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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

Federal Home Loan Bank Of Chicago

CIK: 1331451
memberletterlogo2q27.jpg

Exhibit 99.1

April 28, 2020
To Our Members:

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.


1

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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Income
Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Advances
Advances (Tables)
Advances By Counterparty Concentration (Details)
Advances By Redemption Terms (Details)
Advances Reconciliation Of Par Values To Carrying Values (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses Accrued Interest Receivable (Details)
Allowance For Credit Losses Community First Fund (Details)
Allowance For Credit Losses Credit Quality Indicators - Mpf Loans Held In Portfolio (Details)
Background And Basis Of Presentation
Capital And Mandatorily Redeemable Capital Stock (Mrcs)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Capital Rules) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Regulatory Capital Requirements) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Tables)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Dividends (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Stockholder Concentration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Bonds By Callable Feature) (Details)
Consolidated Obligations (Bonds By Maturity Date) (Details)
Consolidated Obligations (Short Term Discount Notes) (Details)
Consolidated Obligations (Systemwide Joint &Amp; Several Liability) (Details)
Consolidated Obligations (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Cash Flow Hedges) (Details)
Derivatives And Hedging Activities (Fair Value Hedges) (Details)
Derivatives And Hedging Activities (Narrative) (Details)
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivatives And Hedging Activities Derivative Assets With Legal Right Of Offset (Details)
Derivatives And Hedging Activities Derivative Liabilities With Legal Right Of Offset (Details)
Derivatives And Hedging Activities Derivatives In Statement Of Income (Details)
Derivatives And Hedging Activities Derivatives In Statements Of Condition (Details)
Fair Value
Fair Value (Fair Value Option Difference Between Fair Value And Unpaid Principal Balance) (Details)
Fair Value (Tables)
Fair Value Fair Value Estimates (Details)
Fair Value Gains (Losses) On Fair Value Option (Details)
Interest Income And Interest Expense
Interest Income And Interest Expense (Details)
Interest Income And Interest Expense (Tables)
Investment Debt Securities
Investment Debt Securities (Available-For-Sale Debt Securities) (Details)
Investment Debt Securities (Held-To-Maturities Debt Securities) (Details)
Investment Debt Securities (Prior Years Otti Accretion) (Details)
Investment Debt Securities (Tables)
Investment Debt Securities (Trading Debt Scurities) (Details)
Investment Debt Securities Aging Of Unrealized Temporary Losses (Details)
Investment Debt Securities Contractual Maturities (Details)
Mpf Loans Held In Portfolio (Details)
Mpf Loans Held In Portfolio (Notes)
Mpf Loans Held In Portfolio (Tables)
Recently Issued But Not Yet Adopted Accounting Standards
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Narrative (Details)
Transactions With Related Parties And Other Fhlbs
Transactions With Related Parties And Other Fhlbs (Details)
Transactions With Related Parties And Other Fhlbs (Tables)

Material Contracts, Statements, Certifications & more

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

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

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