 500 | — | 500 | — | ||||||||||||||||||||
Securities purchased under agreements to resell | 4,550 | 4,550 | — | 4,550 | — | ||||||||||||||||||||
Held-to-maturity securities | 7,917 | 8,618 | — | 6,981 | 1,637 | ||||||||||||||||||||
Advances | 23,489 | 23,586 | — | 23,586 | — | ||||||||||||||||||||
MPF Loans held in portfolio, net | 7,695 | 8,269 | — | 8,069 | 200 | ||||||||||||||||||||
Accrued interest receivable | 93 | 93 | — | 93 | — | ||||||||||||||||||||
Financial Liabilities- | |||||||||||||||||||||||||
Deposits | $ | (544 | ) | $ | (544 | ) | $ | — | $ | (544 | ) | $ | — | ||||||||||||
Consolidated obligation discount notes | (31,089 | ) | (31,089 | ) | — | (31,089 | ) | — | |||||||||||||||||
Consolidated obligation bonds | (31,987 | ) | (32,645 | ) | — | (32,576 | ) | (69 | ) | a | |||||||||||||||
Accrued interest payable | (137 | ) | (137 | ) | — | (137 | ) | — | |||||||||||||||||
Mandatorily redeemable capital stock | (5 | ) | (5 | ) | (5 | ) | — | — | |||||||||||||||||
Subordinated notes | (944 | ) | (1,055 | ) | — | (1,055 | ) | — | |||||||||||||||||
a | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables present, for each hierarchy level, our assets and liabilities that are measured at fair value on the statements of condition on a recurring basis. Financial instruments carried at fair value on a recurring basis using Level 3 inputs were immaterial at June 30, 2014. We had no level 1 instruments for either period presented. | |||||||||||||||||||||||||
As of June 30, 2014 | Level 2 | Level 3 | Netting Adjustment | Total Fair Value | |||||||||||||||||||||
Financial assets - | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,613 | $ | — | $ | — | $ | 1,613 | |||||||||||||||||
GSE residential MBS | 69 | — | — | 69 | |||||||||||||||||||||
Governmental-guaranteed residential MBS | 2 | — | — | 2 | |||||||||||||||||||||
Trading securities | 1,684 | — | — | 1,684 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
U.S. Government & other government related | 547 | — | — | 547 | |||||||||||||||||||||
FFELP ABS | 6,586 | — | — | 6,586 | |||||||||||||||||||||
GSE residential MBS | 11,143 | — | — | 11,143 | |||||||||||||||||||||
Government-guaranteed residential MBS | 2,560 | — | — | 2,560 | |||||||||||||||||||||
Private-label residential MBS | — | 73 | — | 73 | |||||||||||||||||||||
Available-for-sale securities | 20,836 | 73 | — | 20,909 | |||||||||||||||||||||
Advances | 40 | — | — | 40 | |||||||||||||||||||||
Derivative assets | 723 | a | 17 | a | (704 | ) | b | 36 | |||||||||||||||||
Total financial assets at fair value | $ | 23,283 | $ | 90 | $ | (704 | ) | $ | 22,669 | ||||||||||||||||
Level 3 as a percent of total assets at fair value | 0.4 | % | |||||||||||||||||||||||
Financial liabilities - | |||||||||||||||||||||||||
Consolidated obligation bonds | $ | (4,235 | ) | $ | (67 | ) | c | $ | — | $ | (4,302 | ) | |||||||||||||
Derivative liabilities | (1,774 | ) | a | — | 1,712 | b | (62 | ) | |||||||||||||||||
Total financial liabilities at fair value | $ | (6,009 | ) | $ | (67 | ) | $ | 1,712 | $ | (4,364 | ) | ||||||||||||||
Level 3 as a percent of total liabilities at fair value | 1.5 | % | |||||||||||||||||||||||
Table continued on next page. | |||||||||||||||||||||||||
As of December 31, 2013 | Level 2 | Level 3 | Netting Adjustment | Total Fair Value | |||||||||||||||||||||
Financial assets - | |||||||||||||||||||||||||
Trading securities: | |||||||||||||||||||||||||
U.S. Government & other government related | $ | 1,823 | $ | — | $ | — | $ | 1,823 | |||||||||||||||||
GSE residential MBS | 74 | — | — | 74 | |||||||||||||||||||||
Governmental-guaranteed residential MBS | 2 | — | — | 2 | |||||||||||||||||||||
Trading securities | 1,899 | — | — | 1,899 | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
U.S. Government & other government related | 588 | — | — | 588 | |||||||||||||||||||||
FFELP ABS | 6,803 | — | — | 6,803 | |||||||||||||||||||||
GSE residential MBS | 11,382 | — | — | 11,382 | |||||||||||||||||||||
Government-guaranteed residential MBS | 2,691 | — | — | 2,691 | |||||||||||||||||||||
Private-label residential MBS | — | 72 | — | 72 | |||||||||||||||||||||
Available-for-sale securities | 21,464 | 72 | — | 21,536 | |||||||||||||||||||||
Advances | 30 | — | — | 30 | |||||||||||||||||||||
Derivative assets | 712 | a | 19 | a | (696 | ) | b | 35 | |||||||||||||||||
Total financial assets at fair value | $ | 24,105 | $ | 91 | $ | (696 | ) | $ | 23,500 | ||||||||||||||||
Level 3 as a percent of total assets at fair value | 0.4 | % | |||||||||||||||||||||||
Financial liabilities - | |||||||||||||||||||||||||
Consolidated obligation discount notes | (75 | ) | — | — | (75 | ) | |||||||||||||||||||
Consolidated obligation bonds | (1,021 | ) | (69 | ) | c | — | (1,090 | ) | |||||||||||||||||
Derivative liabilities | (1,959 | ) | a | — | 1,851 | b | (108 | ) | |||||||||||||||||
Total financial liabilities at fair value | $ | (3,055 | ) | $ | (69 | ) | $ | 1,851 | $ | (1,273 | ) | ||||||||||||||
Level 3 as a percent of total liabilities at fair value | 5.4 | % | |||||||||||||||||||||||
a | Our derivative assets are, in part secured with cash collateral (Level 1) as described in Note 9 - Derivatives and Hedging Activities. However, we view our net derivative assets or liabilities as a single unit of account for purposes of classifying the total balance within the fair value hierarchy. Accordingly, we classify our derivative assets and liabilities as either Level 2 or Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||
b | The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. See Note 9 - Derivatives and Hedging Activities for further details. | ||||||||||||||||||||||||
c | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. | ||||||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis are subject to being measured at fair value as a result of becoming impaired during the reporting period or in the case of REO when fair value declines during the reporting period. If available, broker price opinions are used to measure impaired MPF Loans or REO. If a current broker price opinion is not available, we estimate fair value based on current actual loss severity rates we have incurred on sales, excluding any estimated selling costs. See Note 8 - Allowance for Credit Losses for further details. Significant increases (decreases) in the loss severity rate input in isolation may result in a significantly lower (higher) fair value measurement. | |||||||||||||||||||||||||
The table below presents assets that are measured at fair value on a nonrecurring basis in our statements of condition only as of the dates shown. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Level 3 | Level 3 | ||||||||||||||||||||||||
Impaired MPF Loans | $ | 176 | $ | 200 | |||||||||||||||||||||
Real estate owned | 10 | 10 | |||||||||||||||||||||||
Total non-recurring assets | $ | 186 | $ | 210 | |||||||||||||||||||||
Fair Value Option [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the activity related to financial assets and liabilities for which we elected the fair value option: | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Consolidated Obligation | Consolidated Obligation | ||||||||||||||||||||||||
Advances | Bonds | Discount Notes | Advances | Bonds | Discount Notes | ||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||||
Balance beginning of period | $ | 30 | $ | (3,408 | ) | $ | — | $ | 9 | $ | (1,250 | ) | $ | (75 | ) | ||||||||||
New transactions elected for fair value option | 10 | (2,275 | ) | — | 20 | (2,300 | ) | — | |||||||||||||||||
Maturities and extinguishments (if any) | — | 1,455 | — | — | 1,000 | — | |||||||||||||||||||
Net gain (loss) on instruments held at fair value | — | (3 | ) | — | — | 2 | — | ||||||||||||||||||
Change in accrued interest and other | — | (4 | ) | — | — | — | — | ||||||||||||||||||
Balance end of period | $ | 40 | $ | (4,235 | ) | $ | — | $ | 29 | $ | (2,548 | ) | $ | (75 | ) | ||||||||||
For the six months ended | |||||||||||||||||||||||||
Balance beginning of period | $ | 30 | $ | (1,021 | ) | $ | (75 | ) | $ | 9 | $ | (1,251 | ) | $ | — | ||||||||||
New transactions elected for fair value option | 10 | (4,935 | ) | — | 20 | (2,550 | ) | (75 | ) | ||||||||||||||||
Maturities and extinguishments (if any) | — | 1,725 | 75 | — | 1,250 | — | |||||||||||||||||||
Net gain (loss) on instruments held at fair value | — | 1 | — | — | 3 | — | |||||||||||||||||||
Change in accrued interest and other | — | (5 | ) | — | — | — | — | ||||||||||||||||||
Balance end of period | $ | 40 | $ | (4,235 | ) | $ | — | $ | 29 | $ | (2,548 | ) | $ | (75 | ) | ||||||||||
Fair Value Option, Quantitative Disclosure, Difference Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding [Table Text Block] | ' | ||||||||||||||||||||||||
The following table reflects the difference between the aggregate unpaid principal balance (UPB) outstanding and the aggregate fair value for advances and consolidated obligation bonds for which the fair value option has been elected. None of the advances were 90 days or more past due and none were on nonaccrual status. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
As of | Unpaid Principal Balance | Fair | Fair Value Over (Under) UPB | Unpaid Principal Balance | Fair | Fair Value Over (Under) UPB | |||||||||||||||||||
Value | Value | ||||||||||||||||||||||||
Advances | $ | 39 | $ | 40 | $ | 1 | $ | 29 | $ | 30 | $ | 1 | |||||||||||||
Consolidated obligation discount notes | — | — | — | 75 | 75 | — | |||||||||||||||||||
Consolidated obligation bonds | 4,220 | 4,235 | 15 | 1,020 | 1,021 | 1 | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Off-Balance Sheet Commitments [Table Text Block] | ' | ||||||||||||||||||||||||
