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Chicago Federal Home Loan Bank

About Federal Home Loan Bank Of Chicago

The Federal Home Loan Bank of Chicago Goes All In on AWS

About Federal Home Loan Bank of ChicagoThe Federal Home Loan Bank of Chicago is a $100 billion wholesale bank and one of 11 district banks chartered in 1932 by the U.S. Congress to support mortgage lending and community investment. Each FHLBank operates as an independent organization and is governed by a board of directors elected by its member institutions. As a cooperative, we provide reliable liquidity to our member banks, credit unions, insurance companies, and community development financial institutions located in Illinois and Wisconsin, focusing on the distinct needs of their individual businesses and communities.

We offer products and services to help our members fund loans and investments held in portfolio, manage liquidity, fund mortgages into the secondary market, secure third party agreements, and achieve asset liability management goals. Through our Community Investment and Affordable Housing programs, we also help our members to provide affordable housing and economic development in the communities they serve.

Taking Full Advantage Of The Cloud

The first step was rebuilding its 10-year-old loan underwriting platform. The platform is responsible for receiving, validating, and processing loan requests from hundreds of member institutions to ensure that all loans meet collateral, credit, and capital stock requirements and regulations. The Banks original platform, the Automated Advance Approval Process , had started to accumulate tangled layers of business logic and extensions added by different teams over the course of a decade. This slowed the Bank down and posed a series of technical challenges including testing complexity and scaling limitations.

When FHLBank Chicago and Slalom partnered to redesign AAAP, we both saw an opportunity to modernize the companys DevOps tech stack in the process. Operational improvements including the creation of continuous integration and continuous delivery pipelines could help teams automate testing and other previously laborious tasks.

The platform and the rest of the Banks IT infrastructure were already on the Amazon Web Services cloud platform, so we leveraged the AWS Well-Architected Framework to help the Bank adopt best practices in a variety of areas. Together, we:

  • Optimized application development with .Net Core and Angular.
  • Automated testing with SpecFlow and Protractor.
  • Implemented infrastructure as code with Terraform, and container orchestration with Docker and Amazon Elastic Container Service .

Meet The Recruiters Federal Home Loan Bank Of Chicago

This event provides an opportunity to meet FHLBank Chicago to learn about internship positions and network with representatives.

Questions? Contact .

This event is sponsored by the iSchool.

If you will need disability-related accommodations in order to participate in any of the programs or events listed, please email the contact person or the iSchool Help Desk. Early requests are strongly encouraged to allow sufficient time for meeting your access needs.

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Federal Home Loan Bank Of Chicago Affordable Housing Program

Cinnaire Lending, our nonprofit lending division, joined the FHLBC in 2015 because of their interest in having more CDFI members. As a member of FHLBC, we are able to take advantage of any products offered by them. One program we use is AHP for rental projects, which is a program that awards a grant subsidy of up to $850,000.00 through a competitive application process. The project does not have to be in the FHLBCs district of Illinois or Wisconsin to apply, but projects within the district do have a competitive advantage. AHP is gap funding for affordable rental projects and dovetails well with the Low Income Housing Tax Credit program. We have been able to use AHP as a tool to generate new business, solve problems for existing deals already in underwriting with us and reinforce relationships with our long-term clients.

Federal Home Loan Bank Of Chicago And Its Importance

Federal Home Loan Banks

Federal Home Loan Bank of Chicago is one of the two main federal home loan bank of Chicago entities. The other is the Cook County government. It serves many peoples needs by providing home loans for people looking to purchase homes. Home loans are provided by FHLB Chicago regardless of the borrowers credit history.

FHLB is governed by a board of directors elected each year from the local governing body and a federal home loan bank of chicago board of directors, who are also elected. The five members of the board are also appointed by the federal government through the U.S. Department of Housing and Urban Development.

The FHSBC holds all federal home loan bank of chicago certificates and policies and reserves the right to issue federal home loan bank of chicago trust deeds. These bank notes are federally guaranteed. It is one of the two Chicago area banks that do not have a separate license but instead is one of twelve district banks chartered by the U.S. Department of Banks.

