Federal Home Loan Bank Of Chicago 10-Q Quarterly Report Thu Aug 06 2020

As we consider the first half of the year and the damage wrought by the pandemic and the measures taken to “bend the curve,” we have been inspired by you, our members, taking extraordinary measures to support your communities. With the likelihood that such conditions will persist for a while to come, providing you with access to the liquidity and term funding you need to support your businesses and your communities is our most essential role and we are proud to be in a strong position to support you.

The pandemic and ensuing economic shocks have laid bare significant disparities in impact as African American, Latino, Native American, and rural communities are being ravaged by the virus and the economy. This has given rise to a cry for social change without precedent in recent memory and our members and their community partners have responded to provide assistance to those in need and to call for equitable treatment for all. We are committed to support equity and social justice for all and are planning a number of actions to help you assist your communities during this time of seismic change.

COVID-19 Relief Program

Early on, we recognized that the economic consequences of the pandemic required extraordinary actions by our members and that we needed to take extraordinary steps to support you. On April 20, 2020, we announced the Federal Home Loan Bank of Chicago (FHLBank Chicago) COVID-19 Relief Program which was designed to assist our members to provide support to your customers and communities. We were pleased that 98% of our membership participated in the program using our COVID-19 Relief Advances, our COVID-19 Relief Grants, or both.

Program highlights include:


•	COVID-19 Relief Advance: $1.9 billion in subsidized, 0% advances to support 506 members, representing approximately $6.3 million of interest rate subsidy.


•	COVID-19 Relief Grant: $13.1 million in grants were distributed by 654 members to a variety of beneficiaries, including but not limited to food pantries, small businesses (including many restaurants), health clinics, fire departments, community service organizations, family and social service organizations, as well as day care and education providers.

Stay up-to-date on our ongoing accommodations and relief provisions by visiting our COVID-19 Resource Center.

LIBOR Transition

We continue to prepare for and monitor market developments associated with the planned phase out of the London Interbank Offered Rate (LIBOR) by December 31, 2021. In addition, we continue to follow the transition guidance provided by our regulator. Accordingly, members can still transact certain floating rate advances referenced to LIBOR so long as they mature by December 31, 2021. For further information, please read our announcement on this latest LIBOR update here.

Affordable Housing Program (AHP) and Downpayment Plus^® (DPP^®) Program

We expect to award $23.5 million in competitive AHP funding this year. Since 1989, FHLBank Chicago has awarded more than $484 million in competitive AHP subsidies to support more than 84,000 housing units. We would also like to share that half way through the year, $10.8 million in DPP funds have been reserved on behalf of 1,900 homebuyers. Visit fhlbc.com/community-investment for more information on our affordable housing programs.

The following information was filed by Federal Home Loan Bank Of Chicago on Thursday, July 30, 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 10.1: Material Contract

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: 0001331451-20-000139
Submitted to the SEC: Thu Aug 06 2020 12:07:21 PM EST
Accepted by the SEC: Thu Aug 06 2020
Period: Tuesday, June 30, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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