The table below shows our commitments outstanding, which represent off-balance sheet obligations, for the periods presented. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
As of | Expire within one year | Expire after one year | Total | Expire within one year | Expire after one year | Total | |||||||||||||||||||
Unsettled consolidated obligation bonds | $ | 335 | $ | — | $ | 335 | $ | 220 | $ | — | $ | 220 | |||||||||||||
Unsettled consolidated obligation discount notes | — | — | — | 1,000 | — | 1,000 | |||||||||||||||||||
Member standby letters of credit | 1,148 | 733 | a | 1,881 | 1,407 | 696 | a | 2,103 | |||||||||||||||||
Housing authority standby bond purchase agreements | 169 | 233 | 402 | 149 | 258 | 407 | |||||||||||||||||||
MPF Program mortgage purchase commitments | 172 | — | 172 | 103 | — | 103 | |||||||||||||||||||
Unresolved repurchasable loans and indemnifications to Fannie Mae for MPF Xtra loans | 59 | b | — | 59 | 56 | b | — | 56 | |||||||||||||||||
Committed unused member lines of credit | 4,000 | c | — | 4,000 | — | — | — | ||||||||||||||||||
Advance commitments | 211 | 9 | 220 | 125 | 101 | 226 | |||||||||||||||||||
Commitments | $ | 6,094 | $ | 975 | $ | 7,069 | $ | 3,060 | $ | 1,055 | $ | 4,115 | |||||||||||||
a | Contains $547 million and $495 million of member standby letters of credit at June 30, 2014, and December 31, 2013, which were renewable annually. | ||||||||||||||||||||||||
b | Amount includes only mortgage loans for which (1) a breach of an eligibility requirement or other warranty has been specifically identified and (2) we believe Fannie Mae will request us to repurchase or provide an indemnity. Accordingly, these unresolved requests are classified in the "expire within one year" category. However, these unresolved requests may occur after one year from the reporting date since they do not have an expiration date. If the PFI from which we purchased an ineligible MPF Xtra loan is viable, we may require the PFI to repurchase that loan from us or indemnify us for related losses. Since we deem it probable that we will recover any losses from the PFIs, we did not recognize a loss in our statement of income related to MPF Xtra loan repurchase or indemnification risk to Fannie Mae. | ||||||||||||||||||||||||
c | A committed unused member line of credit is an agreement that provides our members with the option to take multiple advances up to a specified maximum amount, subject to certain conditions. Portions repaid may be reborrowed under the same arrangement. |
Transactions_with_Members_and_1
Transactions with Members and Other FHLBs (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||
The table below summarizes balances we had with our members as defined above as related parties (including their affiliates). Members represented in these tables may change between periods presented, to the extent that our related parties change, based on changes in the composition of our Board membership. | |||||||||
As of | June 30, 2014 | December 31, 2013 | |||||||
Assets - Advances | $ | 210 | $ | 2,546 | |||||
Liabilities - Deposits | 29 | 27 | |||||||
Equity - Capital Stock | 17 | 188 | |||||||
Interest_Income_and_Interest_E2
Interest Income and Interest Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income - | ' | ' | ' | ' |
Federal Funds sold, securities purchased under agreements to resell, and interest bearing deposits | $3 | $2 | $4 | $6 |
Investment securities - | ' | ' | ' | ' |
Trading | 8 | 3 | 15 | 9 |
Available-for-sale | 136 | 148 | 279 | 297 |
Held-to-maturity | 74 | 82 | 151 | 172 |
Total investment securities | 218 | 233 | 445 | 478 |
Advances - | ' | ' | ' | ' |
Advance interest income | 35 | 34 | 73 | 70 |
Advance prepayment fees | 3 | 8 | 4 | 13 |
Total Advances | 38 | 42 | 77 | 83 |
MPF Loans held in portfolio, net | 86 | 103 | 174 | 216 |
Total interest income | 345 | 380 | 700 | 783 |
Interest expense - | ' | ' | ' | ' |
Discount notes | 66 | 74 | 133 | 151 |
Bonds | 147 | 193 | 294 | 392 |
Total consolidated obligations | 213 | 267 | 427 | 543 |
Subordinated notes | 13 | 15 | 27 | 29 |
Total interest expense | 226 | 282 | 454 | 572 |
Net interest income before provision for credit losses | 119 | 98 | 246 | 211 |
Provision for (reversal of) credit losses | -3 | -2 | -6 | -2 |
Net interest income | $122 | $100 | $252 | $213 |
Investment_Securities_Pledged_
Investment Securities Pledged securities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | $54 | $32 |
Investment_Securities_Trading_
Investment Securities (Trading Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Trading Securities [Line Items] | ' | ' |
Trading securities | $1,684 | $1,899 |
U.S. Government & other government related | ' | ' |
Trading Securities [Line Items] | ' | ' |
Trading securities | 1,613 | 1,823 |
Residential Mortgage Backed Securities [Member] | GSE residential | ' | ' |
Trading Securities [Line Items] | ' | ' |
Trading securities | 69 | 74 |
Residential Mortgage Backed Securities [Member] | Government-guaranteed residential | ' | ' |
Trading Securities [Line Items] | ' | ' |
Trading securities | 2 | 2 |
Residential Mortgage Backed Securities [Member] | Total MBS | ' | ' |
Trading Securities [Line Items] | ' | ' |
Trading securities | $71 | $76 |
Investment_Securities_Net_year
Investment Securities Net year-to-date unrealized gains (losses) trading securities (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Trading Securities, Change in Unrealized Holding Gain (Loss) [Abstract] | ' | ' |
Trading Securities, Change in Unrealized Holding Gain (Loss) | ($10) | ($9) |
Investment_Securities_Availabl
Investment Securities (Available-for-sale Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | $19,721 | $20,484 |
Gross Unrealized Gains in AOCI | 1,214 | 1,094 |
Gross Unrealized Losses in AOCI | -26 | -42 |
Available-for-sale Securities, Carrying Amount and Fair Value | 20,909 | 21,536 |
U.S. Government & other government related | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 513 | 560 |
Gross Unrealized Gains in AOCI | 34 | 29 |
Gross Unrealized Losses in AOCI | 0 | -1 |
Available-for-sale Securities, Carrying Amount and Fair Value | 547 | 588 |
FFELP ABS | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 6,144 | 6,395 |
Gross Unrealized Gains in AOCI | 456 | 425 |
Gross Unrealized Losses in AOCI | -14 | -17 |
Available-for-sale Securities, Carrying Amount and Fair Value | 6,586 | 6,803 |
Residential Mortgage Backed Securities [Member] | GSE residential | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 10,555 | 10,888 |
Gross Unrealized Gains in AOCI | 600 | 518 |
Gross Unrealized Losses in AOCI | -12 | -24 |
Available-for-sale Securities, Carrying Amount and Fair Value | 11,143 | 11,382 |
Residential Mortgage Backed Securities [Member] | Government-guaranteed residential | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 2,441 | 2,572 |
Gross Unrealized Gains in AOCI | 119 | 119 |
Gross Unrealized Losses in AOCI | 0 | 0 |
Available-for-sale Securities, Carrying Amount and Fair Value | 2,560 | 2,691 |
Residential Mortgage Backed Securities [Member] | Private-label residential | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 68 | 69 |
Gross Unrealized Gains in AOCI | 5 | 3 |
Gross Unrealized Losses in AOCI | 0 | 0 |
Available-for-sale Securities, Carrying Amount and Fair Value | 73 | 72 |
Residential Mortgage Backed Securities [Member] | Total MBS | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost Basis | 13,064 | 13,529 |
Gross Unrealized Gains in AOCI | 724 | 640 |
Gross Unrealized Losses in AOCI | -12 | -24 |
Available-for-sale Securities, Carrying Amount and Fair Value | $13,776 | $14,145 |
Investment_Securities_HeldtoMa
Investment Securities (Held-to-Maturities Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | $7,519 | $8,237 |
Non-credit OTTI Recognized in AOCI (Loss) | -292 | -320 |
Held-to-maturity Securities, Carrying Amount | 7,227 | 7,917 |
Gross Unrecognized Holding Gains | 766 | 704 |
Gross Unrecognized Holding Losses | -2 | -3 |
Held-to-maturity Securities, Fair Value | 7,991 | 8,618 |
U.S. Government & other government related | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 1,968 | 2,259 |
Non-credit OTTI Recognized in AOCI (Loss) | 0 | 0 |
Held-to-maturity Securities, Carrying Amount | 1,968 | 2,259 |
Gross Unrecognized Holding Gains | 69 | 42 |
Gross Unrecognized Holding Losses | -1 | -1 |
Held-to-maturity Securities, Fair Value | 2,036 | 2,300 |
State or local housing agency | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 21 | 22 |
Non-credit OTTI Recognized in AOCI (Loss) | 0 | 0 |
Held-to-maturity Securities, Carrying Amount | 21 | 22 |
Gross Unrecognized Holding Gains | 0 | 0 |
Gross Unrecognized Holding Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 21 | 22 |
Residential Mortgage Backed Securities [Member] | GSE residential | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 2,908 | 3,193 |
Non-credit OTTI Recognized in AOCI (Loss) | 0 | 0 |
Held-to-maturity Securities, Carrying Amount | 2,908 | 3,193 |
Gross Unrecognized Holding Gains | 208 | 186 |
Gross Unrecognized Holding Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 3,116 | 3,379 |
Residential Mortgage Backed Securities [Member] | Government-guaranteed residential | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 1,200 | 1,248 |
Non-credit OTTI Recognized in AOCI (Loss) | 0 | 0 |
Held-to-maturity Securities, Carrying Amount | 1,200 | 1,248 |
Gross Unrecognized Holding Gains | 36 | 32 |
Gross Unrecognized Holding Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 1,236 | 1,280 |