Under the federal home loan bank of chicago, its Chicago headquarters is located at the corner of North Ave and Wrigley Road. The branch has six branches including the one in downtown Chicago. It also has several satellite branches in Wisconsin, Michigan and Texas. Its Wisconsin facility provides assistance to residents of Wisconsin, Iowa, Minnesota, New Mexico and California. Two branches of this institution are located in Chicago.

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Holding True To Its Mission

A week before launch, the teams overcame an unexpected hurdle: collaborating remotely due to COVID-19. Thanks to modern ways of working in the cloud, from any location, Slalom and the Bank safely launched the solution. On the first day of business after launch, FHLBank Chicago completed 60 transactions from initial request all the way to fulfillmentwith a combined value of approximately $8 billion.

The Bank brought a new product to market in the early days of the pandemic: a special advance with a 0% interest rate to support qualifying members impacted by COVID-19. On the day of the promotion, hundreds of members took out applications. By the end of that day, you could see hundreds of transactions settled. With a modern system in place that can easily handle new products and process billions of dollars daily, its easier than ever for the Bank to hold true to its mission of providing same-day, reliable funding.

Mtap Meets Member Experience

For members to truly benefit from the dynamic improvements to the Banks loan processing system, the Bank needed to translate these improvements on the front end, in the member-facing eBanking portal. Opting for lasting change over temporary stopgaps, FHLBank Chicago decided to use its new tech stack to rewrite and rearchitect key parts of eBanking with Slaloms help. Our starting point? Expanding opportunities for members to request funds online.

The teams identified which loan types were most common and also most straightforward, then prioritized those as self-service options. This allowed the Bank to strategically start to modernize its front end in a way that would deliver the greatest impact for its customers. Now, 29 products and advance originations are available through eBanking and 85% of advances are originated through the portal. Through the closer integration of eBanking and MTAP, members are also able to track the status of their loan requests as theyre being processed.

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Financial Results And Condition

Since August 2006, all 11 banks have been registered with the United States Securities and Exchange Commission and all financial statements and other filings are available to the public at the SEC web site .

On August 5, 2011, the Federal Housing Finance Agency announced that the FHLBanks had satisfied their obligation to make payments related to the Resolution Funding Corporation bonds. The Banks were required to pay 20 percent of their net income toward the RefCorp bond payments. Each Bank now pays 20% of its net income into its own separate restricted retained earnings account until the account equals one percent of that Bank’s outstanding consolidated obligations.

At December 31, 2014, each of the FHLBanks was in compliance with its statutory minimum capital requirements and the FHLBank System as a whole was above its minimum capital requirements.

On March 27, 2015, the FHLBanks Office of Finance published the 2014 Combined Financial Report. For 2014, the FHLBanks recorded net income of $2,245 million. Combined assets of the FHLBanks were $913.3 billion as of December 31, 2014. Of this total, advances equaled $571 billion. Investments were the second largest component at $267 billion. Mortgage loans held for portfolio were $44 billion. The FHLBanks made affordable housing contributions of $269 million in 2014.

Federal Home Loan Bank Of Chicago Announces New Grant Programs Aimed At Increased Diversity In Affordable Housing Development And Small Business Growth

FHLB-Chicago Case Study – Internal Audit

CHICAGO, April 1, 2022 /PRNewswire/ — The Federal Home Loan Bank of Chicago today announced three program offerings designed to address critical affordable housing and community economic development needs in Illinois and Wisconsin. Two new programs target affordable housing development and access, while an enhanced capacity building program will bring needed support to small businesses.

“Our 2022 Targeted Community Lending Plan identified opportunities for additional investment in the diverse communities we serve throughout Illinois and Wisconsin,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “To improve outcomes and expand access to opportunities for new housing developers, homebuyers, and small businesses, we are bringing new resources to the table. Our three new programs will create lasting impact for individuals and communities and increase scale in the marketplace, from which all FHLBank Chicago member financial institutions will benefit, as well.”

Eligible beneficiary organizations include HUD-approved housing counseling organizations in Illinois and Wisconsin. The organizations can use grant funds for capacity-building activities that expand organizational reach to minority and low- and moderate-income homebuyers, including but not limited to: Marketing and outreach activities Program staffing and Technology upgrades that facilitate expanded service to these underserved populations.

