Federal Home Loan Bank Of Chicago 10-Q Quarterly Report May 2020

When the first quarter of 2020 began, no one could have anticipated how our world was going to change due to the COVID-19 pandemic. The impact of the virus itself has been compounded by the necessity of social distancing and stay-at-home orders in both Illinois and Wisconsin. This has led to profound and, in some cases, existential impacts in the businesses and communities served by our members and enormous stresses on each of our members as you have adjusted your operations to protect your customers and staff. Through this, we have witnessed a spirit of innovation, ingenuity, and resiliency, all of which have proven powerful in the face of the hardships wrought by the pandemic. I believe times like these bring out the best in people, our businesses, and our communities and my belief has been reinforced in the actions taken by all of you in support of your customers and communities.

The Federal Home Loan Bank of Chicago (FHLBank Chicago) has also made fundamental changes in the way we deliver our products and services so that we can continue to serve as a strong and dependable source of funding and liquidity of our members. Over the past few weeks, a large portion of new advance borrowings were driven by our members’ needs to obtain liquidity to manage through market volatility and to support the execution of government-driven relief programs such as the Paycheck Protection Program (PPP). Our Bank has been operating as a virtual home loan bank for almost six weeks and, through the dedication and commitment of our excellent team of professionals, have supported our members, enhanced your online access, adjusted collateral requirements, and developed a major new initiative to assist you in helping your customers.

Supporting Our Members and Your Communities through the COVID-19 Pandemic

The strength of our balance sheet has enabled us to not only meet your funding and liquidity needs but to offer a COVID-19 Relief Program, to help you help your customers and your communities through this difficult time period.

The programs and provisions we recently announced include:


•	A COVID-19 Relief Program providing zero-rate advances and grants for all members and your community partners. The Program is estimated to cost our Bank approximately $30 million in interest rate subsidies and grant expenses; this amount ensures all members can participate fully in the Program.


•	Temporary relief provisions for collateral loan eligibility


•	Temporary extension for some advances linked to LIBOR


•	Temporary relief provisions for Mortgage Partnership Finance^® (MPF^®) Program loans


•	Paycheck Protection Program (PPP) loans eligible as pledged collateral

Visit our COVID-19 Resource Center to learn more about the above accommodations and for regular updates on additional resources available to you during the COVID-19 pandemic.

First Quarter 2020 Financial Highlights: Overview

We are pleased to announce that, based on our preliminary financial results for the first quarter of 2020, the Board of Directors of the FHLBank Chicago declared a dividend of 5.00% (annualized) for Class B1 activity stock and a dividend of 2.25% (annualized) for Class B2 membership stock, in line with the Class B1 guidance provided in January 2020. The dividend for the first quarter of 2020 will be paid by crediting your DID account on May 14, 2020.

The following information was filed by Federal Home Loan Bank Of Chicago on Tuesday, April 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Federal Home Loan Bank Of Chicago's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Chicago provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

CIK: 1331451
Form Type: 10-Q Quarterly Report
Accession Number: 0001331451-20-000086
Submitted to the SEC: Wed May 13 2020 1:54:39 PM EST
Accepted by the SEC: Wed May 13 2020
Period: Tuesday, March 31, 2020
Industry: Federal And Federally Sponsored Credit Agencies

External Resources:
SEC.gov

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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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