Residential Mortgage Backed Securities [Member] | Private-label residential | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 1,422 | 1,515 |
Non-credit OTTI Recognized in AOCI (Loss) | -292 | -320 |
Held-to-maturity Securities, Carrying Amount | 1,130 | 1,195 |
Gross Unrecognized Holding Gains | 453 | 444 |
Gross Unrecognized Holding Losses | -1 | -2 |
Held-to-maturity Securities, Fair Value | 1,582 | 1,637 |
Residential Mortgage Backed Securities [Member] | Total MBS | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost Basis | 5,530 | 5,956 |
Non-credit OTTI Recognized in AOCI (Loss) | -292 | -320 |
Held-to-maturity Securities, Carrying Amount | 5,238 | 5,636 |
Gross Unrecognized Holding Gains | 697 | 662 |
Gross Unrecognized Holding Losses | -1 | -2 |
Held-to-maturity Securities, Fair Value | $5,934 | $6,296 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Temporary Losses on Available-for-sale Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Less than 12 Months | ' | ' |
Fair Value | $0 | $62 |
Gross Unrealized Losses | 0 | -1 |
12 Months or More | ' | ' |
Fair Value | 3,010 | 4,271 |
Gross Unrealized Losses | -26 | -41 |
Total | ' | ' |
Fair Value | 3,010 | 4,333 |
Gross Unrealized Losses | -26 | -42 |
U.S. Government & other government related | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | ' | 40 |
Gross Unrealized Losses | ' | -1 |
12 Months or More | ' | ' |
Fair Value | ' | 0 |
Gross Unrealized Losses | ' | 0 |
Total | ' | ' |
Fair Value | ' | 40 |
Gross Unrealized Losses | ' | -1 |
FFELP ABS | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 0 | 22 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 936 | 969 |
Gross Unrealized Losses | -14 | -17 |
Total | ' | ' |
Fair Value | 936 | 991 |
Gross Unrealized Losses | -14 | -17 |
Residential Mortgage Backed Securities [Member] | GSE residential | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 2,073 | 3,293 |
Gross Unrealized Losses | -12 | -24 |
Total | ' | ' |
Fair Value | 2,073 | 3,293 |
Gross Unrealized Losses | -12 | -24 |
Residential Mortgage Backed Securities [Member] | Private-label residential | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 1 | 9 |
Gross Unrealized Losses | 0 | 0 |
Total | ' | ' |
Fair Value | 1 | 9 |
Gross Unrealized Losses | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Total MBS | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 2,074 | 3,302 |
Gross Unrealized Losses | -12 | -24 |
Total | ' | ' |
Fair Value | 2,074 | 3,302 |
Gross Unrealized Losses | ($12) | ($24) |
Investment_Securities_Unrealiz1
Investment Securities (Unrealized Temporary Losses on Held-to-maturity Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Less than 12 Months | ' | ' |
Fair Value | $41 | $105 |
Gross Unrealized Losses | 0 | -1 |
12 Months or More | ' | ' |
Fair Value | 1,493 | 1,532 |
Gross Unrealized Losses | -294 | -322 |
Total | ' | ' |
Fair Value | 1,534 | 1,637 |
Gross Unrealized Losses | -294 | -323 |
U.S. Government & other government related | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 14 | 85 |
Gross Unrealized Losses | 0 | -1 |
12 Months or More | ' | ' |
Fair Value | 4 | 0 |
Gross Unrealized Losses | -1 | 0 |
Total | ' | ' |
Fair Value | 18 | 85 |
Gross Unrealized Losses | -1 | -1 |
State or local housing agency | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 10 | 10 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total | ' | ' |
Fair Value | 10 | 10 |
Gross Unrealized Losses | 0 | 0 |
Residential Mortgage Backed Securities [Member] | GSE residential | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 0 | 10 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 6 | 0 |
Gross Unrealized Losses | 0 | 0 |
Total | ' | ' |
Fair Value | 6 | 10 |
Gross Unrealized Losses | 0 | 0 |
Residential Mortgage Backed Securities [Member] | Private-label residential | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 17 | 0 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 1,483 | 1,532 |
Gross Unrealized Losses | -293 | -322 |
Total | ' | ' |
Fair Value | 1,500 | 1,532 |
Gross Unrealized Losses | -293 | -322 |
Residential Mortgage Backed Securities [Member] | Total MBS | ' | ' |
Less than 12 Months | ' | ' |
Fair Value | 17 | 10 |
Gross Unrealized Losses | 0 | 0 |
12 Months or More | ' | ' |
Fair Value | 1,489 | 1,532 |
Gross Unrealized Losses | -293 | -322 |
Total | ' | ' |
Fair Value | 1,506 | 1,542 |
Gross Unrealized Losses | ($293) | ($322) |
Investment_Securities_Contract
Investment Securities (Contractual Maturity Terms) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contractual Maturity Terms [Abstract] | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $0 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 113 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 3 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 397 | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 19,208 | ' |
Available-for-sale Securities, Amortized Cost Basis | 19,721 | 20,484 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | ' |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 120 | ' |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 3 | ' |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 424 | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 20,362 | ' |
Available-for-sale Securities, Carrying Amount and Fair Value | 20,909 | 21,536 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 464 | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 54 | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 431 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 1,040 | ' |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 5,238 | ' |
Held-to-maturity Securities, Carrying Amount | 7,227 | 7,917 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 464 | ' |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 54 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 449 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 1,090 | ' |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 5,934 | ' |
Held-to-maturity Securities, Fair Value | $7,991 | $8,618 |
Investment_Securities_Securiti
Investment Securities (Securities Other-than-Temporarily Impaired) (Details) (Residential Mortgage Backed Securities [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Available-for-sale | Private-label residential | Alt-A | ' |
Investment Securities [Line Items] | ' |
Unpaid Principal Balance | $100 |
Amortized Cost Basis | 67 |
Non-Credit OTTI | 0 |
Gross Unrealized Gains | 5 |
Carrying Amount | 72 |
Fair Value | 72 |
Held-to-maturity | Private-label residential | ' |
Investment Securities [Line Items] | ' |
Unpaid Principal Balance | 1,764 |
Amortized Cost Basis | 1,277 |
Non-Credit OTTI | -292 |
Gross Unrealized Gains | 0 |
Carrying Amount | 985 |
Fair Value | 1,437 |
Held-to-maturity | Private-label residential | Prime | ' |
Investment Securities [Line Items] | ' |
Unpaid Principal Balance | 1,090 |
Amortized Cost Basis | 856 |
Non-Credit OTTI | -213 |
Gross Unrealized Gains | 0 |
Carrying Amount | 643 |
Fair Value | 929 |
Held-to-maturity | Private-label residential | Subprime | ' |
Investment Securities [Line Items] | ' |
Unpaid Principal Balance | 674 |
Amortized Cost Basis | 421 |
Non-Credit OTTI | -79 |
Gross Unrealized Gains | 0 |
Carrying Amount | 342 |
Fair Value | $508 |
Investment_Securities_OTTI_rol
Investment Securities OTTI rollforward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Beginning Balance | $663 | $710 | $677 | $717 |
Reductions: | ' | ' | ' | ' |
Increases in cash flows expected to be collected that have been recognized as accretion into net interest income | -14 | -9 | -28 | -16 |
Ending Balance | $649 | $701 | $649 | $701 |
Advances_By_callable_putable_f
Advances By callable putable feature (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Advances by callable putable feature [Abstract] | ' | ' |
Noncallable/nonputable | $21,957 | $20,259 |
Callable | 990 | 1,440 |
Putable | 1,709 | 1,726 |
Total par value | 24,656 | 23,425 |
Hedging adjustments | 104 | 39 |
Other adjustments | 22 | 25 |
Total advances | $24,782 | $23,489 |
Advances_By_redemption_terms_D
Advances By redemption terms (Details) (USD $) | Jun. 30, 2014 | |
In Millions, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | |
Federal Home Loan Bank Advances, Maturities, Within One Year of Balance Sheet Date | $6,219 | |
Federal Home Loan Bank Advances, Maturities, Due After One To Two Years of Balance Sheet Date | 2,142 | |
Federal Home Loan Bank Advances, Maturities, Due After Two To Three Years of Balance Sheet Date | 1,778 | |
Federal Home Loan Bank Advances, Maturities, Due After Three To Four Years of Balance Sheet Date | 4,516 | |
Federal Home Loan Bank Advances, Maturities, Due After Four To Five Years of Balance Sheet Date | 8,627 | |
Federal Home Loan Bank Advances, Maturities, After Five Years of Balance Sheet Date | 1,374 | |
Total par value | 24,656 | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing Within One Year of Balance Sheet Date | 0.43% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From One To Two Years of Balance Sheet Date | 1.34% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Two To Three Years of Balance Sheet Date | 3.16% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Three To Four Years of Balance Sheet Date | 1.13% | [1] |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing From Four To Five Years of Balance Sheet Date | 0.23% | [1] |
Federal Home Loan Bank Advances, Weighted Average Interest Rate of Amounts Maturing After Five Years of Balance Sheet Date | 3.48% | |