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Federal Home Loan Bank Of Chicago Supports Small Businesses Through New Community First Accelerate Grants And Increased Investment In 0% Advances

CHICAGO, Aug. 16, 2022 /PRNewswire/ — The Federal Home Loan Bank of Chicago today announced two programs focused on supporting small business in Illinois and Wisconsin. The new Community First Accelerate Grants for Small Business and Community Small Business Advance recognize that local businesses drive growth and economic investment in rural, urban, and small town communities. In 2022, FHLBank Chicago expects to award $750,000 in Accelerate Grants and doubled its overall program limit to $2 million for the Community Small Business Advance.

“Local businesses are the lifeblood of our communities. Restaurants, shops, and small businesses provide jobs, culture, supplies, and deep roots in our neighborhoods and main streets throughout our district,” said Katie Naftzger, Vice President, Community Investment Officer, FHLBank Chicago. “Many local businesses have survived enormous hurdles through the last several years. Now, they are facing unprecedented headwinds like rising labor costs, supply chain constraints, increasing interest rates and inflation. FHLBank Chicago is answering the call of these important economic engines within our communities.”

From 2018 through June 2022, FHLBank Chicago has issued more than $54 million in Community Small Business Advances to create and retain more than 1,800 small business jobs throughout Illinois and Wisconsin.

About the Federal Home Loan Bank of Chicago

Improving A Reliable Source Of Funding

The mission of FHLBank Chicago is to partner with its members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities. Banks, thrifts, credit unions, insurance companies, and community development financial institutions use the Bank to secure funding for their businesses.

What makes FHLBank Chicago unique is its ability to provide same-day, reliable funding to its members. And its no easy feat. In the past it required a lot of manual work. Teams would need to process member requests made over the phone as well as online through FHLBank Chicagos eBanking portal, then apply a set of business rules to every request, and finally reconcile its loan and cash processing systems at the end of each day, sometimes working to deliver funds late at night.

To make the experience easier for both staff and members, FHLBank Chicago was ready to modernize its loan processing system. The Bank wanted to reduce the amount of manual work that teams were doing, provide members faster access to funding, and enable additional self-service options for requesting funds online. Modernizing its system could also help the Bank reduce time to market new products that further improve its members experience.

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The Federal Home Loan Bank Of Chicago Offers The Best Work Experience For The Part

The Federal Home Loan Bank of Chicago is the central clearing house for the federal governments home mortgage program. It was established by the federal governments Department of Housing and Urban Development . The FHA guarantees the loans for the majority of the homes in the country through the Home Affordable Program. This service is free for the homeowner and the loan can be used for almost any reason. The primary purpose is to assist the lower and middle class homeowners in owning their homes.

The FHA operates through the federal government and the banks. FHASecure is the name given to the entire bank. It is the ninth largest financial institution in the United States and the second largest bank in the Illinois. The FHA operates through the Department of Housing and Urban Development under the Department of Commerce, the U.S. Department of Agriculture, the Federal Deposit Insurance Corporation, the Department of Financial Services, the Consumer Financial Protection Bureau, the Federal Reserve System,

The FHASecure home loans in the state of Illinois have several advantages and the federal home loan program is one of the most attractive ones. The Illinois government has developed the FHASecure home financing program to promote the affordable housing needs of the people residing in the state of Illinois. This is the reason the federal home loan bank of Chicago is the member financial institutions in the state of Illinois.

New Site Is Highly Flexible And Marketing Friendly

Transwestern

Federal Home Loan Bank of Chicago is dedicated to providing their members with the most competitively priced funding and reasonable returns on their investment in the bank. Being one of a handful of chartered banks by the U.S. Congress in 1932 to promote home ownership, Federal Home Loan Bank of Chicago still holds those same core values to this day. Needing to align their website with their digital marketing efforts, Federal Home Loan Bank of Chicago turned to Americaneagle.com for the development and management of their digital marketing efforts. The site is built on the highly flexible and marketing friendly Sitefinity Content Management System allowing users the ability to effortlessly manage on page SEO, creation of page templates as well as manage the digital ex…

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