Federal Home Loan Bank Advances, Weighted Average Interest Rate As Of Balance Sheet Date | 0.93% | |
Next Maturity or Call Date | ' | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | |
Federal Home Loan Bank Advances, Maturities, Within One Year of Balance Sheet Date | 7,209 | |
Federal Home Loan Bank Advances, Maturities, Due After One To Two Years of Balance Sheet Date | 1,942 | |
Federal Home Loan Bank Advances, Maturities, Due After Two To Three Years of Balance Sheet Date | 1,620 | |
Federal Home Loan Bank Advances, Maturities, Due After Three To Four Years of Balance Sheet Date | 4,089 | |
Federal Home Loan Bank Advances, Maturities, Due After Four To Five Years of Balance Sheet Date | 8,427 | |
Federal Home Loan Bank Advances, Maturities, After Five Years of Balance Sheet Date | 1,369 | |
Total par value | 24,656 | |
Next Maturity or Put Date | ' | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | |
Federal Home Loan Bank Advances, Maturities, Within One Year of Balance Sheet Date | 7,927 | |
Federal Home Loan Bank Advances, Maturities, Due After One To Two Years of Balance Sheet Date | 1,696 | |
Federal Home Loan Bank Advances, Maturities, Due After Two To Three Years of Balance Sheet Date | 1,250 | |
Federal Home Loan Bank Advances, Maturities, Due After Three To Four Years of Balance Sheet Date | 3,826 | |
Federal Home Loan Bank Advances, Maturities, Due After Four To Five Years of Balance Sheet Date | 8,608 | |
Federal Home Loan Bank Advances, Maturities, After Five Years of Balance Sheet Date | 1,349 | |
Total par value | $24,656 | |
[1] | Low weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which are at low current market rates of interest. |
MPF_Loans_Details
MPF Loans (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total unpaid principal balance | $6,831 | $7,631 |
Net premiums, credit enhancement and deferred loan fees | 24 | 27 |
Hedging adjustments | 58 | 66 |
Total before allowance for credit losses | 6,913 | 7,724 |
Allowance for credit losses on MPF Loans | -19 | -29 |
Total MPF Loans held in portfolio, net | 6,894 | 7,695 |
Medium term (15 years or less) [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total unpaid principal balance | 1,366 | 1,672 |
Long term (greater than 15 years) [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total unpaid principal balance | 5,465 | 5,959 |
Conventional mortgage loans | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total unpaid principal balance | 5,283 | 5,969 |
Government insured mortgage loans | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total unpaid principal balance | $1,548 | $1,662 |
Allowance_for_Credit_Losses_MP
Allowance for Credit Losses MPF Risk Sharing Structure (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ||
Allowance for credit losses on conventional MPF Loans | $19 | ' | $29 | ' | ' | ' | ||
Conventional | ' | ' | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ||
Total Severity Rate | 29.00% | ' | 35.00% | ' | ' | ' | ||
Credit Loss Severity Rate | 15.00% | ' | 19.00% | ' | ' | ' | ||
Total estimated losses outstanding | 57 | ' | 65 | ' | ' | ' | ||
Less: losses expected to be absorbed by MPF Risk Sharing Structure | -23 | [1] | ' | -18 | [1] | ' | ' | ' |
Our share of total losses | 34 | ' | 47 | ' | ' | ' | ||
Less: non-credit losses | -16 | ' | -21 | ' | ' | ' | ||
Credit losses | 18 | ' | 26 | ' | ' | ' | ||
Plus: other estimated credit losses in the remaining portfolio | 1 | ' | 3 | ' | ' | ' | ||
Allowance for credit losses on conventional MPF Loans | $19 | $24 | $29 | $34 | $40 | $42 | ||
[1] | Represents aggregate of credit enhancements across all master commitments expected to be recovered. Credit enhancement from one master commitment may not be used to offset credit losses incurred by another master commitment. |
Allowance_for_Credit_Losses_Al
Allowance for Credit Losses Allowance roll forward (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | $29 | ' |
Provision for (reversal of) credit losses | -3 | -2 | -6 | -2 |
Balance, end of period | 19 | ' | 19 | ' |
Conventional | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 24 | 40 | 29 | 42 |
Losses charged to the allowance | -2 | -4 | -4 | -6 |
Provision for (reversal of) credit losses | -3 | -2 | -6 | -2 |
Balance, end of period | $19 | $34 | $19 | $34 |
Allowance_for_Credit_Losses_Lo
Allowance for Credit Losses Loans evaluated for impairment (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Allowance for credit losses on conventional MPF Loans | $19 | ' | $29 | ' | ' | ' |
Total recorded investment | 6,948 | ' | 7,763 | ' | ' | ' |
Conventional | ' | ' | ' | ' | ' | ' |
Specifically identified and individually evaluated for impairment | 14 | ' | 22 | ' | ' | ' |
Homogeneous pools of loans and collectively evaluated for impairment | 5 | ' | 7 | ' | ' | ' |
Allowance for credit losses on conventional MPF Loans | 19 | 24 | 29 | 34 | 40 | 42 |
Individually evaluated for impairment - with an allowance | 186 | ' | 215 | ' | ' | ' |
Collectively evaluated for impairment | 5,189 | ' | 5,861 | ' | ' | ' |
Total recorded investment | $5,375 | ' | $6,076 | ' | ' | ' |
Allowance_for_Credit_Losses_Cr
Allowance for Credit Losses Credit Quality Indicators - MPF Loans (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Recorded Investment, Past Due [Line Items] | ' | ' | ||
Past due 30-59 days | $213 | $269 | ||
Past due 60-89 days | 63 | 81 | ||
Past due 90 days or more | 298 | 353 | ||
Total past due | 574 | 703 | ||
Total current | 6,374 | 7,060 | ||
Total recorded investment | 6,948 | 7,763 | ||
In process of foreclosure | 145 | 159 | ||
Serious delinquency rate | 4.32% | [1] | 4.58% | [1],[2] |
Past due 90 days or more still accruing interest | 149 | [3] | 178 | [3] |
On nonaccrual status | 189 | 221 | ||
Conventional | ' | ' | ||
Recorded Investment, Past Due [Line Items] | ' | ' | ||
Past due 30-59 days | 132 | 165 | ||
Past due 60-89 days | 41 | 50 | ||
Past due 90 days or more | 173 | 202 | ||
Total past due | 346 | 417 | ||
Total current | 5,029 | 5,659 | ||
Total recorded investment | 5,375 | 6,076 | ||
In process of foreclosure | 93 | 108 | ||
Serious delinquency rate | 3.24% | [1] | 3.37% | [1],[2] |
Past due 90 days or more still accruing interest | 23 | [3] | 27 | [3] |
On nonaccrual status | 189 | 221 | ||
Government | ' | ' | ||
Recorded Investment, Past Due [Line Items] | ' | ' | ||
Past due 30-59 days | 81 | 104 | ||
Past due 60-89 days | 22 | 31 | ||
Past due 90 days or more | 125 | 151 | ||
Total past due | 228 | 286 | ||
Total current | 1,345 | 1,401 | ||
Total recorded investment | 1,573 | 1,687 | ||
In process of foreclosure | 52 | 51 | ||
Serious delinquency rate | 7.98% | [1] | 8.94% | [1],[2] |
Past due 90 days or more still accruing interest | 126 | [3] | 151 | [3] |
On nonaccrual status | $0 | $0 | ||
[1] | MPF Loans that are 90 days or more past due or in the process of foreclosure as a percentage of the total recorded investment. | |||
[2] | We corrected an error to adjust the serious delinquency rate of MPF Loans disclosed above as of December 31, 2013, as previously reported in our 2013 Form 10-K and in our Form 10-Q as of March 31, 2014. The error had no effect on our allowance for credit losses as of December 31, 2013, because this rate was not used when determining our allowance for credit losses. After evaluating the quantitative and qualitative aspects of these adjustments, we concluded that prior period financial statements were not materially misstated. Further, the error had no effect on our 2014 financial statements. | |||
[3] | Consists of MPF Loans that are either government mortgage loans or conventional mortgage loans that are well secured (by collateral that have a realizable value sufficient to discharge the debt or by the guarantee or insurance, such as PMI, of a financially responsible party) and in the process of collection. |
Allowance_for_Credit_Losses_Tr
Allowance for Credit Losses Troubled debt restructurings outstanding balances (Details) (Conventional, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded investment in conventional MPF Loan TDRs | $65 | $59 |
Performing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded investment in conventional MPF Loan TDRs | 40 | 16 |
Nonperforming | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded investment in conventional MPF Loan TDRs | $25 | $43 |
Allowance_for_Credit_Losses_Tr1
Allowance for Credit Losses Troubled debt restructurings activity (Details) (Conventional, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Conventional | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
TDRs made during the periods | $9 | $12 | $15 | $19 |
Allowance_for_Credit_Losses_Tr2
Allowance for Credit Losses Troubled debt restructurings subsequent period defaults (Details) (Conventional, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Conventional | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
TDRs from the previous 12 months that subsequently defaulted during the periods | $14 | $7 | $17 | $8 |
Allowance_for_Credit_Losses_Im
Allowance for Credit Losses Impaired MPF Loans at period ends (Details) (Conventional, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Conventional | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment | $186 | $215 |
Unpaid Principal Balance | 183 | 210 |
Related Allowance | $14 | $22 |
Allowance_for_Credit_Losses_Im1
Allowance for Credit Losses Impaired MPF Loans during the periods (Details) (Conventional, USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Conventional | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment | $190 | $210 | $197 | $217 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Additional collateral due to derivatives counterparties if credit rating was lowered one level | $54 | ' |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 54 | 32 |
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty | $2 | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities Derivatives in statements of condition (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | $53,373 | $48,377 |
Total derivatives on statements of condition | 36 | 35 |
Total derivatives on statements of condition | 62 | 108 |
Derivatives in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 30,837 | 28,346 |
Derivatives not in hedge accounting relationships- | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 22,536 | 20,031 |
Derivatives not in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 18,496 | 14,199 |
Derivatives not in hedge accounting relationships- | Interest rate swaptions | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 2,515 | 4,465 |
Derivatives not in hedge accounting relationships- | Interest rate caps or floors | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 1,164 | 1,164 |
Derivatives not in hedge accounting relationships- | Interest rate future forwards | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 25 | 0 |
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 336 | 203 |
Derivative Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 740 | 731 |
Netting adjustments (excluding cash collateral) | -670 | -677 |
Exposure at fair value | 70 | 54 |
Cash collateral (and related accrued interest) | -34 | -19 |
Total derivatives on statements of condition | 36 | 35 |
Derivative Assets | Derivatives in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 61 | 85 |
Derivative Assets | Derivatives not in hedge accounting relationships- | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 679 | 646 |
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 496 | 440 |
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate swaptions | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 51 | 60 |
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate caps or floors | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 127 | 143 |
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate future forwards | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 0 | 0 |
Derivative Assets | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 5 | 3 |
Derivative Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 1,774 | 1,959 |
Netting adjustments (excluding cash collateral) | -670 | -677 |
Exposure at fair value | 1,104 | 1,282 |
Cash collateral (and related accrued interest) | -1,042 | -1,174 |
Total derivatives on statements of condition | 62 | 108 |
Derivative Liabilities | Derivatives in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 1,437 | 1,670 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 337 | 289 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 333 | 286 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate swaptions | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 0 | 0 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate caps or floors | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 0 | 0 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate future forwards | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | 0 | 0 |
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative amount before adjustments | $4 | $3 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities Derivative instruments with legal right of offset (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives with legal right of offset - | ' | ' | ||
Total derivatives on statements of condition | $36 | $35 | ||
Total derivatives on statements of condition | 62 | 108 | ||
Derivative Assets | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 735 | 728 | ||
Netting adjustments and cash collateral | -704 | -696 | ||
Derivatives with legal right of offset - net | 31 | 32 | ||
Derivatives without legal right of offset | 5 | 3 | ||
Total derivatives on statements of condition | 36 | 35 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 29 | 31 | ||
Net amount | 7 | [1] | 4 | [1] |
Derivative Assets | Bilateral | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 715 | 707 | ||
Netting adjustments and cash collateral | -684 | -676 | ||
Derivatives with legal right of offset - net | 31 | 31 | ||
Derivatives without legal right of offset | 5 | 3 | ||
Total derivatives on statements of condition | 36 | 34 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 29 | 31 | ||
Net amount | 7 | 3 | ||
Derivative Assets | Cleared | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 20 | 21 | ||
Netting adjustments and cash collateral | -20 | -20 | ||
Derivatives with legal right of offset - net | 0 | 1 | ||
Derivatives without legal right of offset | 0 | 0 | ||
Total derivatives on statements of condition | 0 | 1 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 0 | 0 | ||
Net amount | 0 | 1 | ||
Derivative Liabilities | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 1,770 | 1,956 | ||
Netting adjustments and cash collateral | -1,712 | -1,851 | ||
Derivatives with legal right of offset - net | 58 | 105 | ||
Derivatives without legal right of offset | 4 | 3 | ||
Total derivatives on statements of condition | 62 | 108 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 3 | 0 | ||
Net amount | 59 | [1] | 108 | [1] |
Derivative Liabilities | Bilateral | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 1,641 | 1,949 | ||
Netting adjustments and cash collateral | -1,586 | -1,845 | ||
Derivatives with legal right of offset - net | 55 | 104 | ||
Derivatives without legal right of offset | 4 | 3 | ||
Total derivatives on statements of condition | 59 | 107 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 0 | 0 | ||
Net amount | 59 | 107 | ||
Derivative Liabilities | Cleared | ' | ' | ||
Derivatives with legal right of offset - | ' | ' | ||
Gross recognized amount | 129 | 7 | ||
Netting adjustments and cash collateral | -126 | -6 | ||
Derivatives with legal right of offset - net | 3 | 1 | ||
Derivatives without legal right of offset | 0 | 0 | ||
Total derivatives on statements of condition | 3 | 1 | ||
Derivative noncash collateral not offset that cannot be sold or repledged | 3 | 0 | ||
Net amount | $0 | $1 | ||
[1] | Any over-collateralization received by or paid from us to an individual clearing member and/or at a counterparty arrangement level is not included in the determination of the net amount. Specifically, any such over-collateralization amount received by us is not offset against another derivative asset counterparty exposure for which there is no legal right of offset, while any over-collateralization delivered by us is not offset against another derivative liability counterparty exposure for which there is no legal right of offset. |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair value hedges | ($6) | $9 | ($12) | $11 |
Cash flow hedges | 0 | 2 | 1 | 3 |
Economic hedges | 8 | 17 | -1 | 16 |
Gains (losses) on derivatives and hedging activities | 2 | 28 | -12 | 30 |
Interest rate swaps | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair value hedges | -6 | 9 | -12 | 11 |
Economic hedges | -4 | 53 | -3 | 64 |
Interest rate swaptions | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Economic hedges | -1 | -11 | -16 | -17 |
Interest rate caps or floors | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Economic hedges | -5 | -39 | -15 | -58 |
Mortgage delivery commitments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Economic hedges | 1 | 1 | 1 | 1 |
Net interest settlements | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Economic hedges | $17 | $13 | $32 | $26 |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Fair Value Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
On Derivative | $88 | ($79) | $189 | ($84) | ||||
On Hedged Item | -94 | 88 | -201 | 95 | ||||
Total Ineffectiveness Recognized in Derivatives and Hedging Activities | -6 | 9 | -12 | 11 | ||||
Net Interest Settlements Effect on Net Interest Income | 10 | [1] | 3 | [1] | 16 | [1] | -1 | [1] |
Hedge Adjustments Amortized into Net Interest Income | -10 | [2] | -16 | [2] | -21 | [2] | -34 | [2] |
Available-for-sale securities | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
On Derivative | -28 | 178 | -30 | 234 | ||||
On Hedged Item | 26 | -172 | 27 | -227 | ||||
Total Ineffectiveness Recognized in Derivatives and Hedging Activities | -2 | 6 | -3 | 7 | ||||
Net Interest Settlements Effect on Net Interest Income | -35 | [1] | -35 | [1] | -70 | [1] | -69 | [1] |
Hedge Adjustments Amortized into Net Interest Income | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Advances | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
On Derivative | -33 | 72 | -63 | 98 | ||||
On Hedged Item | 35 | -69 | 67 | -92 | ||||
Total Ineffectiveness Recognized in Derivatives and Hedging Activities | 2 | 3 | 4 | 6 | ||||
Net Interest Settlements Effect on Net Interest Income | -20 | [1] | -17 | [1] | -40 | [1] | -34 | [1] |
Hedge Adjustments Amortized into Net Interest Income | -1 | [2] | -1 | [2] | -2 | [2] | -2 | [2] |
MPF Loans held for portfolio | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
On Derivative | 0 | 0 | 0 | 0 | ||||
On Hedged Item | 0 | 0 | 0 | 0 | ||||
Total Ineffectiveness Recognized in Derivatives and Hedging Activities | 0 | 0 | 0 | 0 | ||||
Net Interest Settlements Effect on Net Interest Income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Hedge Adjustments Amortized into Net Interest Income | -4 | [2] | -9 | [2] | -9 | [2] | -19 | [2] |
Consolidated obligation bonds | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
On Derivative | 149 | -329 | 282 | -416 | ||||
On Hedged Item | -155 | 329 | -295 | 414 | ||||
Total Ineffectiveness Recognized in Derivatives and Hedging Activities | -6 | 0 | -13 | -2 | ||||
Net Interest Settlements Effect on Net Interest Income | 65 | [1] | 55 | [1] | 126 | [1] | 102 | [1] |
Hedge Adjustments Amortized into Net Interest Income | ($5) | [2] | ($6) | [2] | ($10) | [2] | ($13) | [2] |
[1] | Represents the effect of net interest settlements attributable to existing derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. | |||||||
[2] | Amortization of hedge adjustments is included in the interest income/expense line item of the respective hedged item type. |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activities (Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | $0 | $2 | $1 | $3 | ||||
Cash Flow Hedging [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amortization of Effective Portion Reclassified From AOCI to Interest | 1 | 2 | 3 | 4 | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | 0 | 2 | 1 | 3 | ||||
Total Reclassified Into Statements of Income | 1 | 4 | 4 | 7 | ||||
Effective Portion Recorded in AOCI | -14 | 239 | 10 | 327 | ||||
Net Change in OCI | -15 | 235 | 6 | 320 | ||||
Net Interest Settlements Classified in Net Interest Income | -61 | -67 | -122 | -134 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified Next 12 Months, Net | 8 | ' | 8 | ' | ||||
Maximum Hedging Period For Forecasted Cash Flows | '6 years | ' | ' | ' | ||||
Advances | Cash Flow Hedging [Member] | Interest rate floors | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amortization of Effective Portion Reclassified From AOCI to Interest | 2 | 4 | 5 | 7 | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | 0 | 0 | 0 | 0 | ||||
Total Reclassified Into Statements of Income | 2 | 4 | 5 | 7 | ||||
Effective Portion Recorded in AOCI | 0 | 0 | 0 | 0 | ||||
Net Change in OCI | -2 | -4 | -5 | -7 | ||||
Net Interest Settlements Classified in Net Interest Income | 0 | 0 | 0 | 0 | ||||
Discount Notes | Cash Flow Hedging [Member] | Interest rate caps | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amortization of Effective Portion Reclassified From AOCI to Interest | ' | -1 | ' | -1 | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | ' | 0 | ' | 0 | ||||
Total Reclassified Into Statements of Income | ' | -1 | ' | -1 | ||||
Effective Portion Recorded in AOCI | ' | 0 | ' | 0 | ||||
Net Change in OCI | ' | 1 | ' | 1 | ||||
Net Interest Settlements Classified in Net Interest Income | ' | 0 | ' | 0 | ||||
Discount Notes | Cash Flow Hedging [Member] | Interest rate swaps | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amortization of Effective Portion Reclassified From AOCI to Interest | 0 | 0 | -1 | -1 | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | 0 | 2 | 1 | 3 | ||||
Total Reclassified Into Statements of Income | 0 | 2 | 0 | 2 | ||||
Effective Portion Recorded in AOCI | -14 | 239 | 10 | 327 | ||||
Net Change in OCI | -14 | 237 | 10 | 325 | ||||
Net Interest Settlements Classified in Net Interest Income | -61 | [1] | -67 | [1] | -122 | [1] | -134 | [1] |
Consolidated obligation bonds | Cash Flow Hedging [Member] | Interest rate swaps | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amortization of Effective Portion Reclassified From AOCI to Interest | -1 | -1 | -1 | -1 | ||||
Ineffective Portion Reclassified to Derivatives and Hedging Activities | 0 | 0 | 0 | 0 | ||||
Total Reclassified Into Statements of Income | -1 | -1 | -1 | -1 | ||||
Effective Portion Recorded in AOCI | 0 | 0 | 0 | 0 | ||||
Net Change in OCI | 1 | 1 | 1 | 1 | ||||
Net Interest Settlements Classified in Net Interest Income | $0 | $0 | $0 | $0 | ||||
[1] | Represents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. |
Consolidated_Obligations_Conso
Consolidated Obligations Consolidated obligation bonds by maturity date (Details) (Consolidated obligation bonds, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Extinguishment of Debt [Line Items] | ' | ' |
Due in one year or less | $6,388 | ' |
One to two years | 3,597 | ' |
Two to three years | 4,965 | ' |
Three to four years | 6,207 | ' |
Four to five years | 4,526 | ' |
Thereafter | 12,525 | ' |
Total par value | 38,208 | 32,492 |
Due in one year or less, weighted average interest rate | 1.26% | ' |
One to two years, weighted average interest rate | 3.24% | ' |
Two to three years, weighted average interest rate | 1.81% | ' |
Three to four years, weighted average interest rate | 1.67% | ' |
Four to five years, weighted average interest rate | 1.45% | ' |
Thereafter, weighted average interest rate | 2.21% | ' |
Total par value, weighted average interest rate | 1.92% | ' |
By Next Maturity or Call Date | ' | ' |
Extinguishment of Debt [Line Items] | ' | ' |
Due in one year or less | 29,885 | ' |
One to two years | 3,627 | ' |
Two to three years | 1,578 | ' |
Three to four years | 1,475 | ' |
Four to five years | 450 | ' |
Thereafter | 1,193 | ' |
Total par value | $38,208 | ' |
Consolidated_Obligations_Conso1
Consolidated Obligations Consolidated obligation short term discount notes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Carrying Amount | $23,795 | $31,089 |
Discount Notes | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Carrying Amount | 23,795 | 31,089 |
Par Value | $23,797 | $31,092 |
Weighted Average Interest Rate | 0.06% | 0.07% |
Consolidated_Obligations_Conso2
Consolidated Obligations Consolidated obligation bonds by callable feature (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total consolidated obligation bonds | $38,021 | $31,987 |
Consolidated obligation bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total par value | 38,208 | 32,492 |
Bond premiums (discounts), net | 19 | 20 |
Hedging adjustments | -221 | -526 |
Fair value option adjustments | 15 | 1 |
Total consolidated obligation bonds | 38,021 | 31,987 |
Noncallable | Consolidated obligation bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total par value | 12,901 | 12,927 |
Callable | Consolidated obligation bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total par value | $25,307 | $19,565 |
Consolidated_Obligations_Conso3
Consolidated Obligations Consolidated obligations systemwide joint & several liability (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
FHLB System | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | $799,980 | $766,837 |
FHLB Chicago as primary obligor | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 62,005 | 63,584 |
As a percent of the FHLB System | 8.00% | 8.00% |
Consolidated obligation bonds | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 38,208 | 32,492 |
Consolidated obligation bonds | FHLB System | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 477,107 | 473,495 |
Consolidated obligation bonds | FHLB Chicago as primary obligor | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 38,208 | 32,492 |
As a percent of the FHLB System | 8.00% | 7.00% |
Discount Notes | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 23,797 | 31,092 |
Discount Notes | FHLB System | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | 322,873 | 293,342 |
Discount Notes | FHLB Chicago as primary obligor | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Par Value | $23,797 | $31,092 |
As a percent of the FHLB System | 7.00% | 11.00% |
Capital_and_Mandatorily_Redeem2
Capital and Mandatorily Redeemable Capital Stock Narrative (Details) (USD $) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Capital [Abstract] | ' | ' |
Capital stock par value | $100 | $100 |
Capital Stock, redemption, period of written notice | '5 years | ' |
Minimum threshold B2 activity capital stock $ requirement | $5 | ' |
Maximum threshold B2 activity capital stock $ requirement | 250 | ' |
Minimum advance activity capital stock % requirement | 2.00% | ' |
Maximum advance activity capital stock % requirement | 6.00% | ' |
Standard membership capital stock requirement $ cap amount | 165.3 | ' |
Minimum membership capital stock requirement $ cap amount | 25 | ' |
Maximum membership capital stock requirement $ cap amount | $250 | ' |
Maximum membership capital stock requirement as a % of total | 9.90% | ' |
Capital_and_Mandatorily_Redeem3
Capital and Mandatorily Redeemable Capital Stock Regulatory capital requirements and actual (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Risk Based Capital Requirement | $1,230 | $1,465 |
Risk Based Capital Actual | 3,999 | 3,703 |
Regulatory Capital, Requirement | 2,722 | 2,752 |
Regulatory Capital, Actual | 3,999 | 3,703 |
Regulatory Capital Ratio, Requirement | 4.00% | 4.00% |
Regulatory Capital Ratio, Actual | 5.88% | 5.38% |
Leverage Capital, Requirement | 3,403 | 3,440 |
Leverage Capital, Actual | $5,999 | $5,555 |
Leverage Capital Ratio, Requirement | 5.00% | 5.00% |
Leverage Capital Ratio, Actual | 8.81% | 8.07% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | $67 | ' |
Period amounts reclassified to: | ' | ' | ' | ' |
Non-interest expense | 12 | 11 | 22 | 20 |
Net change in the period | 82 | -99 | 173 | -76 |
Ending balance | 240 | ' | 240 | ' |
Total AOCI | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 158 | 130 | 67 | 107 |
Change in the period before reclassifications to net income | 83 | -95 | 176 | -71 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | -1 | -2 | -3 | -3 |
Non-interest gain (loss) | 0 | -2 | -1 | -3 |
Non-interest expense | 0 | 0 | 1 | 1 |
Net change in the period | 82 | -99 | 173 | -76 |
Ending balance | 240 | 31 | 240 | 31 |
Net Unrealized Gain (Loss) | Available-for-sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,107 | 1,491 | 1,052 | 1,576 |
Change in the period before reclassifications to net income | 81 | -352 | 136 | -437 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | 0 | 0 | 0 | 0 |
Non-interest gain (loss) | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 0 | 0 |
Net change in the period | 81 | -352 | 136 | -437 |
Ending balance | 1,188 | 1,139 | 1,188 | 1,139 |
Net Unrealized Gain (Loss) | Held-to-maturity | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -1 | -2 | -1 | -3 |
Change in the period before reclassifications to net income | 0 | 0 | 0 | 0 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | 0 | 0 | 0 | 1 |
Non-interest gain (loss) | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 0 | 0 |
Net change in the period | 0 | 0 | 0 | 1 |
Ending balance | -1 | -2 | -1 | -2 |
Non-credit OTTI | Available-for-sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 0 | -2 | 0 | -8 |
Change in the period before reclassifications to net income | 0 | 2 | 0 | 8 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | 0 | 0 | 0 | 0 |
Non-interest gain (loss) | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 0 | 0 |
Net change in the period | 0 | 2 | 0 | 8 |
Ending balance | 0 | 0 | 0 | 0 |
Non-credit OTTI | Held-to-maturity | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -306 | -366 | -320 | -381 |
Change in the period before reclassifications to net income | 14 | 16 | 28 | 31 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | 0 | 0 | 0 | 0 |
Non-interest gain (loss) | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 0 | 0 |
Net change in the period | 14 | 16 | 28 | 31 |
Ending balance | -292 | -350 | -292 | -350 |
Net Unrealized on Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | -644 | -993 | -665 | -1,078 |
Change in the period before reclassifications to net income | -14 | 239 | 10 | 327 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | -1 | -2 | -3 | -4 |
Non-interest gain (loss) | 0 | -2 | -1 | -3 |
Non-interest expense | 0 | 0 | 0 | 0 |
Net change in the period | -15 | 235 | 6 | 320 |
Ending balance | -659 | -758 | -659 | -758 |
Post-Retirement Plans | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 2 | 2 | 1 | 1 |
Change in the period before reclassifications to net income | 2 | 0 | 2 | 0 |
Period amounts reclassified to: | ' | ' | ' | ' |
Net interest income | 0 | 0 | 0 | 0 |
Non-interest gain (loss) | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 1 | 1 |
Net change in the period | 2 | 0 | 3 | 1 |
Ending balance | $4 | $2 | $4 | $2 |
Fair_Value_Accounting_Carrying
Fair Value Accounting (Carrying Value and Fair Value of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financial Assets- | ' | ' | ||
Held-to-maturity securities | $7,991 | $8,618 | ||
Advances | 40 | 30 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | 0 | -75 | ||
Consolidated obligation bonds | -4,235 | -1,021 | ||
Level 1 | ' | ' | ||
Financial Assets- | ' | ' | ||
Cash and due from banks | 23 | 971 | ||
Interest bearing deposits | 560 | ' | ||
Federal Funds sold | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Held-to-maturity securities | 0 | 0 | ||
Advances | 0 | 0 | ||
MPF Loans held in portfolio, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Financial Liabilities- | ' | ' | ||
Deposits | 0 | 0 | ||
Consolidated obligation discount notes | 0 | 0 | ||
Consolidated obligation bonds | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Mandatorily redeemable capital stock | -5 | -5 | ||
Subordinated notes | 0 | 0 | ||
Level 2 | ' | ' | ||
Financial Assets- | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits | 0 | ' | ||
Federal Funds sold | 1,795 | 500 | ||
Securities purchased under agreements to resell | 3,950 | 4,550 | ||
Held-to-maturity securities | 6,409 | 6,981 | ||
Advances | 24,902 | 23,586 | ||
MPF Loans held in portfolio, net | 7,326 | 8,069 | ||
Accrued interest receivable | 86 | 93 | ||
Financial Liabilities- | ' | ' | ||
Deposits | -532 | -544 | ||
Consolidated obligation discount notes | -23,795 | -31,089 | ||
Consolidated obligation bonds | -38,611 | -32,576 | ||
Accrued interest payable | -137 | -137 | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Subordinated notes | -1,038 | -1,055 | ||
Level 3 | ' | ' | ||
Financial Assets- | ' | ' | ||
Cash and due from banks | 0 | 0 | ||
Interest bearing deposits | 0 | ' | ||
Federal Funds sold | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Held-to-maturity securities | 1,582 | 1,637 | ||
Advances | 0 | 0 | ||
MPF Loans held in portfolio, net | 176 | 200 | ||
Accrued interest receivable | 0 | 0 | ||
Financial Liabilities- | ' | ' | ||
Deposits | 0 | 0 | ||
Consolidated obligation discount notes | 0 | 0 | ||
Consolidated obligation bonds | -67 | [1] | -69 | [1] |
Accrued interest payable | 0 | 0 | ||
Mandatorily redeemable capital stock | 0 | 0 | ||
Subordinated notes | 0 | 0 | ||
Carrying Amount | ' | ' | ||
Financial Assets- | ' | ' | ||
Cash and due from banks | 23 | 971 | ||
Interest bearing deposits | 560 | ' | ||
Federal Funds sold | 1,795 | 500 | ||
Securities purchased under agreements to resell | 3,950 | 4,550 | ||
Held-to-maturity securities | 7,227 | 7,917 | ||
Advances | 24,782 | 23,489 | ||
MPF Loans held in portfolio, net | 6,894 | 7,695 | ||
Accrued interest receivable | 86 | 93 | ||
Financial Liabilities- | ' | ' | ||
Deposits | -532 | -544 | ||
Consolidated obligation discount notes | -23,795 | -31,089 | ||
Consolidated obligation bonds | -38,021 | -31,987 | ||
Accrued interest payable | -137 | -137 | ||
Mandatorily redeemable capital stock | -5 | -5 | ||
Subordinated notes | -944 | -944 | ||
Total Fair Value | ' | ' | ||
Financial Assets- | ' | ' | ||
Cash and due from banks | 23 | 971 | ||
Interest bearing deposits | 560 | ' | ||
Federal Funds sold | 1,795 | 500 | ||
Securities purchased under agreements to resell | 3,950 | 4,550 | ||
Held-to-maturity securities | 7,991 | 8,618 | ||
Advances | 24,902 | 23,586 | ||
MPF Loans held in portfolio, net | 7,502 | 8,269 | ||
Accrued interest receivable | 86 | 93 | ||
Financial Liabilities- | ' | ' | ||
Deposits | -532 | -544 | ||
Consolidated obligation discount notes | -23,795 | -31,089 | ||
Consolidated obligation bonds | -38,678 | -32,645 | ||
Accrued interest payable | -137 | -137 | ||
Mandatorily redeemable capital stock | -5 | -5 | ||
Subordinated notes | ($1,038) | ($1,055) | ||
[1] | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting (Fair Value Measured on Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Financial Assets- | ' | ' | ||
Trading securities | $1,684 | $1,899 | ||
Available-for-sale securities | 20,909 | 21,536 | ||
Advances | 40 | 30 | ||
Derivative assets | 36 | 35 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | 0 | -75 | ||
Consolidated obligation bonds | -4,235 | -1,021 | ||
Derivative liabilities | -62 | -108 | ||
U.S. Government & other government related | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 1,613 | 1,823 | ||
Available-for-sale securities | 547 | 588 | ||
FFELP ABS | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 6,586 | 6,803 | ||
GSE residential | Residential Mortgage Backed Securities [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 69 | 74 | ||
Available-for-sale securities | 11,143 | 11,382 | ||
Government-guaranteed residential | Residential Mortgage Backed Securities [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 2 | 2 | ||
Available-for-sale securities | 2,560 | 2,691 | ||
Private-label residential | Residential Mortgage Backed Securities [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 73 | 72 | ||
Level 2 | ' | ' | ||
Financial Assets- | ' | ' | ||
Advances | 24,902 | 23,586 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | -23,795 | -31,089 | ||
Consolidated obligation bonds | -38,611 | -32,576 | ||
Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 1,684 | 1,899 | ||
Available-for-sale securities | 20,836 | 21,464 | ||
Advances | 40 | 30 | ||
Derivative assets | 723 | [1] | 712 | [1] |
Total financial assets at fair value | 23,283 | 24,105 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | ' | -75 | ||
Consolidated obligation bonds | -4,235 | -1,021 | ||
Derivative liabilities | -1,774 | [1] | -1,959 | [1] |
Total financial liabilities at fair value | -6,009 | -3,055 | ||
Level 2 | U.S. Government & other government related | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 1,613 | 1,823 | ||
Available-for-sale securities | 547 | 588 | ||
Level 2 | FFELP ABS | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 6,586 | 6,803 | ||
Level 2 | GSE residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 69 | 74 | ||
Available-for-sale securities | 11,143 | 11,382 | ||
Level 2 | Government-guaranteed residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 2 | 2 | ||
Available-for-sale securities | 2,560 | 2,691 | ||
Level 2 | Private-label residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Level 3 | ' | ' | ||
Financial Assets- | ' | ' | ||
Advances | 0 | 0 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | 0 | 0 | ||
Consolidated obligation bonds | -67 | [2] | -69 | [2] |
Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 73 | 72 | ||
Advances | 0 | 0 | ||
Derivative assets | 17 | [1] | 19 | [1] |
Total financial assets at fair value | 90 | 91 | ||
Level 3 as a percent of total assets at fair value | 0.40% | 0.40% | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | ' | 0 | ||
Consolidated obligation bonds | -67 | [2] | -69 | [2] |
Derivative liabilities | 0 | 0 | ||
Total financial liabilities at fair value | -67 | -69 | ||
Level 3 as a percent of total liabilities at fair value | 1.50% | 5.40% | ||
Level 3 | U.S. Government & other government related | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Level 3 | FFELP ABS | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Level 3 | GSE residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Level 3 | Government-guaranteed residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Level 3 | Private-label residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 73 | 72 | ||
Netting Adjustment | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Advances | 0 | 0 | ||
Derivative assets | -704 | [3] | -696 | [3] |
Total financial assets at fair value | -704 | -696 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | ' | 0 | ||
Consolidated obligation bonds | 0 | 0 | ||
Derivative liabilities | 1,712 | [3] | 1,851 | [3] |
Total financial liabilities at fair value | 1,712 | 1,851 | ||
Netting Adjustment | U.S. Government & other government related | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Netting Adjustment | FFELP ABS | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Netting Adjustment | GSE residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Netting Adjustment | Government-guaranteed residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Netting Adjustment | Private-label residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 0 | 0 | ||
Total Fair Value | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 1,684 | 1,899 | ||
Available-for-sale securities | 20,909 | 21,536 | ||
Advances | 40 | 30 | ||
Derivative assets | 36 | 35 | ||
Total financial assets at fair value | 22,669 | 23,500 | ||
Financial Liabilities- | ' | ' | ||
Consolidated obligation discount notes | ' | -75 | ||
Consolidated obligation bonds | -4,302 | -1,090 | ||
Derivative liabilities | -62 | -108 | ||
Total financial liabilities at fair value | -4,364 | -1,273 | ||
Total Fair Value | U.S. Government & other government related | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 1,613 | 1,823 | ||
Available-for-sale securities | 547 | 588 | ||
Total Fair Value | FFELP ABS | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | 6,586 | 6,803 | ||
Total Fair Value | GSE residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 69 | 74 | ||
Available-for-sale securities | 11,143 | 11,382 | ||
Total Fair Value | Government-guaranteed residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Trading securities | 2 | 2 | ||
Available-for-sale securities | 2,560 | 2,691 | ||
Total Fair Value | Private-label residential | Residential Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Financial Assets- | ' | ' | ||
Available-for-sale securities | $73 | $72 | ||
[1] | Our derivative assets are, in part secured with cash collateral (Level 1) as described in Note 9 - Derivatives and Hedging Activities. However, we view our net derivative assets or liabilities as a single unit of account for purposes of classifying the total balance within the fair value hierarchy. Accordingly, we classify our derivative assets and liabilities as either Level 2 or Level 3 within the fair value hierarchy. | |||
[2] | Amount represents debt carried at fair value under a fair value hedge strategy, not at fair value under the fair value option. | |||
[3] | The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. See Note 9 - Derivatives and Hedging Activities for further details. |
Fair_Value_Accounting_Fair_Val1
Fair Value Accounting (Fair Value Measured on a Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], Level 3, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired MPF Loans | $176 | $200 |
Real estate owned | 10 | 10 |
Total non-recurring assets | $186 | $210 |
Fair_Value_Accounting_Fair_Val2
Fair Value Accounting (Fair Value Option) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Option, Quantitative Disclosures [Roll Forward] | ' | ' | ' | ' |
Net gain (loss) on instruments held at fair value | ($3) | $2 | $1 | $3 |
Advances | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Roll Forward] | ' | ' | ' | ' |
Balance beginning of period | 30 | 9 | 30 | 9 |
New transactions elected for fair value option | 10 | 20 | 10 | 20 |
Maturities and extinguishments (if any) | 0 | 0 | 0 | 0 |
Net gain (loss) on instruments held at fair value | 0 | 0 | 0 | 0 |
Change in accrued interest and other | 0 | 0 | 0 | 0 |
Balance end of period | 40 | 29 | 40 | 29 |
Consolidated obligation bonds | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Roll Forward] | ' | ' | ' | ' |
Balance beginning of period | -3,408 | -1,250 | -1,021 | -1,251 |
New transactions elected for fair value option | -2,275 | -2,300 | -4,935 | -2,550 |
Maturities and extinguishments (if any) | 1,455 | 1,000 | 1,725 | 1,250 |
Net gain (loss) on instruments held at fair value | -3 | 2 | 1 | 3 |
Change in accrued interest and other | -4 | 0 | -5 | 0 |
Balance end of period | -4,235 | -2,548 | -4,235 | -2,548 |
Discount Notes | ' | ' | ' | ' |
Fair Value, Option, Quantitative Disclosures [Roll Forward] | ' | ' | ' | ' |
Balance beginning of period | 0 | -75 | -75 | 0 |
New transactions elected for fair value option | 0 | 0 | 0 | -75 |
Maturities and extinguishments (if any) | 0 | 0 | 75 | 0 |
Net gain (loss) on instruments held at fair value | 0 | 0 | 0 | 0 |
Change in accrued interest and other | 0 | 0 | 0 | 0 |
Balance end of period | $0 | ($75) | $0 | ($75) |
Fair_Value_Accounting_Fair_Val3
Fair Value Accounting (Fair Value Option Difference Between Fair Value and Unpaid Principal Balance) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Fair Value, Advances | $40 | $30 |
Fair Value, Consolidated Obligation Discount Notes | 0 | 75 |
Fair Value, Consolidated Obligation Bonds | 4,235 | 1,021 |
Advances | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Unpaid Principal Balance | 39 | 29 |
Fair Value, Advances | 40 | 30 |
Fair Value Over (Under) UPB | 1 | 1 |
Consolidated obligation discount notes | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 75 |
Fair Value, Consolidated Obligation Discount Notes | 0 | 75 |
Fair Value Over (Under) UPB | 0 | 0 |
Consolidated obligation bonds | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Unpaid Principal Balance | 4,220 | 1,020 |
Fair Value, Consolidated Obligation Bonds | 4,235 | 1,021 |
Fair Value Over (Under) UPB | $15 | $1 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Commitments | ' | ' | ||
Expire within one year | $6,094 | $3,060 | ||
Expire after one year | 975 | 1,055 | ||
Total | 7,069 | 4,115 | ||
Unsettled consolidated obligation bonds | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 335 | 220 | ||
Expire after one year | 0 | 0 | ||
Total | 335 | 220 | ||
Unsettled consolidated obligation discount notes | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 0 | 1,000 | ||
Expire after one year | 0 | 0 | ||
Total | 0 | 1,000 | ||
Member standby letters of credit | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 1,148 | 1,407 | ||
Expire after one year | 733 | [1] | 696 | [1] |
Total | 1,881 | 2,103 | ||
Renewable annually | 547 | 495 | ||
Housing authority standby bond purchase agreements | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 169 | 149 | ||
Expire after one year | 233 | 258 | ||
Total | 402 | 407 | ||
MPF Program mortgage purchase commitments | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 172 | 103 | ||
Expire after one year | 0 | 0 | ||
Total | 172 | 103 | ||
Unresolved repurchasable loans and indemnifications to Fannie Mae for MPF Xtra loans | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 59 | [2] | 56 | [2] |
Expire after one year | 0 | 0 | ||
Total | 59 | 56 | ||
Committed unused member lines of credit | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 4,000 | [3] | 0 | |
Expire after one year | 0 | 0 | ||
Total | 4,000 | 0 | ||
Advance commitments | ' | ' | ||
Commitments | ' | ' | ||
Expire within one year | 211 | 125 | ||
Expire after one year | 9 | 101 | ||
Total | $220 | $226 | ||
[1] | Contains $547 million and $495 million of member standby letters of credit at JuneB 30, 2014, and DecemberB 31, 2013, which were renewable annually. | |||
[2] | Amount includes only mortgage loans for which (1) a breach of an eligibility requirement or other warranty has been specifically identified and (2) we believe Fannie Mae will request us to repurchase or provide an indemnity. Accordingly, these unresolved requests are classified in the "expire within one year" category. However, these unresolved requests may occur after one year from the reporting date since they do not have an expiration date. If the PFI from which we purchased an ineligible MPF Xtra loan is viable, we may require the PFI to repurchase that loan from us or indemnify us for related losses. Since we deem it probable that we will recover any losses from the PFIs, we did not recognize a loss in our statement of income related to MPF Xtra loan repurchase or indemnification risk to Fannie Mae. | |||
[3] | A committed unused member line of credit is an agreement that provides our members with the option to take multiple advances up to a specified maximum amount, subject to certain conditions. Portions repaid may be reborrowed under the same arrangement. |
Transactions_with_Members_and_2
Transactions with Members and Other FHLBs (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Assets - Advances | $24,782 | $23,489 |
Liabilities - Deposits | 532 | 544 |
Equity - Capital Stock | 1,796 | 1,670 |
Transactions with members | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Assets - Advances | 210 | 2,546 |
Liabilities - Deposits | 29 | 27 |
Equity - Capital Stock | $17 | $188 |